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Market Data for Your Small Business Where Do You Look for It and How to Use It R. Usry Extension Specialist and Lecturer Emeritus Department of Agricultural.

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Presentation on theme: "Market Data for Your Small Business Where Do You Look for It and How to Use It R. Usry Extension Specialist and Lecturer Emeritus Department of Agricultural."— Presentation transcript:

1 Market Data for Your Small Business Where Do You Look for It and How to Use It R. Usry Extension Specialist and Lecturer Emeritus Department of Agricultural & Resource Economics NC State University January 2014

2 Marketing Information System (MIS) People and procedures for- 1. assessing information needs 2. developing the needed information 3. helping decision-makers use the information to generate and validate actionable customer and market insights. Principles of Marketing Philip Kotler /Gary Armstrong 13 th edition 2010 Prentice Hall

3 Bob’s Marketing Information System To obtain market data for Bob’s small business build Bob’s business plan inform Bob’s marketing strategy

4 Bob’s Marketing Information System Corporate Marketing Department One person on your staff dedicated to marketing A notepad in your back pocket

5 Bob’s Marketing Information System Corporate Marketing Department One person on your staff dedicated to marketing A notepad in your back pocket

6 Bob’s Marketing Information System Corporate Marketing Department One person on your staff dedicated to marketing A notepad in your back pocket

7 Sources of data 1. Government data 2. Competitive data 3. Your own data

8 How to Use the Data Use your marketing research to- 1. build your business plan 2. inform your marketing strategy An example

9 Turnkey political campaign website (8+ years) – $1.2 million in annual sales (out of a home office in SC)- moved from VA. But costumers will not even know. Yard signs > Emery boards > Campaign web site design Google search terms, $3,000 per month, top listing versus listed as #4 in top 10 Use your marketing research- to build your business plan AND inform your marketing strategy Example of a small business using marketing data. Someone thinking about business plan and marketing strategy constantly.

10 How to Use the Data (3 key ways) A. Get to know your target market B. What’s going on in your industry C. Analyze your competition

11 A. Get to know your target market 1. What is the size of your market? 2. Research and understand your market's opportunities and limitations 3. Is your market definable? 4. Is your market sufficiently large that you can reach it efficiently?

12 A. Get to know your target market 5. Where do your competitors fit in? 6. Can you segment the market further? 7. Is there a niche that you can carve for yourself? 8. What is the size of your market?

13 B. What is going on in your industry? 1. Industry trends 2. Consumer spending down or unemployment on the rise? Affect your plans and your budget. 3. Economic indicator data to assess trends and forces that may help your business to succeed. 3. What factors affect your business’ success? 4. Industry trends and opportunities that might be important to your business.

14 Index shows NC economy improving in 2014 Posted by David Bracken on December 30, 2013 in Raleigh News and Observer North Carolina’s economic indicators are at their highest level since early 2007 as a result of improvements in the manufacturing sector, according to a monthly forecast by N.C. State University economist Michael Walden. Walden’s index of leading economic indicators is designed to forecast the state economy four to six months out. It weighs four North Carolina measures and the national index of leading economic indicators as a single state forecast. All the measures improved in November except building permits, which declined 21 percent. Initial unemployment claims were down 48 percent compared to the same period a year ago while the average weekly hours of work for all manufacturing employees increased 1.5 percent and the average weekly earnings of manufacturing employees in the state rose 1 percent. “Strong gains were registered in the two manufacturing measures, suggesting this key sector will be moving to a higher level in 2014,” Walden wrote. “Recent increases in the Index are signaling a noticeably stronger economy for the state in the new year.” The index was.6 percent higher in November than in October and is 8.1 percent above where it was a year ago. Walden’s index hit its low point in the spring of It has climbed sharply since September.

15 NCSU INDEX OF NORTH CAROLINA LEADING ECONOMIC INDICATORS- December 2013

16 Where you can look for some marketplace data     

17 C. Analyzing your Competition 1. Describe your competition? 2. What market share do they command? 3. Who are their customers? 4. What barriers of entry to they represent for your business 5. What entry opportunities are there? 6. Identify > Assess > Select

18 Competitive Analysis How is your small business performing in comparison to your competition -It’s often difficult to obtain specific information about your competitors -Strengths and weaknesses for your small business and your competition

19 Competitive Analysis Your small business Competitor XCompetitor Y -Market Share -Target Market -Positioning -Product/ service -Promotion/Advertising -Etc.

20 Market Data for Your Small Business Where Do You Look for It and How to Use It Thank you for your attention!


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