Find out what you need to know

Give your market research some direction by determining what type of information you need about your business and the construction market. Perhaps you want to launch a new product or service for your business, or you may want to know why potential clients don't seem to know about you.

I recommend: Make market research goal-oriented by setting objectives and a timeline. Break down objectives into tasks. Find out how from the Small Business Administration (SBA).

Research what's already been done

Don't reinvent the wheel when some of the information you want is yours for the asking. Review business information provided by your local media. You gain insightful information and new leads for information at the same time. Read or watch national media to learn about the global construction market.

I recommend: Homebuilders can gain access to residential construction market information through membership in builders organizations like the National Home Builders Association. Don’t forget other publications found through Gale’s online business databases.

Survey construction market trends and more

After you've gathered relevant information from other sources, look for gaps in the information you still need. Chances are this is the subjective information, also known as qualitative data that comes from people's opinions. Decide on the best research methods for gathering this information.

I recommend: Questionnaires and surveys are inexpensive ways to gather information about the building construction market. You can focus on past clients that you have contact information or contact everyone in a specific zip code that you obtain from Melissa Data. Don’t neglect online, opportunities like those discussed by the American Marketing Association, to research the construction market.

Analyze construction market data

Once you have collected data, find a way to organize the results to provide the information you need. Focus on consistency and quantification. Twenty people making a similar statement is a stronger result than the opinion of one person. Make conclusions from tabulated results.

I recommend: Now it’s time make a marketing plan using what you’ve learned. Learn how to make a plan from ZeroMillion or Microsoft's Small Business resources.