How it's done
An important part of market research is gathering information about your industry, and we can help with this. By researching your industry thoroughly, you can minimize the risk to your business, identify new opportunities and communicate better with your customers.
- WHAT trends are impacting the industry?
- HOW do I use this information?
- WHAT else do I need to know about my industry?
What trends are impacting the industry?
Select an industry.
How do I use this information?
It is one thing to have data about your industry, but another to have thought it through understand what it means, and determine what actions you will take to use it to your advantage. In this section, we give you some tips on how to analyze your industry.
Understanding your industry
Businesses that don’t understand their industry fail. So you need to have an intimate knowledge of your industry if you want to prosper. Part of this is knowing your target customers and competitors However, there’s a range of other questions your industry research should also seek to answer including:
- What trends are impacting your industry?
- Are there any social, cultural, environmental or geographical factors that impact your industry?
- What's the outlook for your industry for the next 3 to 5 years?
- What is the size of your industry?
- What is the overall growth potential of your industry?
- What are your industry benchmarks?
- How does the state of the local, national and global economy impact your industry?
- How is technology affecting your industry?
- What role does government or other requlatory bodies play in your industry?
- Do any industry certifications (e.g. ISO) or insurance requirements exist?
- What government regulations and laws affect your industry?
- Are there any industry associations that your business may fit into?
Getting a thorough understanding of your industry will require using the information on this page and other sources to answer all these questions.
What else do I need to know about my industry?
While we are providing you with a range of valuable industry information, the fact is that all locations and industries are unique. As such, to really understand your local industry, you should supplement the information we give you with additional local research. The following organizations will help you research your industry and market trends.
Employment by Industry - Washington State Employment Security Department
Industry Specific Portal - US Census Bureau
Statistics of US Businesses (SUSB) - US Census Bureau
Industry Economic Accounts - US Bureau of Economic Analysis
Industries at a Glance - US Bureau of Labor Statistics
Choose Washington - Washington State Department of Commerce
Industry Associations - Washington Secretary of State