New York SBDC Research Network

Excerpt from an article by Jen King To read more, visit  eMarketer "For the most part, consumers have a game plan when they enter a store—they know what they intend to buy and stick closely to their shopping list. Still, in-store shopping has one advantage that online doesn't: the ability to see and feel items in person. That's likely why many people end up spending more then they intended to. A May 2018 survey conducted by AYTM Market Research for Blis asked 2,000 US internet users ages 18 and older whether they spent more than intended when shopping in-store."

The International Trade Administration's Top Markets Series is meant to help exporters determine their next export market by comparing opportunities across borders. Each report ranks future export opportunities within a particular industry based on a sector-specific methodology. The reports provide a detailed assessment of the competitiveness landscape within a sector, as well as the opportunities and challenges facing U.S. exporters in key markets. Each report is available for download. Interested exporters can also download or view individual case studies within larger reports. ITA’s Top Markets Reports are developed by its Industry & Analysis business unit, whose staff of industry, trade, and economic experts provide detailed analysis to strengthen the export competitiveness of U.S. industry and support strategies to unlock export and investment opportunities that benefit the U.S. economy. Read more at: Businessusa

SizeUp Allows Business Owners to Research Data and Analytics to Start or Grow a Business Small business owners and start-ups across the country can now take advantage of a new business tool to help them compete and grow. The free tool, called SizeUp , helps businesses identify new customers and compare their performance against other businesses in their industry with data collected from hundreds of private and public sources. “Market research and analysis is critical for the success of any small business owner or entrepreneur. Tools like SizeUp deliver data right to the fingertips of business owners to help make smart decisions and have the greatest opportunity to start, grow, compete and succeed,” said SBA Administrator Karen Mills. “In today’s challenging economic environment where small businesses create nearly all net new jobs in the U.S., help for small businesses is more important than ever before.” SizeUp works by analyzing a business in comparison to other similar...

Here is a great article from the Up and Coming Blog by Bplans. Having viewed several business plans over the years, a common (and very important) item missing from most plans is a breakdown of the company’s TAM, SAM and SOM in the marketing section of their plan. Wondering what these acronyms mean? Well you’re not alone – many entrepreneurs are not familiar with these terms. Here’s a quick explanation of what they mean, followed by an example: TAM, SAM and SOM - huh??

While it is unfortunate that the James J. Hill Library can no longer provide us with online databases, there are still offering resources for entrepreneurs. Extremely useful are Business Stages for Entrepreneurs . Business Stages for Entrepreneurs is a free online information resource for entrepreneurs and small businesses to help them grow. The five stages and the information provided for each are: Exploring - Resources that will help you test your business concept against the current market place. Beginning - The nine major steps in starting a new business. Growing - Resources to help your business grow and expand. Managing - Tips and tools to help your business stay successful. Maturing - Options for when you've reached your business goals and are ready to move on.

Market research is essential to starting or expanding a business and the various sources that are available can be difficult to navigate. Rutgers University Libraries have a subject research guide section devoted to sources for various types of research. The guide devoted to Market Research "includes pointers to several important sources of statistical data on income, consumption, and demographics, to help you understand and define the market for your product or service." Another source for subject research guides, including Market Research Sources , is the Library of Congress Business Reference Services.