Skip to Main Content

Business

Industry Research Tips

To understand a company and its competitors, you need to understand the industry of which it is a part, even if you are looking for information about a niche industry. 

Finding information about an industry includes the following steps:

  • Get an overview of the industry (market research, industry summaries)
  • Look for articles on trends and see if you can find forecasts
  • Gather statistics from government agencies and trade associations
  • Contact trade associations for additional information about an industry

Potential problems:

  • Each information tool uses its own industry groupings and covers different industries.  Data from one source may not match another resource, both in terms of data and definition of an industry. 
  • Small industries are often reported as part of larger industries in government data and other information sources.  Look for targeted market research to address these markets
  • Quality, availability, and cost of association information varies widely.  Some of it is only available to members, and some data can be free.
  • Emerging industries can be difficult to research.  Data may not be available and trends may not have been established. 

Find an Association

Professional associations can be very helpful in learning more about an industry or profession.  Although full access is often reserved for paid members, associations often provide information to the public in the form of summary reports and press releases.  Examples of professional associations include Advertising Professionals of Los Angeles, the American Society of Cinematographers, the American Medical Association and the California Solar Energy Industries Association to name just a few.

Follow the steps below to locate a professional association. 

 1.  Go to the Business Insights Global database

2.  Select the "Advanced Search" option

3.  Under "Keyword", select one of the various "Associations" options (Description works best)

4.  Try searching for a word that is found in the industry description or in the name of the association.  Also, you may wish to specify "USA" in the "Country" field or you will be searching for international associations as well.  Try different combinations of search terms and keywords to find the association you need (e.g.: beverage, drink, coffee, wine). 

Government Industry Information including NAICS & SIC Codes