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[Music] welcome back to the Ohio SBDC progress not painting 20/20 video series I'm your host Kevin Hamlin of the Ohio SBDC at Columbus State Community College happy to be here glad you guys are all here looking forward to talking to you again today in today's video I will be showing you some of the best free market research tools out there and also in today's video I'm going to focus primarily on secondary market research not primary market research partner market research is that that you get by directly engaging with your customers typically through market surveys and so forth so for today we're going to focus on the secondary market research which is data that's already out there and available for you to find and you may be wondering why should I perform market research why it might that be important whether you're an existing small business or just getting your business started performing effective market research is going to help you gain insight into the market factors and trends in order to make the best decisions moving forward market research is essentially the action of collecting information about customers needs and habits and benchmarking that comparing that against that of in direct competition as well as your direct competition in the marketplace there are several reasons why a small business will want to perform market research for example market research can help uncover problems your potential customers may be experiencing and the use of that insight may help to show how your product or service could be a solution to these problems in both your strategic and your promotional tactics market research also guides small businesses to create offerings they either fill a void or deliver an improve value than what's already available in the marketplace I do want to mention that the Columbus library is a great place to do market research and if you have a Columbus library card already you can do all of this research already online I'm guessing that in other metropolitan areas you have great libraries as well where you can get pretty much the same tools so if you're not in the metro area of Columbus just check with your local libraries Metro librarians and other let them close down but if you have library cards should be able to access the stuff online and I'm guessing so now what I want to jump right into is showing you some of these best market research tools that are out there and by the way you can click on the link below in this video to get access to the resource with our best favorite research sources there so the first tool I'm gonna talk about deals with demographics demographics can be really useful for looking at you know who your customer could be who your customer is looking at areas you could go into you know across the across your communities across the state potentially be on demographics essentially tells you ages family size household income those types of thing it's it's essentially the hard data before I begin this conversation here I want to make sure I point out as I mentioned previously the Columbus Library website again having a library card is going to be really key for you and likely your communities if you're outside of the Columbus metro area will have libraries that likely have these same sources so it's going to give you a glimpse of what the Columbus library website looks like once you get there you're logged on you want to go to the research tab which we're already there and we're gonna scroll down and look for our first tool we're gonna look at for demographics which is demographics now so when we click on that it's gonna take us right here to the demographics now webpage this is a great tool they had a tool previously that they use which was good as well but I really find that this demographics now tool is really a fantastic tool and I think you'll find it really helpful for your business as you look to explore potentially new markets you know markets to get into you know really trying to solidify who your customer could be so what we're gonna do is we're gonna go to the demographics tab click on that so you'll notice at the top you can put in you know all kinds of different things zip code cities even just an address county you know state you can go you know pretty far with the data I want to go with a zip code so I'm gonna type in 43085 for kind of more than 10 Columbus area it just used as an example so we got that location set so that means that once we got that location set all the data that we start pulling off on the different reports is gonna be based upon that if we can always go back in there and put in a different zip code you know we can put it in you know four three zero one five we can put in you know whatever it might be we can also put in franklin county delaware county whichever county you might be in i can also put the whole state of ohio if we wanted to put in there so again we're gonna stick with the 43085 gonna click on that we got the location set so when we get in here we have some choices of types of reports that we could go after could be a comparison it could be a rank could be a summary I find that the summaries are most helpful for me and in my clients so what we're gonna do I'm going to click on the summary there and then we have a drop down over here for the report name again we got lots of choices that's great lots lots of different choices the one that I tend to like the most out of all of these is going to be the complete demographics summary report and again these are all good but I find that that pretty much pulls in most everything else in here so we're gonna click on that we're gonna go run report and the cool thing is this all kind of stays on one page now it does allow you to download right here which this would allow a poppet box to show up and allows you to save it in any format PDF you know a doc whatever it might be to your Google Drive we're not going to do that right now so when we click on that run report what we find here is a lot of great data not only you know some past data current data but also which is important projected data so if we're looking at going into an area focusing on a certain area of town for our business of the communities that we we are in the projections matter so we can look at these different things here so it's going to show you things like population density you know how many households are there no gender demographics you know things related to race and so forth down here it even breaks down the different ages you know so if you're looking at a business that maybe needs you know more kids than maybe an average area you know more young folks you may have to look at an area that you know has a higher population of young young people so we can keep on going down here so it breaks down household income for all these different areas so it shows how many different households there are you know for each different type of income and again it shows you know pretty much current and it's gonna show the forecasted as well again that's big we can also look over here and the percentage of change ideally you know we want to make sure we see some areas that are growing that's that's gonna be key making sure we're going into an area that is gonna project it to grow and not decline so I'm gonna keep on going down here it's going to show different types of employment if they're you know blue-collar if they're white-collar you know if you're in a business that may be serving the military that you know it could be important to solve different types of employment data there got some housing data here even talks about vehicles it's gonna talk about you know a third you know married if they're more you know single folks those types of things there and then the educational attainment so again you got to think if your products or services are gonna be geared to you know those that maybe have a higher income or you know might you know have a higher level of a degree this could be important and vice versa you know yeah there's all kinds of great businesses that serve you know our whole entire communities so it's just trying to figure out for you what type of uh you know what type of these statistics do you need that's gonna work out for you so I'm gonna go back here there's a whole lot on this website here with demographics now I'm gonna pull up one more here before we move on see so there's one on the Consumer Expenditure summer report there it is right there and let's run this report here so okay Consumer Expenditure is essentially how much are consumers spending on certain categories again we're looking at 2019 as you know essentially a current we don't quite have 20/20 data yet although the census is out and I know we're all actively filling out our information which is a good thing and it's gonna again that show the projected amount of spending in certain categories so it breaks down different categories here apparel services education entertainment food all times Oh different kinds of things here so I really like this number graphics now tool you can really find out a lot of great stuff in here you knows lots of different reports it's really trying to you know play around and see you know what fits you based upon kind of business you have kind of data you need to get back and again it's one of those tools where it's really user friendly and it's you know the more you use it the better the more you're gonna get out of it so highly encourage for you folks looking for demographic information to use this demographics now tool there are other demographic tools out there that a census on their webpage has some great data there as well so that covers the demographics tool so the next tool I'm gonna talk about deals with looking at psychographics so psychographics is sounds like a strange word if we you know if you haven't heard it before but what psychographics is is it's essentially the soft data it's things like their attitudes their values their activities essentially understeer discovering consumer data trends market segments within communities so I'm on the psychographic tool that is my favorite which is the ESRI tool in this again these are all free tools and this is the tapestry so this one here is zip code based so let's just keep with our 43085 theme here and typically I'm just gonna pick the two that a default sass because essentially you can add what you know you can pick any of these two and you have access to all the other ones anyway so I recommend is picking the two defaults let's see the results that we get here all right so the information here is loading up and it really has a kind of a slick real slick dashboard here kind of like the way they display this data now this will also give demographic data as well as a psychographic data so it's it's a it's a great way to complement the demographic data that you've gotten through whatever source whether its demographics now or something else so first I want to go over here just to show you the demographic data and then I'm gonna go over here to the tapestry which really dives into what I think is really cool about this this resource here for psychographics but first let's go over here so when it looks at median income population density medium age what it's doing is it's gonna benchmark whatever zip code you put in there with the county that it's in as well as the state as a whole so it's gonna show you for this example here the income for 43085 is both higher than the county as a whole in the state as a whole now I mentioned before that you can have access to all those other data points that were on the starting screen and essentially all that is is you drop down here and you just start picking whatever you want to see what's the monthly credit card charges in that area again benchmark with other areas there's other options here how how much are they inside online banking that could give you an idea if you're doing some type of an app or so forth it would need some maybe more tech-savvy folks than average so we'll click on that and we find out that about half the population of 43085 is doing online banking and there's other things you can choose here one I like your financial optimists so pretty much not not a zip code versus county versus state we have we can look at degrees we can look at the manufacturing workforce lots of different things yeah and these things also pop out too which is really cool so let's we can read more there we can scroll down so for each one of these categories we choose it will kind of explain what that you know the financial optimism what that means what they're kind of thinking about that so and again all these other ones here pretty much have the same categories so once you pick the three you can just use one to kind of look at different ones so I mentioned the part that I like about this the most wishes the tapestry so when we're looking at the zip code again we put we picked the 43085 it's kind of a warding centum columbus zip code that's that's kind of close close to each other and the tapestries for whatever zip code you put in are going to give you three kind of category of tapestries so in this case we have almost 25 percent in style 20 or 21 or so percent as x kurby nights and 16.6% young and restless so what does that mean so we can click on this and it's gonna talk about that segment and we'll click the read more here so it's going to talk a little bit about that segment what that means so what you know exactly what those in style mean it gives a little bit of data here I can click on this one here too it's going to talk a little bit about that what this button does here for all three of these when we click for more data that's what that's the real cool part here so let me show you what happens let me click on those so first we're gonna go to the in style right here and we're gonna click on [Music] click for more details I'm gonna go here and we got young and restless is part of that so again this is going to give you some real nice slick meanings of what those three categories are we got the young and restless we got the X urbanites and we got the in style so you can do this for any zip code that you're looking at you can you know use multiple zip codes you'll try different ones and think based upon the area how far people might travel where would be most likely for you to either locate at or to begin to target that area for your you know services or your mobile option or whatever it is that you might have so again for psychographics i think it's a real important thing to understand that about your customer and I think this ESRI tool was a great one okay so the next market research tool that I want to show you is gonna be actually the one we just went over previously which is demographics now but first I want to show you an important thing you're gonna need to do to make the American demographics now as well as a tool I'm gonna talk about here in a few minutes and that is to find what is the industry code or codes that you want to do research on whether it be again for doing research on your competition or doing research on companies that you may want to go after as customers if you're you know a business-to-business type of operation so when we get to this webpage here it's the census webpage for the next codes Nate next code that is essentially the classification system used to determine you know the different industries that are out there and there's there's quite a few so let's say for example we either are wanting to start a cleaning business commercial residential cleaning business or we already are commercial residential cleaning business and we want to do more research on other companies out there that are doing what we're doing so let's say for instance we're gonna do a query here let's just type in cleaning and see what comes up so we get 122 choices here so one little tip on this website is if you're a service most likely you're gonna be down here in the fives and beyond so let's look here we should be coming up with ours okay so residential cleaning building cleaning office cleaning they're all the same code so we're gonna go with that five six one seven two zero number so you can always kind of write these things down as we go to the next tool here so we're back here at demographics now here's kind of the main page that we saw before when we were looking at doing demographics now we're gonna click on the people and companies tab so let's click on that so I've already kind of checked off here what I wanted so when you get in here it's gonna you know these are all going to be kind of collapsed like this so you can you know you can search this in different ways I find that the best you know mores most thorough way to do the research for using this tool is to do the keyword search so we already got that click there and we wrote down our code which is five six one seven two zero so let's click on find codes and we're gonna click on that and it kind of calls it janitorial services and let's hit search see what we can come up with here all right so again this is going to it's its zip code based well it actually can be zip code it can be city it can be County State we've thought about that in this instance we've done the same zip code we've been using here the Columbus Worthington zip code so what this shows us is they're 17 different cleaning you know commercial cleaning residential cleaning companies based in 43085 so we can click on any of these we can essentially if we want to get report we can click all these and what we can do from there so this is going to give you a lot of data a whole lot of data it's gonna you know it gives things like sales how many employees they have phone number and so forth let's download this and see what we come up with all right and we're gonna click on that once it's loaded up okay all right so again you can you know you can click on this report and use any type of way to download it so I defined itself tends to be the best especially for this report here so this gives a lot of information on those companies that's gonna talk about you know where their addresses where they're located at their phone number I'm gonna keep on scrolling over here it's going to give their web site address and the contact folks within there so for some companies they have you know one you know executive listed for some may have two depending upon the industry code you put on you may have three sometimes four different contact folks within there so we can keep on going over here and see what other data it's gonna give us so it's gonna talk about you know exactly what they might be in even though they all fall on that same industry code it's gonna break it down even more thorough so let's keep on going over here if I can get this mouse to click over there we go so when we get over here I'm sorry about that it keeps on yeah all right got a lot of windows up here so sometimes it makes a little bit more of a challenge but essentially this is gonna download all this stuff for it's gonna show how many employees they have as well and I mentioned it also has their sales so some of these locations have local employees at one location and some are you know bigger companies that might have employees at farther reach also we'll say when that company was founded and it will even give you some sales now the sales numbers here they use a proprietary algorithm so you know these numbers are likely to be close but they're by no means a hundred percent but they should be able to give you some information on the sales and so forth so really a powerful tool here to figure out the types of companies that are there who might have a bigger market than others you can use this for again for any Naik's code and any type of business that you want to go after so it's a really really powerful tool I hope you guys really get a chance to use this demographics now tool again that one is through the Columbus library our next tool we're gonna go over today in our best free market research tools is one that's gonna allow you to look at industry data and trends it could be helpful if you are already in business and maybe looking at other industries you could go into right now other you know areas you could you know diversify what you're gonna offer in to it's also great if you're just getting started and you're trying to you know figure out what is going on in your industry or in the industry of your customers so to find the industry data that we want to find today this is a tool through the Columbus library webpage as I mentioned if you are outside of the metro area of Columbus your other libraries in other parts of our great state of Ohio and beyond probably have library tools similar to this so you can check with them so we're gonna go since we're already on this research page for columbus library we're gonna scroll down and find the tool that we're looking for to find this great industry data and what we're looking for is the merchants intellect webpage so we're gonna go ahead and click on that and that's gonna take us right here to this webpage here now we're not quite where we need to go yet we need to go here to get to the next part that we want to look at which is first research so we're gonna click on that and it takes us right here now to get onto first research it's gonna want you to enter your email address submit and then it will take you to the next page which is right here so this is kind of the main screen that you can go and look any at any industries that you're again trying to look at find out more information about what kind of trends are out there and so forth let's go with the same industry code that we were looking at before with our residential and commercial cleaning so we got the number there we're gonna click search and it's gonna take us to right here so essentially that code is kind of lumped in with janitorial carpet cleaning and so forth so it takes us right here so you'll notice over here to the left lots of things you can click on and find more information about but instead of clicking through all these what I find is the best way to just to get this whole report and to find out as much as you can let's just go with the PDF version we're gonna click on that and what that's going to give us is the entire report for janitorial and carpet cleaning services this is a 16 page report so again any industry that you're looking at it's going to give you these reports and it's gonna give you some great data it's gonna really allow you again to explore opportunities it could go in to look at the you know so you can look at multiple different things first what we have is just a general overview of what's going on in the industry then it's going to look at what's the what's the competitive landscape how many other competitors are there is it made up of lots of small companies or is it dominated by a few within you know some small players mixed in and we can look down here and see what's the types of products and services offered within the industry we can look at the type of technology that's being used there things about you know sustainable and so forth are in there too especially given that it's a cleaning type of business let's go look at you know types of sales and marketing what type of finance and regulations are associated with it capital turnover it's going to touch on international things so depending upon your business that may be more applying than others and we'll keep on scrolling down here so we're just on page four so we noticed there's a whole lot of information in these reports so it's gonna look at you know industry growth what's that rating so it's you know kind of right in the middle there it's not one that's super hot but it's also not declining so it's also going to give you some different you know conversation starters that you can have if you're you're trying to call some of these either competitors or companies you're calling to you know potentially target to offer your products to or services to so we keep on going down here through the list so it breaks down a lot a lot of things for you at the quarterly industry update what's the trends what types of challenges might they be having and then some of the indicators associated with it here we have a forecast so it's kind of looking at the future how it may be growing or we're not growing depending upon what industry it's in and then what is driving that industry what makes it thrive or not thrive so construction spending if you're doing the commercial part clearly is going to be a key driver and then typical consumer spending for residential so the more you know the higher consumer spending is the more you're gonna see folks using that critical issues critical challenges associated with that particular industry other challenges that may be involved with that industry so it breaks down different things the competition you know how hard it is to get into the industry and so forth more on the industry trends down here kind of the hot things that are going on and what's the industry opportunities out there so all kinds of great things that we can find with these reports we noticed we're still on page 10 so we have a lot of information down here depending upon who we're calling within those companies to find out some benchmark information as well now this benchmark information is really key this is one thing that I want you to pay attention to because this is going to help you to also look at the types of margins that these industries have and they you know is it something worth going into as a business or is it something you should potentially target as customers for yourself so again this is just one example of that report that is out there and they have multiple reports so I really like this this tool and I hope you get a chance to use it again this is a downloadable PDF form you can save to your drive and and you can download multiple of these so I really encourage you to use this tool for your business to help you again look at new industries you could go into to evaluate whether or not it's an industry you even want to start in as well as ones you may target for your customers so encouraging you use that tool there for both your industry trends as well as your financial benchmarks so I hope you enjoyed looking at some of these tools that I just went over I hope you get a chance to to look at them kind of poke through them they're your the types of things that the more you get to use them and look around them they're the more easy it is to understand the information and the data so you know hope you get a chance to look at it it's always a smart move to stay focused on the marketplace monitoring shifts needs and attitudes concerning the products or services your business is offering whether it's during an economic boom or during uncertain and challenging economic times like those were experiencing right now it's always a good thing to be looking at those things keeping your eyes and ears tuned to the customer problems is a key factor to the business success I hope you have success using these market research tools if you do let us know by leaving a comment below if you also have a suggestion on MARTA research tools that you have used successfully let us know - so we can pass it on to our clients thank you again for joining today for this video appreciate it you can also subscribe to our Channel and leave any comments and look forward to seeing you next time thank you goodbye [Music]