How Do You Gain A Competitive Advantage In Business?
• Analyze your target market and identify your competition.Your target market is “a specific group of consumers at which a company aims its products and services” (Entrepreneur). A target market is distinguished by socioeconomic, demographic, and common characteristics or needs that make them the best audience to focus on selling to. To uncover your target market, answer the following simple questions: What am I selling? Who will most likely buy or consume my product or service? Before you can crush your competition, you need to know who they are. Find out which businesses are going after your same target market. How do they differentiate themselves from other companies in the industry? Where are they located? To find this information, business directories can be used to search free company profiles. Information included in the company profiles are company overview, contact information, location, key facts, employees, and company payment rating. • Learn from your competition and your c
