My friends in the Ohio University Business Cluster are researching the feasibility of opening a personal fitness center in the Indianapolis, Indiana metro area. The purpose of this guide is to point business researchers to some key resources when researching the personal fitness industry (NAICS 71394). Â This guide lists Â the most highly recommended resources when researching the industry and analyzing the market. Â I have listed the databases and resources below, with recommendations on how to find the best information in the quickest fashion.
Chad’s research advice
A well-researched feasibility analysis will incorporate information from a majority of the tools below. Â Some of the databases will be easier to use than others, and researchers are bound to pick a favorite tool to use more than the rest. However, I cannot stress enough how important it is to use SimplyMap, Bizminer, and Mediamark when attempting to understand the consumer market and industry in a specific market. Â These three resources can be a bit difficult to use, so I have made a video for using each database specifically for this project, which you will find linked where the databases are mentioned below. Â Please note that SimplyMap has a maximum of 5 simultaneous users, so you may need to get up earlier, stay up later, and not procrastinate.
1. Â Find information about the larger industry and market
When you first get started, you’ll want to gather an understanding about the broader industry and market. Â The resources in this section provide a broad overview of the personal fitness industry, fitness center, and health club market.
- IbisWorldÂ has a report forÂ “Gym, Health & Fitness Clubs in the US – 71394.”
- First Research has industry analyses of “Fitness Centers,” Â “Spa Services,” and more.
Business Source Complete
- Business Source CompleteÂ has a wealth of information about fitness centers and the fitness industry. Â To avoid being overwhelmed with search results, limit the search to Trade Publications.
- StatistaÂ is a great place to look for a variety of fitness industry and health club statistics.
2. Â Gather a deeper understanding about the consumer
After you get a good idea about the larger industry, youâ€™ll want to research the consumers in your market. Â Market research reports, data, and statistics found in the resources below are an excellent place to start.
- In Â Passport GMIDÂ search for “fitness” yields some good results. Â You might also try looking at the Consumer Lifestyles Reports to get a broad understanding of how consumers spend their leisure time.
- When usingÂ Mintel OxygenÂ for this topic, you will find market research reports on Exercise Trends, Health & Fitness Clubs, Healthy Living, and more.
- Also look in the Lifestyles category for relevant reports about marketing to Â specific group.
- Use SBRNet to get demographic information and statistics about participation in various forms of exercise and sport.
MRI Mediamark Reporter
- Mediamark ReporterÂ provides excellent demographic statistics on consumer products and activities.
- This video demonstrates how to research consumer demographics for the personal fitness market.
3. Â Analyze your local market
After you research the consumer market for the fitness industry, Â you will want to adapt that data down to the local level. Â The resources below can help you find information about your local market to combine with national consumer market trends.
- Census QuickFactsÂ provides easy access to some of the most-used economic and social statistics.
- The QuickFacts are an easier way to get to census information than American Factfinder.
- You will want to use census data to compare how your local market demographics align with the more general national demographics of a consumer market (like what you find in MediaMark, Mintel, and Passport,above).
- The Stats Indiana site is a great resource for demographic and economic information.
- You will want to use the site to compare how the local market demographics align with the more general national demographics of a consumer market (like what you find in MediaMark, Mintel, and Passport,above).
- SimplyMapÂ can help you understand how many people in the Indianapolis area run, exercise, or go to health clubs.
- This video demonstrates how toÂ analyze local consumer trends and competitors in the personal fitness market in Indianapolis using SimplyMap.
- This video demonstrates howÂ to understand local fitness industry trends and consumer demand in Indianapolis using SimplyMap
- See this guide for help citing SimplyMap.
- BizminerÂ contains industry financial ratios, failure and startup rates, competitive market analysis, industry vitality rating, and more for the fitness center industry.
- This video shows you how to use Bizminer to analyze the fitness center industry in Indianapolis.
- Use LexisNexis to find companies and potential competitors in the local market.
- This video shows you how to use the NAICS code to screen for companies in the same industry in a specific location. (need a new video if time)
Creative Commons image courtesy ofÂ redlionhoteldenver.