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Where can I find this information?

You can find market information on paper or from people. The information is usually available in some form, but you have to be prepared to lift the phone or talk to potential customers and be persistent to get it. You might also need to be astute when attempting to discover information about competitors.
There are two main types of market research. The first involves talking to:
  • Potential customers - if you know of some specific potential customers lift the phone and ask them what you need to know.
  • Competitors - it may be difficult to get information from competitors but if you can identify a similar enterprise that is targeting a different geographical market you may get a lot of information from it. You could also try posing as a customer or indeed temporarily become a customer to find out competitor information.
  • Suppliers and agents. What can they offer you for buying in bulk? Can you glean any competitor information from them?
  • Government representatives and organisations such as your local enterprise agency. Also libraries, chamber of commerce, tourist office or others that may have information relating to the type of business you are thinking of setting up.
  • Anyone who knows something your proposed business idea including family, friends and your network of associates.
Market research also involves gathering information from published sources:
Research the wider market through market research reports, surveys and directories. These are available at places such as: Central Library, Belfast, Invest Northern Ireland's (INI) European Business Information Centre, local enterprise agencies and the DARD agricultural colleges.
General statistics about the Northern Ireland economy can be obtained from sources such as: DETI Statistics and Economic Research[external site]
  • Company records can be viewed at the Companies Registrar in Belfast. Use these to find out turnover figures and other information on your competitors, if they are companies.
  • Specialist research publications may be available through your library or through university libraries.
  • Trade press, newspapers, professional journals, periodicals and exhibitions can provide valuable background information on market trend, for example.