Library Resources for Market Research

Mary Buelow, Head of Reference and Adult Services

Hedberg Public Library316 S Main St

Janesville, WI 53545(608) 758-6581

referencedesk@hedbergpubliclibrary.org

Find Information On:

Your competition

Your field or industry

Your markets

Your Competition

Reference USA

Reference USAPrint and Download Limits

• 50 at a time from a library computer

• 10 at a time from a home computer

Search Reference USA for

• Competitors

• Suppliers

• Clients and prospects

• Lost addresses and phone numbers

To Access Reference USA

• Go to the Hedberg Public Library’s website

at www.hedbergpubliclibrary.org

• Click Research Tools

• Then Research Databases

• Select Reference USA

• Type in your library card number

Other Sources for Researching Competitors:

• Wisconsin Business Directory

• Wisconsin Manufacturers Directory

• Wisconsin Services Directory

• Illinois Manufacturers Directory

• Illinois Services Directory

• ThomasNet

Your Field or Industry

Business Classification

• A “Dewey Decimal” system for companies

• Two major systems in use

– Standard Industrial Classification System (SIC)

– North American Industry Classification System (NAICS)

• Many databases and directories arrange listings by SIC or NAICS

Our Janesville Florist example

• SIC Code for Florists is 5992

• NAICS Code for Florists is 453110

Some classification categories can be very broad

• SIC 5812 “Eating Places” includes coffee shops, restaurants, caterers, institutional food service establishments

• SIC 7299 “Miscellaneous Personal Services, Not Elsewhere Classified” includes genealogical investigations, dating services, buyers clubs, tattoo parlors

It is important to understand exactly what your

SIC or NAICS classification represents!

RMA Annual Statement Studies

Financial Ratios

Help you analyze a financial balance sheet

or estimate future benchmarks

Small Business Sourcebook

Resources for more information

“Society of American Florists”

Growers, wholesalers, retailers, and allied tradesmen in the floral industry. . .provides business resources. Sponsors Floricultural Hall of Fame . . . Compiles statistics; sponsors competitions.

Periodical Articles

EBSCOhost Business Source Premier

EBSCOhostBusiness Source Premier

• Available to all Wisconsin residents through BadgerLink www.badgerlink.net

• Also available on the Hedberg Public Library’s Research Databases page

Your Markets – Part 1

First, think about the categories of people and/or organizations who would purchase your product or service.

Second, research those categories of people. Are there enough potential customers to support your business?

Potential Customers For Florists

• Purchasers are adults

• Purchasers have disposable income

• Flowers are given as gifts to adults within a specific geography

• Floral displays purchased for special events within a specific geography

• Floral displays purchased by “upscale” companies or organizations to impress their customers

United States Census

• Decennial Census. Taken every ten years to collect information about people and housing in the US

• American Community Survey. Ongoing survey that provides data about your community every year

• Economic Census. Profiles the US economy every five years.

What is NOT in the Census

• Anything that would allow you to identify information for a specific individual.

• Name files are closed for seventy years.

• If data for a census block or census tract allows you to guess data for a specific individual, that data will be suppressed.

• The Census is confidential!

Reprinted Census Data – Why?

• Some publishers select data and arrange in a format that is easier to use

• Some combine census data with data from other sources

• Some add data analysis

Your Markets – Part 2

Sourcebook of ZIP Code Demographics

From the Introduction to the 2009 Edition

• Statistical updates are converted and extrapolated from Acxiom, Post Office delivery stats, residential construction stats from Hanley Wood Market Intelligence, and others

• Income statistics are for the 2008calendar year.

• Spending potential indices derived from Consumer expenditure surveys (2005 –2006)

From the Introduction(continued)

• Projections for 2014 assume continuation of current rate of inflation (2.9%)

• Risk that the projections are inaccurate is inversely related to the size of an area. The smaller the area, the greater the risk.

Spending Potential Indices

• Are only meaningful when compared to a percentile scale

• The percentile scale can be found in the book’s introduction

Our Janesville Florist example

• No spending potential for “flowers” so we will use “Entertainment-Fees and Tickets” instead.

• Spending potential for “Fees and Tickets” in ZIP 53545 is an index number of 100

• Median “Fees and Tickets” index number is 66. At the median index, half of ZIP codes spend more, half spend less.

Janesville Florist example (continued)

• 75th percentile “Fees and Tickets” index number is 95. At the 75th percentile, 25% of ZIP codes spend more, 75% spend less.

• 90th percentile “Fees and Tickets” index number is 140. At the 90th percentile, 10% of ZIP codes spend more, 90% spend less.

• ZIP 53545, with index number of 100, is in the top 25% but not in the top 20%.

Consumer Expenditure Survey

US Bureau of Labor Statistics

www.bls.gov/cex/

Your Librarians are Here to Help!

Working With Your LibrarianHelp us help you!

• Ask for help

• If you are looking for specific information, ask specific questions.

• Some searches take time. Avoid tight deadlines.

• Tell us when to stop!

Mary Buelow, Head of Reference and Adult Services

Hedberg Public Library

316 S Main St

Janesville, WI 53545

(608) 758-6581

referencedesk@hedbergpubliclibrary.org

ACCELERATE YOUR BUSINESS PLAN

MARKET ANALYSIS RESOURCES IN ROCK COUNTY LIBRARIES