Industry & Market Research
There are many freely available resources that can provide extensive information about a given industry or market, the trick is learning how to navigate these information sources.
NAICS - The North American Industry Classification System (pronounced 'nayks,' like snakes) organizes all businesses in North America into like sectors, each type getting a 2- to 6-digit code. These codes are the key to a substantial amount of information. Search NAICS codes online, in print (in the Business Center), or in DemographicsNow, a database discussed below. Open Access.
Tip: Many businesses are classified under multiple codes or a code not immediately evident.
Economic Census - The Economic Census is the responsibility of the Census Bureau and contains the status of economic activity in the United States. Taken every 5 years, and published 2 years following the data collection, the Economic Census is organized by the codes found in NAICS. You can also search by region or state. Some data is broken down by state. Open Access.
Tip: Once you've reached the desired industry EC page, use the tabs to navigate through information.
Mergent Archives - National & International Industry Reports. Mergent Archives is a new online resource available to library users which contains reports on major industries. Choose the "Industry Report Search" tab to search, using the drop-down menu to select industry. GDL library card required for access.
Tip: Industries are determined by Mergent, so NAICS codes are not applicable here.
DemographicsNow - An essential library tool for local, state, and national market research. Small Business owners will find DemographicsNow particularly useful as they market their services or look for potential partners. Use DemographicsNow to:
- Locate a U.S. Business
- Assess Market Risk (figure the rate of failure)
- Size your Market
- Choose a business location
- Find your Competition
- Create a List of Sales Leads
Make an appointment with the Business Librarian for more information on this resource. Instruction sessions available upon request. Available to all Michigan residents through the above link or at the Michigan e-Library.