Business Link — Market Research Services
AB, Canada
Research services for small businesses in Alberta
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Other Support
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Business Link
- Government of Alberta
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grant_card_status|open
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Access market research services that could help you start or expand your small business, including information about industry trends, demographics and competitors.
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Eligible projects for this grant include market research activities that provide data and insights to help small businesses make informed decisions and develop successful business strategies.
- Consumer demographics analysis
- Household consumer spending analysis
- Industry news and trends analysis
- Competitor benchmarking
- Business database research
- Industry financial ratios and benchmarks analysis
- International importing and exporting trade data analysis
grant_single|admissibleProjectsExample
$20,000
Ottawa
Competitor analysis in the fitness equipment industry for a startup
$18,000
Calgary
Market analysis for expansion into the gourmet coffee sector
$16,000
Montreal
Research on international importing trends for a fashion boutique
$17,000
Toronto
Industry trends analysis for a new tech startup
$15,000
Vancouver
Consumer spending analysis to help a bakery adjust its product offerings
grant_single_labels|admissibility
The eligibility criteria for this grant include:
- Businesses must be registered in Canada
- Applicants must have a viable business plan
- Priority may be given to certain sectors or regions
grant_eligibility_criteria|who_can_apply
The grant supports small businesses in Canada, assisting them in making informed business decisions through market research. Eligible companies can take advantage of this by accessing comprehensive data and dedicated support.
- Small businesses in Canada
- New businesses looking to validate their market opportunity
- Existing businesses seeking growth
grant_eligibility_criteria|who_cannot_apply
Some types of companies may not be eligible for this grant due to specific criteria. Eligibility restrictions may apply to:
- Non-profit organizations
- Government agencies
- Foreign-owned companies
grant_eligibility_criteria|eligible_expenses
- Salaries for research personnel and consultants
- Costs associated with accessing and utilizing market research databases
- Travel expenses related to market research activities
- Purchase or subscription fees for industry-specific reports
- Costs for data analysis tools and software
grant_eligibility_criteria|zone
The eligible geographic zones for this grant are the traditional lands and territories of Treaty 4, 6, 7, 8, and 10, home to many First Nations, Métis, and Inuit people.
- Treaty 4
- Treaty 6
- Treaty 7
- Treaty 8
- Treaty 10
grant_single_labels|criteria
For this market research grant, applicants are evaluated based on the relevance of their business to the grant's objectives and the potential impact of the research on their business growth.
- Relevance of the business to grant objectives
- Potential impact of the research on business growth
grant_single_labels|register
- Step 1: Fill out the market research request form
- Step 2: Schedule a consultation appointment
- Step 3: Receive your data from our team within 10 days
- Step 4: Book a follow-up meeting
grant_single_labels|otherInfo
The market research services are designed to elevate small business decisions by providing tailored data insights quickly and effectively.
- Access to North America’s top 5 market research databases including IBISWorld, Data Axle, D&B Hoovers, Sitewise Analytics, & Statista.
- Receive data within 10 days after consultation.
- Dedicated, one-on-one support from market research experts.
- Free secondary market research services are available.
- Useful for creating a marketing strategy, validating market opportunities, and benchmarking against competitors.
- Encompasses consumer demographics, household consumer spending, business databases, industry news & trends, and industry financial ratios & benchmarks.
Apply to this program
Market Research Support for Small Businesses Grant
This grant provides comprehensive market research services to small businesses, guiding them through data collection and analysis to make informed business decisions. It includes access to North America's top market research databases and dedicated expert support.
Detailed Explanation of the Market Research Support for Small Businesses Grant
The Market Research Support for Small Businesses Grant is an invaluable resource for entrepreneurs aiming to optimize their business strategies through thorough data analysis. Whether you're in the initial stages of launching your small business or seeking ways to scale your existing operations, this grant provides the necessary tools and insights to make data-driven decisions. Here's everything you need to know about this grant and how it can benefit your business:
What is Market Research?
Market research is the process of gathering, analyzing, and interpreting information about a market, including information about the target market's customers and competitors. For small businesses, market research is key to understanding the market landscape, identifying customer needs, and assessing the competitive environment. The insights garnered from market research are essential for crafting effective marketing strategies and making informed business decisions.
Why is Market Research Important for Small Businesses?
The importance of market research for small businesses cannot be overstated. Here are some critical benefits:
- Understand Your Market: Gain insights into the size, demographics, and preferences of your target market.
- Benchmark Against Competitors: Analyze your competitors' strengths and weaknesses to set your business apart.
- Develop a Marketing Strategy: Craft marketing messages and campaigns that resonate with your audience.
- Improve Your Product or Service: Use customer feedback and market trends to refine your offerings.
- Inform Decision-Making: Make trusted decisions based on solid data and insights.
- Validate Your Market Opportunity: Confirm the demand for your product or service before significant investment.
What the Grant Offers
Regardless of where you are in your business venture, conducting market research is essential. This grant offers several valuable services to help you navigate the complexities of market research:
- Consumer Demographics: Understand the demographics of your target market, such as age, gender, income levels, and more.
- Household Consumer Spending: Analyze spending habits and patterns within households to gauge potential market demand.
- Business Databases: Access extensive databases with critical business information, ensuring comprehensive market analysis.
- Industry News & Trends: Stay informed about the latest developments and trends in your industry to stay competitive.
- Industry Financial Ratios & Benchmarks: Gain insights into industry financial performance for better financial planning.
- International Importing & Exporting Trade Data: Plan your international business strategies with trade data insights.
How It Works
The process of utilizing the Market Research Support for Small Businesses Grant is straightforward and designed to deliver timely results:
- Fill Out the Market Research Request Form: Start by completing the request form to provide foundational information about your business and research needs.
- Schedule a Consultation Appointment: Book a consultation with a market research expert to discuss your needs and objectives in detail.
- Receive Your Data: Within ten days, receive a comprehensive data report tailored to your business’s specific requirements.
- Book a Follow-up Meeting: Schedule a follow-up meeting to review the data and get guidance on how to apply insights effectively.
Expert Support
One of the most significant advantages of this grant is the access to dedicated market research experts who will guide you through the entire process. Their deep understanding of market research methodologies and industry trends ensures that you receive actionable insights that align perfectly with your business goals. Here's what you can expect:
- One-on-One Support: Individualized support tailored to your business needs and market research objectives.
- Access to Top Databases: Utilize the top 5 market research databases in North America, including IBISWorld, Data Axle, D&B Hoovers, Sitewise Analytics, and Statista.
- Ready-to-Use Data: Receive comprehensive data that's ready to be applied to your business planning and strategy development.
Primary vs. Secondary Market Research
Understanding the types of market research is critical for making the most of the grant’s services:
- Primary Market Research: This involves collecting new data directly from target customers through methods like surveys, interviews, and focus groups. It provides specific insights into consumer behavior and preferences.
- Secondary Market Research: This involves analyzing existing data from various sources such as government publications, industry reports, and paid databases. It offers a broader view of the market and helps benchmark against competitors.
By effectively combining both primary and secondary market research, you can gain a comprehensive understanding of your market and make well-informed business decisions.
Key Components for Your Business Plan
Incorporating market research into your business plan is vital. Here are three essential components to include:
- Industry Analysis: Provide detailed insights into the historical performance, current trends, and future outlook of your industry.
- Customers/Local Market Assessment: Include demographic data and primary research findings on consumer behavior and preferences to understand your target audience.
- Competitors Analysis: Conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) of your main competitors relative to your business.
How It Can Help with Financial Projections
Market research plays a crucial role in developing reliable financial projections. By identifying market demand and consumer behavior patterns, you can more accurately estimate sales volumes, revenue, and the break-even point for your business. Understanding these metrics ensures that you create realistic financial goals and effectively strategize your marketing efforts to meet them.
Getting Started
If you're unsure about the specific information or data required for your business plan, don't hesitate to reach out for assistance. Completing the intake form and scheduling an appointment with a market research expert will ensure you receive guidance tailored to your business’s unique needs.
Maximizing Data Utilization
Once you have the market research data, the next step is to analyze and utilize it effectively to support your business objectives. Define clear research goals beforehand, understand your target market's needs, and apply insights to refine your business strategies, marketing efforts, and product offerings. By doing so, you'll position your business for growth and success in a competitive market.
In summary, the Market Research Support for Small Businesses Grant provides comprehensive services and expert guidance to help small businesses like yours navigate the complexities of market research. By leveraging this grant, you can make informed decisions, develop effective strategies, and ultimately achieve your business growth goals.
