Did you know that the Thunder Bay Public Library gives you access to powerful market research tools? All you need is a free library card! To get started, visit https://www.tbpl.ca/virtualcollection then click on the header image. From there, enter your library barcode and PIN to access the full list of the databases available to you at the library. The two most commonly used databases for market research are InfoCanada and SimplyAnalytics. These two databases are available to you for free with your library card.
InfoCanada has about 2.1 million records on businesses in Canada. It will help you to get to know other businesses that operate in your area. It gathers information from Yellow Pages, and the National Change of Address Program, then further verifies it. It will provide contact information for other businesses as well as number of employees, estimated operating costs, sales volume, and a list of the competing businesses. It’s a fantastic resource for helping you plan or expand a business. The information on the competing businesses provides an overview of other businesses in your field. Additionally, you can use NASIC and SIC codes to look at specific businesses operating in your industry or similar industries.
SimplyAnalytics is one of the most powerful market research tools available. In this database, you can get information about businesses and population demographics for Canada. It has a wide range of consumer behaviour information in many economic sectors. The information in the database is gathered from many different sources, but the primary one is Canadian Census. The reporting features in SimplyAnalytics allow you to access very specific information about your industry and market.
One of the most useful tools in SimplyAnalytics is the mapping feature. In the map view, you can analyze data by province, census divisions, subdivisions, tracts, and dissemination areas. Using this mapping feature, you will be able to see geographically which neighbourhoods have the highest population, earn the most money, or similar sorts of inquiries. This information is helpful in determining where to target online marketing, or set up a storefront.
It also has a quick report feature that allows you to compare different demographic data across geographic regions. For example, you can compare the median household income and the population data for Thunder Bay, Nipigon, Sault Ste. Marie and Toronto if you are thinking of expanding your business.
If you are interested in getting an in-depth look at these powerful databases, email firstname.lastname@example.org to book a meeting with one of our staff members who can give you a virtual tutorial of how to use our market research tools from the safety of your home!
TBPL Staff – http://www.tbpl.ca. If you have a comment about today’s column, we would love to hear from you.