Some industries are blessed with active industry or trade associations that can supply you with market and industry information at a relatively low cost, often even free. Many industries are blessed with an active trade association that serves as a vital source of industry-specific information. Such associations regularly publish directories for their members, and the better ones publish statistical information that track industry sales, profits, ratios, economic trends, and other valuable data. If you don't know which trade associations apply to your industry, find out.
The best place to look is on the Internet:
- Start with searching the Yahoo! listing of trade associations. This is an amazing list of hundreds of trade and industry associations starting with Air Movement & Control Association and ending with World Wide Pet Supply Association.
- Probably the most established and respected source on associations is the Encyclopedia of Associations series. These cost several hundred dollars each and are normally available at reference libraries. The same organization also offers the more updated Associations Unlimited online database of more than 400,000 organizations
- The Internet Public Library has a large list of associations on the Web.
- The Training Forum has an associations database on the Web listing more than 10,000 associations.
- The Action Without Borders initiative lists thousands of not-for-profit organizations
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The ultimate goal is information. Most of these associations have industry statistics, market statistics, guides, annual references, and other industry-specific information. Many provide business ratios by region or by comparable business size. As you find possible associations, contact them or visit their websites to see what information they have available. Most have directories of industry participants.
When in doubt, call or email the industry association offices and communicate with the managers. Associations are often led by elected officers or a board of directors, but managed on a day-to-day basis by professional employees.
