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Free Market Insight Sources to Accelerate Innovation.
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Welcome to F-Stop*

Faulkner Strategic Consulting's monthly eNewsletter

This month's topic is the first in a series about Free Insights Sources for Innovation.

Customer and market insights are some of the most critical elements in assessing future business opportunities, developing new products or services, and building existing businesses. 

Traditional market research can play an important role, but there isn’t always the time or money (or expertise) to execute large scale, formal research. The good news is that there are myriad sources and approaches available with virtually zero investment.
 
Market Size & Growth, Statistics and Trends Sources
When evaluating a new market space for expansion, the first step is often to get a general idea of the size and growth of that market segment. Potential customer demographics and statistics can also help with estimating a new opportunity’s potential. Lastly, understanding key market and customer trends can help identify if a new opportunity is likely to be relevant or not and/or inspire new high-potential opportunity spaces.

Below are some good sources of free market data and selected sites (with direct links) within each:

Syndicated research companies often use “freemium” models where that allow free access certain reports or articles and the rest of the content and custom services are paid. These are always worth a search because, if available, the reports tend to be comprehensive and well-researched (even abstracts and excerpts can be helpful).
  • Euromonitor International: Country and Industry reports, market sizes & growth
  • IHS: Energy, economics, geopolitical risk, sustainability and supply chain management
  • Hartman Group: Reports and publications on health & wellness, sustainability, and generations.
Non-profit fact tanks regularly publish reports and information to the public. These are great sources for trusty-worthy statistics to help business cases and identify new opportunity spaces. Trend sites offer everything from the latest cool gadgets to scientific exploration of possible future scenarios. Many trend sites have free content on blog posts, via social media or will send free e-newsletters. Government sites often have estimates for certain market sizes, product groups or health conditions, etc. These are also great sources for demographic and population statistics. The sites below are focused on the US or Global, but other country’s government sites are also great sources of country-specific statistics.
Thanks for reading this month's issue of F-Stop. Next month will continue the series, focused on free sources of Industry and Competitive Understanding. Feedback is always welcome and please feel free to forward to friends and colleagues! 

Sarah Faulkner
Principal, Faulkner Strategic Consulting

 

Faulkner Strategic Consulting guides companies with unique, meaningful and compelling insights that give direction to future innovation and help brands reach their full potential.

*Why F-Stop? In photography, F-Stop is a measure of lens speed which controls the brightness, or illuminance, of the scene. These concepts are central to innovation as well. The goal of F-Stop is to provide resources, information, and inspiration to illuminate and accelerate innovation.
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