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Business Research @ Your Library
Amy J. LeeBusiness Resource Coordinator
Canton Public Library
What Is Your Target Market?
Identify Your IndustryIdentify Your CompetitorsIdentify Your Competitor’s CustomersIdentify a Site For Your Business
Identify Your Industry
Use Reference USA’s Custom Search to look for the NAICS code (North American Industry Classification System) in your
industry or go to http://www.census.gov/eos/www/naics/ Having trouble finding your code? Look up the name of a
known competitor.
Identify Your Competitors
After identifying your industry, identify the competition in your area
Identify the Location of Your Competitors
Locating Competitors
Use the geography field to target cities, zip codes or metro areas
Locating Competitors
Use the mapping option to search by zip code
Locating Competitors
Use the ‘Define Radius’ option to search a target area
Competitor Characteristicstarget companies
Identifying an industry and location will provide a list of target companies
Competitor Characteristics
Things to look for:LocationBusiness SizeSales Volume
Competitor Characteristics
Locate key info
here!
Competitor Demographics
Competitor’s Customers
Information Needed:
– What type of people are they trying to attract?– Hobbies, spending habits, etc.– Overall lifestyle traits– Other psychographics
Psychographics
Psychographics are characteristics about groups of people, including their consumer lifestyle,
specifically for market research.
Psychographic Characteristics
Use Demographic Detail Comparison information to look at Census information
and compare different geographies.
Mosaic Information
Use the Mosaic Population Comparison to view the most common ‘Mosaic’ types in
DemographicsNow
Mosaic Example
• Mosaic is a consumer segmentation tool that describes American Consumers.
• It is a household-based segmentation system that classifies all U.S. households and neighborhoods in 71 Unique Mosaic types and 12 groupings that share similar demographic and socioeconomic characteristics.
Choose ‘Create Custom Locations(s)’from the drop down menu under the
Demographics tab.
Site Prospecting
Add points by typing in addresses of potential locations
Use the Comparison menu to choose information regarding several categories of
statistics and demographics
Retail Sales Potential Comparison is a helpful category for site comparison
DemographicsNow will give demographic comparisons of specified categories for 1,3, and 5 mile ranges from the chosen points (you can also choose drive times).
Map the variables by choosing the Maps tab
Choose the desired variables
Choose the ‘Thematic Layer’ option to view the map with a color key