Library Resources for Market Analysis

Mary Buelow, Head of Information ServicesHedberg Public Library316 S Main StJanesville, WI 53545(608) 758-6581referencedesk@hedbergpubliclibrary.org

What is Market Analysis?

It is the process of gathering and synthesizing information that will help you make informed decisions for your business.

Why do I want this information?

• To help understand your business’s operating environment

• To make informed business decisions • To minimize business surprises• To help funding organizations understand your

business

Research for a Market Analysis covers:

Your field or industry

Your competition

Your markets

Your Field or Industry

Small Business Sourcebook

Small Business Sourcebookhas leads for:Start Up InformationAssociations and Other OrganizationsReference WorksTrade PeriodicalsFranchise and Business Opportunities

and more!

“Society of American Florists”

Growers, wholesalers, retailers, and allied tradesmen in the floral industry. . .provides business resources. Sponsors Floricultural Hall of Fame . . . Compiles statistics; sponsors competitions.

SIC and NAICS

Business Classification

Business classification systems are “Dewey Decimal” numbering systems for companies

Many databases and directories arrange listings by classification codes.

Two major Business Classification systems in use are:

▫ Standard Industrial Classification System (SIC)

▫ North American Industry Classification System (NAICS)

Some classification categories can be very broad

• SIC 5812 “Eating Places” includes coffee shops, restaurants, caterers, institutional food service establishments

• SIC 7299 “Miscellaneous Personal Services, Not Elsewhere Classified” includes genealogical investigations, dating services, buyers clubs, tattoo parlors

It is important to understand exactly what yourSIC or NAICS classification represents!

Search for classification codes in print directories or online:

SICwww.osha.gov/pls/imis/sicsearch.html

NAICS

www.census.gov/naics/

Subject Codes for Florists:

• SIC Code for Florists is 5992

• NAICS Code for Florists is 453110

RMA Annual Statement Studies

Annual Statement Studies

• Arranged by NAICS code• Balance Sheet Data• Income Data• Ratios• Data sorted by assets, and data sorted by sales• Five years comparative historical data

Balance Sheet Data

• Average percentage for asset categories, including cash and equivalents, trade receivables, inventory, fixed assets, intangibles

• Average percentage for liabilities including short term notes payable, trade payables, income taxes payable, long term debt

Ratios

• Sales/Working Capital• Fixed/Worth• Quick Ratio• Sales Receivables• Cost of Sales/Inventory• Cost of Sales/ Payables• Percent Profits Before Taxes/Total Assets• Percent Depreciation, Depletion, Amortization /

Sales

Financial Ratios

Help you analyze a financial balance sheetor estimate future benchmarks

Periodical ArticlesEBSCOhost Business Source Premier

EBSCOhostBusiness Source Premier

• Available to all Wisconsin residents throughBadgerLink www.badgerlink.net

• Also available on the Hedberg Public Library’s Research Databases page

United States Census Economic Census

United States Census

• Decennial Census. Taken every ten years to collect information about people and housing in the US

• American Community Survey. Ongoing survey that provides data about your community every year

• Economic Census. Profiles the US economy every five years.

Economic Census is now available on American FactFinder

Advanced Search

Options are on the left

Click on the arrow to expand options.

In this example, we are selecting the Geographies Option.

An overlay pops up

Use the pull down menu to select a geography option

In this example, we are selecting State

Once we select the geographic type “State”, we can select the state we wish search.

Click “Add to Your Selections”

Wisconsin will be added to Your Selections

Close the option filter overlay with the

We will narrow our search with the Industry Codes option.

Click on the arrow to expand options.

An overlay pops up

We will use the search box in the overlay, enter our NAICS code for florists, and click

Check the box to select 453110 – Florists

Click to add to Your Selections

Close the option filter overlay with the

Search Results Listings:

There are 32 tables and other products that contain data for Florists in Wisconsin

Click on any table to access that data.

This table gives the number of florists in Wisconsin in 2011 (307)the number of employees for all 307 establishments (1,595)and the annual payroll for all 307 establishments (20,346,000)

This table compares statistics between surveys completed in 2002 and in 2007

The next table shows data for product categories sold at Wisconsin florists.

What is NOT in the Census

• Anything that would allow you to identify information for a specific individual or company.

• If data for a search category allows you to guess data for a specific individual, that data will be suppressed. In that case, data will be replaced by or or or “the data you requested are not available”

• The Census is confidential!

Search the Economic Census:

http://factfinder2.census.gov

Your Competition

Sources for Researching Competitors:

• Wisconsin Business Directory• Wisconsin Manufacturers Directory• Wisconsin Services Directory• Illinois Manufacturers Directory• Illinois Services Directory• ThomasNet.com• Reference USA

Reference USA

Reference USAPrint and Download Limits

• 25 at a time from a library computer• 10 at a time from a home computer

Search Reference USA for

• Competitors• Suppliers• Clients and prospects• Lost addresses and phone numbers

Accessing Reference USA

• Reference USA is a subscription product.

• You must visit a library that has a subscription to Reference USA, or

• You must have a library card with a library that has a subscription to Reference USA

Reference USA is available at the following libraries in Rock County:

• Eager Free (Evansville) Public Library• Hedberg (Janesville) Public Library

To Access Reference USA throughHedberg Public Library • Go to the Hedberg Public Library’s website at

www.hedbergpubliclibrary.org

• Click Research Tools

• Then Research Databases

• Select Reference USA

• Type in your Hedberg library card number

A similar product “A to Z Databases” is available at:

• Beloit Public Library

Your Markets

First, think about the categories of people and/or organizations who would purchase your product or service.

Second, research those categories of people. Are there enough potential customers to support your business?

Potential Customers For Florists

• Purchasers are adults• Purchasers have disposable income• Flowers are given as gifts to adults within a

specific time frame and geography• Floral displays purchased for special events

within a specific time frame and geography• Floral displays purchased by companies or

organizations to impress their customers

Consumer Expenditure SurveyUS Bureau of Labor Statistics

www.bls.gov/cex/

More resources for business

Bureau of Labor Statistics

http://www.bls.gov/audience/business.htm#industry

Examples of useful BLS statistics for businesses

• Consumer Price Index Escalation Guide• Producer Price Index Escalation Guide• Employment Cost Index Escalation Guide• Employer Costs for Employee Compensation

Report• Employee Benefits in Private Industry Report• International Labor Comparisons

United States Census Population Census

United States Census

• Decennial Census. Taken every ten years to collect information about people and housing in the US

• American Community Survey. Ongoing survey that provides data about your community every year

• Economic Census. Profiles the US economy every five years.

Census Data is available on American FactFinder

Community Facts

Type in a place name

The search requires exact Census terminology. We will use the suggestions that pop up to select Janesville city, Wisconsin

Advanced Search

Your SelectionsYour searches will only retrieve data for your selections.

Our last search was for Janesville city, Wisconsin . This has been retained as one of our selections.

For this search, all tables retrieved will have data for population for the City of Janesville, Wisconsin.

Search Results Listings:

There are 11,584 tables and other products that contain data for Janesville , Wisconsin

Click on any table to access that data.

Search Results Listings:

The Title column lists the name of each table.

The Dataset column lists the census series and year the data was collected.

The for each title links to a preview of the data found in that table

The for each title links to a preview

of the data found in that table, but does not have any actual data.

Clearing Selections

You can clear a selection by clicking the

next to that selection, or by clicking

Using the Filter Options

Options are on the left

Click on the arrow to expand options.

In this example, we are selecting the Geographies Option.

An overlay pops up

Use the pull down menu to select a geography option

In this example, we are selecting County

Once we select the geographic type “County”, we can select our state, Wisconsin, and scroll down the list to select Rock County.

Click “Add to Your Selections”

Rock County, Wisconsin will be added to Your Selections

Close the option filter overlay with the

We will narrow our search with the Topic option.

Click on the arrow to expand options.

Click on the to view sub-options.

We will look at sub-options for “People”.

We will look at (sub) sub-options for “Income & Earnings”, and select “Income/Earnings (Households)”

This will be added to our Selections

We will narrow our search again with the Topic option.

We will select “Age of Householder”

And close the option filter with the

There are 429 tables and other products that match our selections.

We will select

“Age of Householder by Household Income in the Past 12 Months”

Action Options:

Modify Table Print Bookmark Download

What is NOT in the Census

• Anything that would allow you to identify information for a specific individual.

• Name files are closed for seventy years. • If data for a census block or census tract allows

you to guess data for a specific individual, that data will be suppressed.

• The Census is confidential!

Sourcebook of ZIP Code Demographics

For each ZIP Code:

• Population statistics for last decennial census, current year estimate, and five year projection

• Breakdowns for age, race, and gender• Household income distribution • Home value distribution• 20 categories of spending potential indices

Spending Potential Categories

• Financial Services: Auto Loan, Home Loan, Investments, Retirement Plans

• The Home: Home Repair, Lawn and Garden, Computers, Major Appliances, Audio and Video equipment, Furniture

• Entertainment: Dine in/Carry Out, Sports Equipment, Fees and Tickets, Toys and Games, Travel, Cable TV

• Personal: Apparel and Services, Auto Repair, Health Insurance, Pets and Supplies

Spending Potential Indices

• Are only meaningful when compared to a percentile scale

• The percentile scale can be found in the book’s introduction

Our Janesville Florist example

• No spending potential for “flowers” so we will use “Entertainment-Fees and Tickets” instead.

• Spending potential for “Fees and Tickets” in ZIP 53545 is an index number of 100

• Median “Fees and Tickets” index number is 66. At the median index, half of ZIP codes spend more, half spend less.

Janesville Florist example (continued)

• 75th percentile “Fees and Tickets” index number is 95. At the 75th percentile, 25% of ZIP codes spend more, 75% spend less.

• 90th percentile “Fees and Tickets” index number is 140. At the 90th percentile, 10% of ZIP codes spend more, 90% spend less.

• ZIP 53545, with index number of 100, is in the top 25% but not in the top 10%.

From the Introduction to the 2009 Edition• Statistical updates are converted and

extrapolated from Acxiom, Post Office delivery stats, residential construction stats from Hanley Wood Market Intelligence, and others

• Income statistics are for the 2008 calendar year.

• Spending potential indices derived from Consumer expenditure surveys (2005 – 2006)

From the Introduction(continued)• Projections for 2014 assume continuation of

current rate of inflation (2.9%)• Risk that the projections are inaccurate is

inversely related to the size of an area. The smaller the area, the greater the risk.

FedStatswww.fedstats.gov

Your Librarians are Here to Help!

Working With Your LibrarianHelp us help you!

• Ask for help• If you are looking for specific information, ask

specific questions.• Some searches take time. Avoid tight

deadlines.• Tell us when to stop!

Library Resources for Market Research

Mary Buelow, Head of Reference and Adult ServicesHedberg Public Library316 S Main StJanesville, WI 53545(608) 758-6581referencedesk@hedbergpubliclibrary.org