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UCEDC Teaches How Market Research Can Achieve Marketing Success

Posted on 7/27/2018 by EDTP Coordinator

Camden, NJ- On July 19, 2018, Joseph Lamberti, Training & Technical Assistance Officer of UCEDC, offered local entrepreneurs insight on conducting marketing research for their business by using free, but often neglected, resources.

The seminar began with Mr. Lamberti helping entrepreneurs use free market research tools, including ReferenceUSA and Demographics NOW, to make their journey to entrepreneurship a success. First, he spoke about ReferenceUSA as a way for entrepreneurs to get accurate and up-to-date information about their market, competitors, etc.  This tool can also be used to research different companies by size, locations and sales. Mr. Lamberti even showed participants how to navigate the database simply using a local library that has the resource. “Anyone with a library card has the potential to unlock this free tool and gain valuable information for their business venture,” stated Mr. Lamberti. 

Another free tool that Mr. Lamberti disclosed was DemographicsNOW, which allows access to summary data and unlimited demographic reporting. A small business owner and/ or entrepreneur can choose their geography by zip, county, radius, and miles in order to learn all about their potential customers. Being able to determine if your ideal customers live in or near your targeted area is crucial for any business. This allows the business owner to determine if he/ she has enough market to support the business venture. Not knowing this information could mean the difference between success and failure. If there are not enough potential customers in the targeted area, even a business with the best product/ service could fail.

This type of research can be beneficial in deciding how to establish a competitive advantage over businesses in the same industry, locating ideal customers, and building upon the business plan. It is essential for an entrepreneur to create data lists for targeted markets so he/ she can tailor products/ services to the needs of potential clients. The ultimate goal of any market research is to attract and retain customers since without them there is no revenue and without revenue there is no business.

LAEDA offers seminars and short-term course in various counties of South Jersey throughout the year.  A long term course is also offered three times per year where entrepreneurs receive 72+ hours of training from industry professionals, business planning, and business counseling. The program is free, but you must qualify. LAEDA welcomes you to join our community of successful entrepreneurs. Visit our website at www.laeda.com or call (856) 338-1177 to learn more.