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Using the Web to Find Local Business & Market Information handout

Marcy Phelps
Marcy Phelps

The document provides strategies and resources for conducting local business and market research using the web. It outlines tips for defining the target location, expanding the scope of research, managing expectations given limitations of local data online, learning from local sources like news and people, and using a variety of source types including government, private, and specialized databases. Key resources mentioned include Census data, BLS and BEA statistics, local government and news websites, social media, and some fee-based options.

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Using the Web to Find Local Business & Market Information Marcy Phelps Phelps Research June 2011 Note: Additional resources for local business and market information can be found in the Links section at ResearchOnMainStreet.com [http://www.ResearchOnMainStreet.com]. Even in our global economy, businesses need targeted, localized information about customers, companies, and industries. When researching places, you'll need information on several topics, including: Demographics Economics Companies People Issues Adding the element of geography to any search topicespecially for counties, cities, census blocks, or any other sub-state areasmakes any project more challenging. Local business information is very specialized, and it's costly to create. You'll find fewer online resources covering small geographic areas and it's difficult to identify those that do. Local level data is often the last to be released, so it is generally older. You'll make the best use of your local research time and dollars if you have a strategyone that will help you quickly drill to the local level and some key resources or starting points for research. STRATEGY TIPS #1 Know your geography Before you get started, learn about your targeted location. Identify counties, boundaries, and nearby places using Google Maps [maps.google.com] or other tool. Phelps Research 355 S. Teller Street, Suite 200 Lakewood, CO 80226 303.239.0657 or 800.600.8041 mphelps@phelpsresearch.com www.phelpsresearch.com
Become familiar with basic geographic concepts, including terminology and the various ways geographic areas can be broken down (administrative, statistical). For example, resources for understanding Census geography can be found at the Census Bureau website [http://www.census.gov/geo/www/]. #2 Expand your horizons Places don't live in isolation and should be looked at in context. Research/compare conditions, trends, and issues for: Larger locations (state and national levels) Nearby locations (in region) Similar locations (other regions, but similar size, demographics, climate, other factors) #3 Take time for a reality check When it comes to local business research, you need to consider that the information you're looking for may never have been gathered or posted on a website. Manage your and your clients' expectations Be realistic, and explore options. Search broadly - By not limiting yourself to just a specific set of hard-to-find information, you'll expand your options and possibly uncover something else that might be useful. Be creative/flexible - While you're looking for and using local sources, keep an open mind, and always consider other possibilities. Know when to pay Low-cost options save research time, saving money in the long-run (See links from Chapter 9 of Research on Main Street [http://snipurl.com/1ujxq2]). #4 Learn from the locals While many national sources drill to the local level, local resources offer things that their national counterparts can't: Deeper coverage Local news will stay on a story long after the national press moves on Local "feel," local insights Get an insider's view of a place #5 You won't find everything online With local information, online coverage can be spotty for several reasons: Most current information not posted It hasn't been collected Different information collected or distributed by different locations Phelps Research 355 S. Teller Street, Suite 200 Lakewood, CO 80226 303.239.0657 or 800.600.8041 mphelps@phelpsresearch.com www.phelpsresearch.com
You need 'soft information' (opinions, sentiment, etc.) KEY RESOURCES Local business and market research requires using a variety of sources. Depending on your project, try turning to: Local people Journalists, government workers, librarians, economists, economic development specialists, and other local experts Local organizations Research websites for leads to area information, local experts Government resources Federal, state, and local governments' websites and the people within relevant gov't. agencies Local news In-depth information about places and local people/private companies Social media Gather insights from/about places, public opinion, key people Specialized sites Use databases and specialized search tools for searching by geography Fee-based resources Use for hard-to-find information, projects with short deadlines Additional tools for finding local resources can be found in the Links section of the Research on Main Street website [http://www.researchonmainstreet.com]. Local People Only human sources can provide commentary, opinion, feelings, intuition, emotions, and commitment. ---Ben Gilad Use the web to look for the people to ask and to prepare for your conversations. Local Organizations Chambers of commerce Convention/visitors bureaus Economic development orgs Local chapters of national orgs ASAE Gateway to Associations Directory [http://snipurl.com/1vi84f] Federal government resources The majority of local-level business/market information from the U.S. government can be found through three agencies: Phelps Research 355 S. Teller Street, Suite 200 Lakewood, CO 80226 303.239.0657 or 800.600.8041 mphelps@phelpsresearch.com www.phelpsresearch.com
Census Bureau o American FactFinder [http://factfinder.census.gov] American Community Survey (ACS) Population Estimates Economic Census County Business Patterns o CenStats Databases [http://censtats.census.gov] County Business Patterns (includes zip-code and pre-2004 data) Building Permits USA Counties o Census.gov local resources in many places! Business & Industry Data by Geography http://snipurl.com/1u8n8d Small Area Income and Poverty Estimates http://snipurl.com/1u8kle State and Metropolitan Area Data Book http://snipurl.com/1u8gxj County and City Data Book http://snipurl.com/1u8gij State and County QuickFacts http://snipurl.com/1u8dja Bureau of Labor Statistics (BLS) o Employment/unemployment statistics, mass layoffs, geographic profiles, and more o Access through: Overview of BLS Statistics by Geography [http://snipurl.com/1u8d3b] Bureau of Economic Analysis (BEA) o Gross Domestic Product (GDP) by State and Metropolitan Area, Local Area Personal Income and Employment, BEA Regional Fact Sheets (BEARFACTS) o Access through: Regional Economic Accounts [http://www.bea.gov/regional/] Local government resources The people and the websites behind state, county, city, or town governments frequently provide more detailed geographic-based information than federal sources. The data won't necessarily be uniform or consistent across locations even for locations within the same state. More likely than not, you will have to visit the websites for each jurisdiction separately. Phelps Research 355 S. Teller Street, Suite 200 Lakewood, CO 80226 303.239.0657 or 800.600.8041 mphelps@phelpsresearch.com www.phelpsresearch.com
At local government websites, look for relevant agencies, including planning, maps (or GIS), building permits, etc. To find official government sites, try entering 'government' with the name of your location in a general-purpose search engine. You can also link to official sites through these directories: State and Local Government on the Net [http://www.statelocalgov.net/] Local Governments: USA.gov [http://www.usa.gov/Agencies/Local.shtml] Also try this local and state government search engine: GovScan.com Local news News reports, either from or about a particular location, are a rich source of local information about public and private companies, people, economics, and issues. Local news stories, from newspapers, television, and radio stations can be in any format and it can be current news, or taking a look back in time. To find relevant news stories, you can visit the website of individual news outlets or use a news aggregator or search engine. To find the websites for local news outlets, you can browse these directories: NewsVoyager [http://www.newsvoyager.com] American City Business Journals [http://www.bizjournals.com] ABYZ News Links [http://www.abyznewslinks.com] Radio-Locator [http://www.radio-locator.com] Other tools for searching local news: Google News advance search [http://snipurl.com/1u836s] Topix.com Fwix.com Local Yahoo! News [http://news.yahoo.com/local-news] Social Media Businesses are participating in the social web in growing numbers, and business researchers have discovered that it's a valuable source for information that won't be found in any static document or site. You can use social media sources to: Phelps Research 355 S. Teller Street, Suite 200 Lakewood, CO 80226 303.239.0657 or 800.600.8041 mphelps@phelpsresearch.com www.phelpsresearch.com
Tune into local issues and consumer opinion Track local trends Connect with local people Find local images for an insider's view How to search social media by location: Blogs use specialized blog search engines/directories: o Placeblogger.com o Feedmap.net o InOtherNews.us Twitter use Advanced Twitter Search [http://search.twitter.com/advanced], or use these specialized search tools: o Localtweeps.com o Nearbytweets.com Social networking sites search for experts, current/past employees, location- based groups o Facebook after basic search, filter People results by location o LinkedIn Advanced People Search [http://www.linkedin.com/search] Hyperlocal social sites - location-based sites for connecting people located or interested in a particular place, from the regional to the block level o Yelp.com o Meetup.com o StreetAdvisor.com Content-sharing sites Look for photos, videos, maps, presentations and other content o Most, like YouTube and Flickr, don't have geographic search, so search keywords/tags for location name. o Google Maps place pages often offer photos and other user-generated content click "more info" link. Specialized sites Company directories (e.g., zapdata.com, ThomasNet.com) People search (pipl.com) Non-text formats (podcastdirectory.com) Phelps Research 355 S. Teller Street, Suite 200 Lakewood, CO 80226 303.239.0657 or 800.600.8041 mphelps@phelpsresearch.com www.phelpsresearch.com
Fee-based sources Mailing lists Maps Data files Packaged reports Premium databases Look for searching by geography; transactional pricing, low-cost subscriptions Going Local Key points: Use a variety of sources Prepare a 'Plan B' Use hyperlocal sources for insider's view Marcy Phelps Phelps Research www.phelpsresearch.com Founder and president of Phelps Research, Marcy Phelps provides expert business research that clients use to assess market and product potential, minimize risk and improve long-term planning. She is a contributing editor for FUMSI magazine (www.fumsi.com), a publication for people who find, use, manage, and share information. Marcy is the author of Research on Main Street: Using the Web to Find Local Business and Market Information (CyberAge Books, April 2011, www.ResearchOnMainStreet.com). Marcy blogs about turning information into insights at www.MarcyPhelps.com. She also publishes ResearchNOTES [http://www.phelpsresearch.com/researchnotes], a monthly email bulletin with tips and sites for web searching. Contact Marcy: Email: mphelps@phelpsresearch.com LinkedIn: Twitter: @marcyphelps www.linkedin.com/in/marcyphelps Skype: marcyphelps Phelps Research 355 S. Teller Street, Suite 200 Lakewood, CO 80226 303.239.0657 or 800.600.8041 mphelps@phelpsresearch.com www.phelpsresearch.com

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Using the Web to Find Local Business & Market Information handout

  • 1. Using the Web to Find Local Business & Market Information Marcy Phelps Phelps Research June 2011 Note: Additional resources for local business and market information can be found in the Links section at ResearchOnMainStreet.com [http://www.ResearchOnMainStreet.com]. Even in our global economy, businesses need targeted, localized information about customers, companies, and industries. When researching places, you'll need information on several topics, including: Demographics Economics Companies People Issues Adding the element of geography to any search topicespecially for counties, cities, census blocks, or any other sub-state areasmakes any project more challenging. Local business information is very specialized, and it's costly to create. You'll find fewer online resources covering small geographic areas and it's difficult to identify those that do. Local level data is often the last to be released, so it is generally older. You'll make the best use of your local research time and dollars if you have a strategyone that will help you quickly drill to the local level and some key resources or starting points for research. STRATEGY TIPS #1 Know your geography Before you get started, learn about your targeted location. Identify counties, boundaries, and nearby places using Google Maps [maps.google.com] or other tool. Phelps Research 355 S. Teller Street, Suite 200 Lakewood, CO 80226 303.239.0657 or 800.600.8041 mphelps@phelpsresearch.com www.phelpsresearch.com
  • 2. Become familiar with basic geographic concepts, including terminology and the various ways geographic areas can be broken down (administrative, statistical). For example, resources for understanding Census geography can be found at the Census Bureau website [http://www.census.gov/geo/www/]. #2 Expand your horizons Places don't live in isolation and should be looked at in context. Research/compare conditions, trends, and issues for: Larger locations (state and national levels) Nearby locations (in region) Similar locations (other regions, but similar size, demographics, climate, other factors) #3 Take time for a reality check When it comes to local business research, you need to consider that the information you're looking for may never have been gathered or posted on a website. Manage your and your clients' expectations Be realistic, and explore options. Search broadly - By not limiting yourself to just a specific set of hard-to-find information, you'll expand your options and possibly uncover something else that might be useful. Be creative/flexible - While you're looking for and using local sources, keep an open mind, and always consider other possibilities. Know when to pay Low-cost options save research time, saving money in the long-run (See links from Chapter 9 of Research on Main Street [http://snipurl.com/1ujxq2]). #4 Learn from the locals While many national sources drill to the local level, local resources offer things that their national counterparts can't: Deeper coverage Local news will stay on a story long after the national press moves on Local "feel," local insights Get an insider's view of a place #5 You won't find everything online With local information, online coverage can be spotty for several reasons: Most current information not posted It hasn't been collected Different information collected or distributed by different locations Phelps Research 355 S. Teller Street, Suite 200 Lakewood, CO 80226 303.239.0657 or 800.600.8041 mphelps@phelpsresearch.com www.phelpsresearch.com
  • 3. You need 'soft information' (opinions, sentiment, etc.) KEY RESOURCES Local business and market research requires using a variety of sources. Depending on your project, try turning to: Local people Journalists, government workers, librarians, economists, economic development specialists, and other local experts Local organizations Research websites for leads to area information, local experts Government resources Federal, state, and local governments' websites and the people within relevant gov't. agencies Local news In-depth information about places and local people/private companies Social media Gather insights from/about places, public opinion, key people Specialized sites Use databases and specialized search tools for searching by geography Fee-based resources Use for hard-to-find information, projects with short deadlines Additional tools for finding local resources can be found in the Links section of the Research on Main Street website [http://www.researchonmainstreet.com]. Local People Only human sources can provide commentary, opinion, feelings, intuition, emotions, and commitment. ---Ben Gilad Use the web to look for the people to ask and to prepare for your conversations. Local Organizations Chambers of commerce Convention/visitors bureaus Economic development orgs Local chapters of national orgs ASAE Gateway to Associations Directory [http://snipurl.com/1vi84f] Federal government resources The majority of local-level business/market information from the U.S. government can be found through three agencies: Phelps Research 355 S. Teller Street, Suite 200 Lakewood, CO 80226 303.239.0657 or 800.600.8041 mphelps@phelpsresearch.com www.phelpsresearch.com
  • 4. Census Bureau o American FactFinder [http://factfinder.census.gov] American Community Survey (ACS) Population Estimates Economic Census County Business Patterns o CenStats Databases [http://censtats.census.gov] County Business Patterns (includes zip-code and pre-2004 data) Building Permits USA Counties o Census.gov local resources in many places! Business & Industry Data by Geography http://snipurl.com/1u8n8d Small Area Income and Poverty Estimates http://snipurl.com/1u8kle State and Metropolitan Area Data Book http://snipurl.com/1u8gxj County and City Data Book http://snipurl.com/1u8gij State and County QuickFacts http://snipurl.com/1u8dja Bureau of Labor Statistics (BLS) o Employment/unemployment statistics, mass layoffs, geographic profiles, and more o Access through: Overview of BLS Statistics by Geography [http://snipurl.com/1u8d3b] Bureau of Economic Analysis (BEA) o Gross Domestic Product (GDP) by State and Metropolitan Area, Local Area Personal Income and Employment, BEA Regional Fact Sheets (BEARFACTS) o Access through: Regional Economic Accounts [http://www.bea.gov/regional/] Local government resources The people and the websites behind state, county, city, or town governments frequently provide more detailed geographic-based information than federal sources. The data won't necessarily be uniform or consistent across locations even for locations within the same state. More likely than not, you will have to visit the websites for each jurisdiction separately. Phelps Research 355 S. Teller Street, Suite 200 Lakewood, CO 80226 303.239.0657 or 800.600.8041 mphelps@phelpsresearch.com www.phelpsresearch.com
  • 5. At local government websites, look for relevant agencies, including planning, maps (or GIS), building permits, etc. To find official government sites, try entering 'government' with the name of your location in a general-purpose search engine. You can also link to official sites through these directories: State and Local Government on the Net [http://www.statelocalgov.net/] Local Governments: USA.gov [http://www.usa.gov/Agencies/Local.shtml] Also try this local and state government search engine: GovScan.com Local news News reports, either from or about a particular location, are a rich source of local information about public and private companies, people, economics, and issues. Local news stories, from newspapers, television, and radio stations can be in any format and it can be current news, or taking a look back in time. To find relevant news stories, you can visit the website of individual news outlets or use a news aggregator or search engine. To find the websites for local news outlets, you can browse these directories: NewsVoyager [http://www.newsvoyager.com] American City Business Journals [http://www.bizjournals.com] ABYZ News Links [http://www.abyznewslinks.com] Radio-Locator [http://www.radio-locator.com] Other tools for searching local news: Google News advance search [http://snipurl.com/1u836s] Topix.com Fwix.com Local Yahoo! News [http://news.yahoo.com/local-news] Social Media Businesses are participating in the social web in growing numbers, and business researchers have discovered that it's a valuable source for information that won't be found in any static document or site. You can use social media sources to: Phelps Research 355 S. Teller Street, Suite 200 Lakewood, CO 80226 303.239.0657 or 800.600.8041 mphelps@phelpsresearch.com www.phelpsresearch.com
  • 6. Tune into local issues and consumer opinion Track local trends Connect with local people Find local images for an insider's view How to search social media by location: Blogs use specialized blog search engines/directories: o Placeblogger.com o Feedmap.net o InOtherNews.us Twitter use Advanced Twitter Search [http://search.twitter.com/advanced], or use these specialized search tools: o Localtweeps.com o Nearbytweets.com Social networking sites search for experts, current/past employees, location- based groups o Facebook after basic search, filter People results by location o LinkedIn Advanced People Search [http://www.linkedin.com/search] Hyperlocal social sites - location-based sites for connecting people located or interested in a particular place, from the regional to the block level o Yelp.com o Meetup.com o StreetAdvisor.com Content-sharing sites Look for photos, videos, maps, presentations and other content o Most, like YouTube and Flickr, don't have geographic search, so search keywords/tags for location name. o Google Maps place pages often offer photos and other user-generated content click "more info" link. Specialized sites Company directories (e.g., zapdata.com, ThomasNet.com) People search (pipl.com) Non-text formats (podcastdirectory.com) Phelps Research 355 S. Teller Street, Suite 200 Lakewood, CO 80226 303.239.0657 or 800.600.8041 mphelps@phelpsresearch.com www.phelpsresearch.com
  • 7. Fee-based sources Mailing lists Maps Data files Packaged reports Premium databases Look for searching by geography; transactional pricing, low-cost subscriptions Going Local Key points: Use a variety of sources Prepare a 'Plan B' Use hyperlocal sources for insider's view Marcy Phelps Phelps Research www.phelpsresearch.com Founder and president of Phelps Research, Marcy Phelps provides expert business research that clients use to assess market and product potential, minimize risk and improve long-term planning. She is a contributing editor for FUMSI magazine (www.fumsi.com), a publication for people who find, use, manage, and share information. Marcy is the author of Research on Main Street: Using the Web to Find Local Business and Market Information (CyberAge Books, April 2011, www.ResearchOnMainStreet.com). Marcy blogs about turning information into insights at www.MarcyPhelps.com. She also publishes ResearchNOTES [http://www.phelpsresearch.com/researchnotes], a monthly email bulletin with tips and sites for web searching. Contact Marcy: Email: mphelps@phelpsresearch.com LinkedIn: Twitter: @marcyphelps www.linkedin.com/in/marcyphelps Skype: marcyphelps Phelps Research 355 S. Teller Street, Suite 200 Lakewood, CO 80226 303.239.0657 or 800.600.8041 mphelps@phelpsresearch.com www.phelpsresearch.com