Understanding your program's market demand takes research. As you continue to revise and refine your program business plan—particularly the market demand section—these resources can prove helpful.
As a refresher, market demand is "The aggregate of the demands of all potential customers (market participants) for a specific product over a specific period in a specific market" (Business Dictionary). In other words, who may come to your events, read your publications, or visit your website in the next year?
5 recommended resources
- Census data: particularly useful for demographic information.
- Industry reports and market research reports: find details on a particular industry.
- Major polling sources: get an idea of public opinion by looking at sources such as Pew Research Center.
- Business Plans Handbook (available in print or online): see examples of actual business plans from small businesses.
- If you would like research assistance, don't hesitate to contact Extension's librarian, Kristen Mastel.
Don't forget you can conduct a needs assessment through surveys, focus groups, or an advisory committee.
What is the demand currently for the product? How is it changing? Do you see more dramatic changes in the future? Can you take advantage of these?
- Betsy Wieland, Center program manager and Kristen Mastel, Extension librarian