Business & market research
Consider collecting information from businesses, government bodies, trade publications, customers, industry associations and market reports. This information can assist you in revising your business and marketing plans, provide information on the activities of your competitors and help you identify new areas to grow.
Review your marketing strategy as part of your marketing plan
Once you have a clearer understanding of market trends you are then able to implement practices to help your business grow. Ensure that your revised marketing strategy reflects your research and implements the associated results. Your marketing strategy needs to be clearly documented in your marketing plan. Read how to write a marketing plan for more information on getting started.
Benchmark against other businesses
Benchmarking is the process of speaking to businesses in your industry and learning different or improved ways to run your business. Establishing a network with these businesses will also ensure you regularly share skills and keep up-to-date on industry and local information.
What to do…
- Search for benchmarks relevant to your business type and industry by visiting the Australian Taxation Office website.
- Visit the Australian Bureau of Statistics website for a wide range of business, industry and economic statistics to help you plan, or see their Small business page to find out what services they offer for small businesses.
- Read about benchmarking in Small Business NSW’s Small Business Tool Kit .
- Refer to Business Victoria’s guide to benchmarking for information on choosing benchmarks, characteristics of benchmarking and how to use benchmarking to benefit your business.
- Search the Directory of government and business associations for contact details of your industry, council or business association.
- See what statistical information is available from state and territory governments.
- See our Market research & statistics topic for more information on business and market research.
- Visit our Business apps page to download our suite of business planning apps to help you develop your marketing plan.