4 Good Sources for Your DIY Research
When creating your Starting Point Sentence and defining your wedge in the 4-step Finding Your Wedge framework (Subscribers here get a copy of it in the welcome letter), it’s common to feel a little lost about where to start looking for good sources of research information. Information that will truly help guide your decisions. As anyone who’s done a simple internet search will agree, there’s a lot out there (!) and for your business, you don’t want the stuff that’ll steer you wrong. Some sources will be overly positive, citing growth rates so exciting, that you’ll either be immediately skeptical or super excited about your prospects. Either reaction should make you stop and think.
Good sources DO exist though, it just takes a bit of discernment to steer yourself in the right direction. In the type of research you’re doing, you are relying on data provided by other researchers, not original studies you have commissioned. In this case, we can’t just use the first overly positive proclamation we read, we really need to take a moment to ask where the information comes from and what their motivation is for publishing the data.
First, let’s define what makes a good source. A good source is one that gives you context, includes some data points (percentages, totals, or references to studies done, for example), and comes from a relevant source. When you do start searching, it’s important to not just take the first 10 results of your first search and assume those are the best sources for your business. This is why Step 3 in the Finding Your Wedge framework is called the thinking step!
So, what’s a ‘relevant source’? Relevant sources are ones that you can trust personally, but also, sources that you feel confident citing to others. In other words, in your business plan or proposal, you’d feel confident telling a customer that you got your figures from a Forbes study, but maybe not so confident citing Mac’s Blender Blog as a source of your figures on growth in the software industry. (I have no idea if Mac’s Blender Blog exists, and I apologize to Mac if he’s also an expert on the software industry.)
So, let’s move on to some examples! Yes, please!
As you start searching, you need a way to quickly filter to the information that’s actually relevant to your niche/industry. The 4 types listed below will get you started.
Reputable sources for learning about and researching your niche:
1. Business news channels like MSNBC and Forbes. These types of channels regularly interview leaders in a variety of businesses and have reputations for presenting the good, bad, and ugly about what’s happening in the world of business. Many of their articles cite studies done by industry associations and others and have long been trusted sources of valid business news. Stick to posts from recent years.
2. Industry Associations. If you don’t know what they are for your niche/industry, you can easily find them by searching: “[niche/industry name] industry associations”. For example, if I am interested in launching a new line of lipstick. I’ll search “cosmetics industry associations”. For many industries, there’s more than one association. Most have blogs and commission their own research, so they can be a wealth of information. Most will talk about both sides of the industry: growth and challenges.
3. Consulting firms. Big-name firms like Deloitte and McKinsey report on a wide range of industries. Referencing their information may seem irrelevant to you as a small business or solo entrepreneur but can really give you a solid perspective on where industries are headed. Also, there are a lot of smaller niche consulting firms that publish insightful blogs and reports that are good references.
4. Competitor sites. In the Finding Your Wedge framework, Step 2 is all about looking at your Inspo-Competitors. These are competitors that may also be your inspiration for going into business in the first place. These websites, particularly if they’ve been in business for a while, can give you great insight into what’s currently going on in your niche/industry and where the industry is looking for it’s next growth.
Focus your research efforts on these types of sources. It’ll help you quickly narrow down your research and help you avoid getting sucked into the never-ending stream of ‘the internet’.
If you’ve already downloaded my 4-step Finding Your Wedge framework, then these sources will help support you as you work through Step 3. (Subscribers to this newsletter can download it for free. You’ll see a link to it in your welcome letter.)
I’ve mentioned it before but want to re-state it here. My goal in laying out a 4-step framework is to give you an easy process for looking out into your market to get a better understanding of what your customers want. It’s an organized and repeatable way to stay knowledgeable about your niche as you do business and marketing planning.
So, that’s it for this week! Regardless of your current size, market research and finding your wedge using this 4-step framework isn't just helpful; it's essential. It's your secret sauce for not just getting by, but for truly thriving in the world of entrepreneurship.
See you next week.