Market Research Tips for a Business Plan
Michael Sheridan, COO of Docstoc (http://www.docstoc.com/) gives market research tips for your business plan. In this presentation he talks about looking at both your market size as well as the PR strategies of your competitors.
- Search Google for "(your industry) market size"
- Study the resources page of any industry associations
- Visit & read the websites & PR announcements of your competitors
Creating a financial model requires doing a lot of market research that you understand the true market size and really how much your company can make.
So the first step that you want to do is do a simple Google search. You’ll type in market size of your specific industry and you’ll begin to get a baseline approach to how much money or how many customers are consistently spending or in your specific industry.
The second place you want to go is the resource page of any industry associations so this is a great place to find growth rates of your market, how demographics are shifting within your market and really understand who the customers are and what they’re looking for in your specific industry.
And the last page that you want to focus on is really the competitors’ websites and one of the secret tips there is going to their PR announcements and seeing how they’re viewing and how they’re talking about the market size or the target customers or how much people are spending in this industry and if you do those three things when you’re searching for market research, you’ll certainly have a great idea of your market size and ultimately, a great driver of your financial model.