Industry research is one essential step when writing your business plan. This step provides insight into your industry and future projections. One reason to not take this lightly is there are many factors that a business cannot control. Doing this research will help in making future key business decisions. There are many sources that can be used to research your market.
I have listed several ways you can research your industry.
Networking
This should definitely be at the top of your list. Attending meetups, forums, engaging your social media followers or even talking with your local bartender can present a networking opportunity.
Government guidance
Government agencies can provide insightful statistical information. Stats include population demographics, economic and business statistics in your local county. The U.S. Census Bureau provides business and population statistics available on the net. Usually, this information is inexpensive.
Community organizations
You can utilize your local community organizations to help in your research. A number of business development agencies or non-profit organizations can provide valuable information. Attending local seminars on various marketing topics can prove to be valuable as well. Donate your time to engage with these organizations.
Research your competition
Researching your competition and their current customers can help provide insight on trends on what is selling. Making note of their strategies will help in your business strategy.
IBISWorld
IBISWorld provides strategic insight and analysis on more than 1,000 US industries. Their reports offer very insightful content that can help businesses and corporation make key decisions and project the industry years from now. An individual report usually starts at $990 for 12 months viewing. This wealth of information this can be a good investment for larger corporations.
The Graphic Design Industry
Now with that being said, I did my own research on the Graphic design. Graphic design is a creative industry that has no cap. There are many services a designer can provide. This gives you the choice to expand your services or become a specialist to a targeted audience.
Graphic Design is not a hard industry to get in as startup costs are low. Check out my post on how to get started as a graphic designer. This does make the industry a saturated market which can make it difficult to penetrate. Many companies opt to hire an in-house designer and outsource for lower pay. A design agency has to provide exceptional service to win a bid with larger corporations.
I have listed 5 key success factors that will help keep business going in this industry.
- Having a diverse range of clients
- Ability to compete on tender
- Varying services to suit different needs
- Quickly adopting new technology
- Access to multi-skilled and flexible workforce
Below I have added some useful information.
Industry Data
Graphic design industry stats projected to 2020
Informational Sites
Average Salaries for various positions
Graphic Designer: $30,465 – $60,255
UI Designer: $76,911 – $81,313
Web Designer: $60,764-$81,171
Front End Developer: $70,000 – $73,993
Animator: $30,743 – $80,135
Flash Designer: $31,835 – $77,418
Video Game Designer: $45,320 – $129,700
Interaction Designer: $50,830 – $119,531
Fashion Designer: $32,131 – $98,181
Jumping off the porch without a plan and knowledge of the industry can be detrimental to your business success. Behind every good business decision is good data. What are some ways you research your industry?
