Market research is important to every company's business strategy. That's why, before offering a new product or service, it's always best to carry out either general or region-specific research. Widely available information resources and market research materials can help you determine the size and scope of the market you can realistically expect for your product or service—a factor that's critical to the development of any new or ongoing business plan.

Market research information resources can help your business quickly and easily find the crucial data—and practical help—you need to effectively market whatever your company is selling. Market research companies often prove to be one of the best business market research solutions, helping you determine your company's potential share of the action in your own region or elsewhere. Whether you decide to do your own market research or engage a firm to do it for you, accessing effective research information can help you avoid the following potential problems:

1. Saturated markets;

2. Unpopular products;

3. Unneeded services;

4. Unseen opportunities;

5. Unrecognized needs; and

6. Untapped markets.

Action Steps
The best contacts and resources to help you get it done

Take advantage of seminars and other opportunities to learn more about market research

Widely available market research resources, such as webinars, webcasts and other types of training can give you a great start in your efforts to gain greater insight into the market research phenomenon.

I recommend: American Management Association seminars can give you a more thorough understanding of market research and its potential benefits. American Marketing Association also offers on-demand webcasts to help make your company's market research efforts more successful. In addition, the Marketing Research Association offers on-demand webinars, as well as in-person seminars and conferences to add to your knowledge of marketing research issues. Each of these organizations also provides a great deal of other helpful information that can give you a firm foundation in market research knowledge.

Seek marketing research reference material that you can use to guide you in your own research

If you've decided to do your own market research, critical guidelines, descriptions, explanations and definitions provided by various organizations can help you understand and implement the process for your own company. Even if you haven't decided to go it alone, the information available through these agencies will better equip you to choose the right firm to handle your market research for you.

I recommend: The Advertising Research Foundation offers guidelines, information resources and other market research materials. Qualitative Research Consultants Association provides definitions, explanations, and other resources to help increase your understanding of business market research topics. Maritz Research Forum debunks some of the most persistent data mining myths, giving you the real scoop on effective market research practices and providing the tools you need to succeed.

Contact organizations that advocate for and provide resources and information on market research

These agencies not only help support market research providers and individual companies in their research efforts; but, they also provide statistical information, resource links and recommendations for reputable firms you might consider outsourcing your market research to, should you decide to do so.

I recommend: CMOR (Council for Marketing and Opinion Research) offers a variety of helpful information and services to simplify your market research. Blue Book helps you locate market research firms in your area which can handle your market research analysis for you. Finally, Usability Body of Knowledge clarifies the uses, methods, procedures and materials needed for implementing effective focus groups and provides other market research guidance, as well.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  You'll find that, as you search for information resources, market research firms themselves will often prove rich repositories of the background information and practical ideas that can help you more effectively implement your research. Even if you aren't planning to outsource your market research to one of these firms, visiting their websites will often yield many of the definitions, explanations and strategies you'll need for developing a successful market research campaign of your own.