Research your market
Taking a good look at your business and where it fits in the market is an important first step.
Developing a Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis can help you analyse where your business and products fit within the market and your unique selling position. It can also help you discover how your business can improve, what you excel at and what practices other businesses are using.
How to research your market
When starting or growing your business and determining your fit within the marketplace, your market research should cover your:
Read about the different types of research methods that you can use to get started.
Using market research sources
You can research your market through primary methods including surveys and observation or by using information that has already been gathered such as market reports, government statistics, trade and industry association publications.
The Australian Bureau of Statistics (ABS) is a great source for marketing data. The ABS provides a number of free services to small business including statistics on your community, industry, and social and economic conditions. The ABS also provides access to in-depth information, expert survey advice and training in statistics.
There are also a number of other federal agencies that provide industry statistics you can use in your research:
- agricultural, fisheries and forestry industry forecast data
- banking, insurance and superannuation institution statistics
- employment and labour force data
- food industry statistics
- immigration statistics
- Workplace Health and Safety statistics
- small business benchmarks data and taxation & superannuation statistics
- trade statistics by commodity and location
- transport statistics.
What to do...
- Conduct your own primary research using surveys or interviews, or through talking to your customers and other businesses.
- Visit the ABS Small business page for information on what services they provide for small business.
- Call the National Information and Referral Service 1300 135 070.
- See Analyse pricing influences to find the benefits of researching before you price.
- Search for additional government data on the data.gov.au website.
- See what statistical information is available in your state or territory.