Competitive Advantage
What advantage do you have over your competition that will allow you to generate more sales or get more customers than them? This goes back to the VALUE you provide. Perhaps it is your cost, unique solution to the problem/need, quality of product, or customer service. Whatever it is, you need to know it and you’ll also need to make sure your customer understands it too.
Are you filling a market gap? Meaning is something missing in the market that customers want that your solution will provide? Does this contribute to your competitive advantage?
Think about how you might be able to use this advantage in the future.
BizMiner
Biz Miner is a market research company that compiles both financial reports and market analysis by industry. There are a collection of reports for various industries in the market areas of Massachusetts, Boston, Lowell, Lawrence, and NH.
Look carefully at the financial reports - many of them are based on local businesses. The company takes real financial statements and averages them out to give you the following:
Revenue
Gross Margin
Expenses
Why is it helpful to look at real financial reports?
This is one of the best ways to project how your business might do financially! You can't see the future, but you can analyze the past.
This is one of the best ways to project how your business might do financially! You can't see the future, but you can analyze the past.
The market analysis is also done for the market and so you will see real numbers for the following:
Demographics
Competition
Market Penetration
Average consumer expenditure
Check out reports here. Missing one for your industry? Email Professor.
Note: If you have an exact location for your business, we can run a 3 ring radius report for specific demographics. If you would like this, please email to Professor the address and how many miles out for up to 3 rings -100 miles out.