How do you stack up against competitors in the marketplace? What unique abilities or systems do you possess that arm you with a competitive advantage in your industry? To answer these and many other competitive related questions, you need to implement a business intelligence program.
A business intelligence (BI) program will assist you in determining customer buying decisions, industry trends, market opportunities and new ways to showcase your product or service. It will allow you to determine your competitive superiority - where you outperform your competitors relative to such areas as quality, customer service, price, distribution and customer service. A business intelligence program will also enable you to uncover areas where you are at a disadvantage relative to your competitors. There are many resources available for launching your intelligence gathering, but every plan should include the following:
- Reports
- Internet Research
- Legal
- Industry and Trade Organizations
- Personal Contact
Evaluating your competitors, especially privately owned companies, is challenging at best. That is why VERCOR has done some of the heavy lifting for you by developing industry segment insight reports on the leading industries in the middle market today. These reports, which are updated every quarter, will provide you with the snapshot you will need to determine how you stack up against your competitors and industry trends that can impact your business.
To request a copy of an industry segment insight report to add to your existing business intelligence process or to kick- start your business intelligence efforts, please contact us. We understand your business needs and VERCOR is here to help.
Mark Jordan is the managing principal of VERCOR, an investment bank that creates liquidity for middle market business owners. He is the author of Enhancing Your Business Value…The Climb to the Top, Selling Your Business The Hard Easy Way and co-author of The Business Sale…A Business Owner’s Most Perilous Expedition. He is also the author of numerous articles. For more information email him or visit www.vercoradvisor.com.
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