Business Reference | January 16, 2019
In this blog series, EBSCO Corporate Solutions outlines the research needed for companies to successfully expand into different markets.
If you are looking to expand your company in 2019, then you may have heard the term “white spacing.” This phrase is used to describe the act of exploring unmet needs in a market to identify new opportunities for your products or services. When done correctly, white spacing can set your company up for long-term success and growth. By strategically identifying gaps in your market, you have the unique ability to target new customers and increase overall revenue with innovative solutions.
As with any big business decision, white spacing requires in-depth research. EBSCO Corporate Solutions has identified the matrix of information necessary to scope out unmet market needs and craft new business plans. In a previous blog post, EBSCO for Corporate explored the importance of trade periodicals in a company’s white spacing strategy.
Another critical piece of data needed for white spacing is competitive information, which provides valuable insight into your competitors. Competitive information should be used throughout your research to monitor what other organizations in your market are doing and how your vertical is evolving. It will also help you to see what strategies have been successful, and what can be improved.
Through competitive information, you can gather critical data that will provide in-depth insight into the operations of your market.
Through competitive information, you can gather critical data that will provide in-depth insight into the operations of a company. Some critical aspects include:
Industry Reports: Industry profiles provide an in-depth look into the industry, including its history and trajectory. These reports typically feature information regarding industry leaders and forces that are affecting the industry and financial data.
SWOT Analyses: A SWOT analysis is a common analytical method used to evaluate companies and their competitors. The acronym stands for: Strengths, Weaknesses, Opportunities and Threats. Employ this method to analyze competitors or to take an objective look at your company’s performance.
Market Research Reports: Market research reports analyze and interpret information about a market and present how the market would react to a product or service. The information in these reports is extremely relevant when finding and developing new markets.
Company Profiles: Company profiles highlight critical information of a specific company, including a company overview, key employees, top competitors, key facts, company history and major products and services.
Country Profiles: Country profiles allow you to take an in-depth look at business operations within a country — a helpful tool if you are considering expanding globally. These documents provide a guide to the history, politics and economic background of countries. Additionally, country profiles are objective and allow you to consider information without bias.
EBSCO’s Business Source® Corporate Plus offers a unique Company Information Content in Context feature that allows you to access critical information regarding a company, gaining a broader and deeper understanding through the information listed above. With this invaluable business research database, you can access company information on 1.15 million companies around the world.
Speak to an EBSCO sales representative for more information on how Business Source Corporate Plus can assist in your white spacing efforts.
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