Legal Marketing

Sources of Market Information

There are many sources of market information. The first place anyone looks is the Internet. But where do you look and what is the quality of what you find?  Ruth Balkin, the president of Penguin, has a tag line that says if you can't find what you want on the Internet in 10 minutes, pick up the phone and call her.

That elevator speech is not just a self-serving advertisement for Ruth. It’s the truth.

While the internet is an enormous archive of information, it is of widely varying quality and detail.  Information needed to validate a market analysis often needs to come from "reliable sources" that are recognized as being accurate by those in the field.

Besides the mountain of free information on the internet, there are a multitude of databases available only by subscription, and there are market research reports that cover whole industries in great detail and are usually very expensive.

One of the services that Ruth provides is that she has subscriptions to many of those databases.  She also has the ability to look "within" some of those very expensive reports. Often the information you most need is on a few pages of a $3000 report. Ruth can sometimes pull out just those pages.

So far we have been dealing with published literature which is, by its nature, general. When you want something very specific that applies just to your particular question about a product, you often need to commission a specific market study. That is one of the services Penguin provides through its Market Sonar service which makes use of Voice of the Caller surveys.

To learn more about Market Sonar, check out the Penguin website shown below.

www.rochesterpenguingroup.com

Originally published in Business Metamorphosis LLC's January 2018 newsletter. Written by Richard Blazey, edited by Ruth Balkin

Market Research-what is it, and how can it help you

The Oxford dictionary defines market research as the action or activity of gathering information about consumers' needs and preferences.

This assists a company in identifying target markets, reevaluating products and services, and adjusting their services and products to meet demand. It can also be used to bring businesses together.

By looking at some examples of market research, a company or entrepreneur can get a feel for how it can help them utilize this method of research and promotion.

A major law firm is interested in selling their services to government agencies. By researching state attorney general offices, the firm is able to use contact information, size and other data to branch out.

An entrepreneur wants to start a business providing photography services. By using market research, he discovers his type of photography is not in demand, and he decides to go into a different direction before investing too much money into that type of business.

A legal publishing company wants to market various products to different types of law firms. Market research identifies the types of practice areas (such as intellectual property, estate planning or litigation) that can use their products, as well as the contact information for these law firms. Contact information can include: individual attorneys, librarians, size of firm, and administrators.

A client is looking for legal representation. In depth research of various law firms and their clients is conducted regarding a very specific area of practice, so that the client could choose the best fit.

Businesses change, and clients move on. Market research can help identify former clients, retrieve contact information, and find out what they are doing and how their business is progressing.

There are numerous studies and examples of market research. It can be as extensive as a nationwide yearlong study, or as simple as a few phone calls. Whatever form you choose, it should be tailored to your business, ideas, and expectations.

Balkin Information Services 1/24/18

Written and edited by Susan Rubinstein from examples provided by Ruth Balkin