Market research is about collecting information to give you an insight into the customer's mind. The main objective of conducting a market research is to understand the market and to determine whether enough demand exists to make your business venture successful.
For a new business, the market research can help provide the answers to the following questions:
Who are the potential clients
Are they interested in the product or service you offer
Who is the most likely to purchase it?
What are they willing to pay for it?
Current market and future trends
Will the demand be sufficient to sustain the business?
- Primary market research - using data collected through surveys, observation, opinion polls.
- Secondary market research - using existing data.
Demographics / buyer informationToronto Neighbourhood Profiles
The information for the City of Toronto is available on Toronto Demographics portal.
Population and Dwelling Count – Census subdivisions (municipalities)
The data reflects the population growth in Canada based on 2016 and 2011 Census.
Canada Post - Precision Targeter
Precision Targeter is an online tool helping to develop unaddressed Admail campaign.
Survey of Household Spending
The survey results provide detailed information about household spending.
Industry Trends:Industry reports cover market analysis, market share and size. Specific information about the current state of the industry and its target market can be found in the following recommended resources:
City of Toronto – Key Industry Sectors
(Choose Doing Business, then Operate and Grow Your Business). This link offers important information on local industry sectors.
Canadian Industry Statistics (CIS)
Using data from Statistics Canada, CIS looks at industrial trends and financial information for different sectors of the economy.
Canadian Business & Current Affairs (CBCA)
This database includes business and general Interest articles from academic and business periodicals.
Business Information Group
Listed by industry, the magazines provide business intelligence, industry news, buyer's guides, opportunities etc.
Annex Business Media
Provide magazines related to a number of industries such as agriculture, retail business, and professional services, commercial.
Competitors/Suppliers:To locate companies, the best places to find information are the online or print copies of different directories.
Canadian Company Capabilities
50,000 Canadian companies are listed in the database. Entries are submitted by the companies themselves.
Canadian Importers Database
Searchable by product or by industry.
Yellow Pages Group
Good local resource to locate retailers and services.
This online directory allows you to locate Canadian industrial manufacturers, distributors and wholesalers.
Canadian Trade Index
Include information from 30.000 Canadian industrial and manufacturing companies and, partial information also available online.
This large database provides information on Canadian agencies and companies in manufacturing, government, medical, educational sectors. Scott's Directories are available online at Toronto Public Library.
This database covers over 250.000 companies.
This is the official electronic filing system for public disclosure of financial documents from public companies (traded on the stock exchange).
SME Benchmarking Tool
Created by Industry Canada it allows viewers to check financial profiles of samples of small businesses with sales less than $5 million.
N.B. Private companies are not required to disclose financial information. A credit report is recommended.
Foreign Markets Opportunities:Market research will help existing businesses to reach the right decisions when trying to grow and expand their business. Some of the suggested resources attached below can be used when expanding internationally, as well as, when starting an importing / exporting business.
Foreign Market Reports
Provided by Trade Commissioner Services, the reports bring sector specific information by region/ country.
Foreign Market Opportunities
The custom –based statistics on international trade help determine what products countries are importing / exporting, find new markets etc.
Trade Map Canada
This online tool covers 220 countries and provides information on international demand, alternative competitive markets, indication on export performance, as well as, a directory of importing and exporting companies.
This collection of 34 databases for data on countries around the world covers a range of economic and socio-demographic topics.
This site offers a great source for demographic information by US Census Bureau.
Consumer Expenditure Survey (US)
Released by the US Bureau of Labor Statistics, the survey presents information on household and families, on their buying habits, income and household characteristics.
Marketing:Marketing objectives are: building awareness, introducing new products, reaching customers cost effectively, generating additional sales and, finding information about competitors.
Trade – shows give the opportunity to gain exposure for your business, find new products, examine recent market trends and opportunities, sell products, and showcase services. Trade-shows present this opportunity for businesses to achieve their marketing objectives.
TSSN – Trade Show News Network
25,000 trade shows are listed in this database with emphasis on US shows.
World's largest business event platform, find all upcoming events, business conferences, trade shows, global seminars, networking meets and workshops.
EventsEye is a database of 10.200 tradeshows, exhibitions, conferences and business events worldwide. Good coverage for Europe.
Online Fair Trade Database
Japan External Trade Organization (JETRO) offers this database with more than 2,000 tradeshows. Good coverage for Asia in particular.