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What is Market Research?
When doing market research, you're looking for information about your target market, or your target customers. Here are some questions you might want to think about:
- What are the characteristics of your target demographic (eg. age, geography, education level, occupation)?
- How many potential customers do you have?
- How do your customers like to be communicated with?
Key Resources
If market research is new to you, take a look at the resources below to learn more about how to do this type of research.
- Getting Started with Market ResearchFrom the Business Information Skills Certificate Course, this section talks about market research, including primary and secondary research strategies.
Library Resources
Statista
- StatistaProvides statistics, data, and facts from over 600 industries and 50+ countries, including consumer data.
How to use Statista for market research?
Use Statista to search for companies by name, or topics, such as "coffee", "artificial intelligence", or "covid-19". Use the Statista Consumer Insights (video tutorial below) to find information on consumer preferences and trends.
Openly Available Resources
Statistics Canada Resources
- Statistics Canada InfographicsInfographics about popular topics in Canada, eg. "Patterns in Online Banking" or "Income of Canadians".
- Census Program Data Viewer DashboardA visual mapping tool that allows you to compare data from the 2016 and 2021 Censuses of Population.
How to use the Census Program Data Viewer for market research?
- Quick Tutorial for the Census Program Data ViewerIn this tutorial, we will show you how to do many interesting things with the Census Program Data Viewer (CPDV) dashboard, by leading you through a typical scenario where you will find a place in Canada you are interested in, choose what statistical data you want to see and look at the different ways the information is presented on the CPDV dashboard.
ODESI
- ODESIODESI is a data portal containing Statistics Canada surveys and much more. You can search for specific survey questions and see how Canadians responded.
How to use ODESI for market research?
Use ODESI to search for datasets from Statistics Canada survey data, Public Opinion Polls, and more. It is recommended that you read the guide to Finding and Exploring Data (below) to get started.
- ODESI: Finding and Exploring DataTeaches how to use basic search functions to find relevant data.
World Bank Resources
- World Bank Open DataFree and open access to global development data
- World Bank Open Knowledge RepositoryThe World Bank is the largest single source of development knowledge. The World Bank Open Knowledge Repository (OKR) is The World Bank’s official open access repository for its research outputs and knowledge products.
U.S. Census Bureau
- U.S. Census BureauAccess to Census Population Map, The American FactFinder, QuickFacts, Censtats, Business Dynamics Statistics.
UN Social Indicators
- UN Statistics DivisionData on: Population, Child-bearing, Youth and elderly populations, Education, Human settlements, Literacy, Water supply and sanitation, Income and economic activity, Housing, Unemployment, and Health.
OECD Data Explorer
- Organisation for Economic Co-operation and Development (OECD) Data ExplorerThe Organization for Economic Co-operation and Development (OECD) is a unique forum where the governments of 37 democracies with market-based economies collaborate to develop policy standards to promote sustainable economic growth.
Books
The Startup Owner's Manual by ISBN: 1119690676Publication Date: 2020-03-17"This book will serve as your mentor through the process of building a scalable start-up. Not to be read in one sitting nor to be only read, as the authors themselves say, ""We see a direct correlation between the entrepreneurs’ success and the degree to which their copy is dog-eared, beat up and tattered"
Value Proposition Design by ISBN: 1118968077Publication Date: 2015-01-28"This visual guidebook will walk you through the process of designing products and services that your target customers will love. Complete with exercises to test your ideas, simple breakdowns, and pleasing images!"
The Mom Test by ISBN: 9781492180746Publication Date: 2013-09-10Talking to customers is one of the foundational skills of both Customer Development and Lean Startup. This book is going to show you how customer conversations go wrong and how you can do better.