What’s Important to Understand About Growth Industries?
Growth industries traditionally experience higher income trends compared to other industry sectors. Technology Innovation, Government Regulations, and demand for new products or services all contribute to how industries or markets position businesses for future success. Innovators are tasked to drive growth within an industry. Contributors are also tasked to support supply chain needs and share in the overall success of growth industries.
Everyone can’t be an innovator or industry leader. One market often leads to another, and it’s up to a business to find their opportunity niche. The U.S. economy, with a GDP of over $20 trillion annually, has growth potential for both innovators and contributors. This article discusses how businesses can find top growth markets and target new customers by understanding supply chain buyer-seller needs.
All Industries Buy and Sell To Each Other: Understand Your Growth Market Niche
Industry analysis provides an understanding of buyer-seller interactions within a given supply chain. Most industries buy and sell to each other regardless of the target market. The key is to identify growth industries that purchase supplier goods and services, with high-income potential, making it worthwhile to pursue as a target market. For example, we all know micro-breweries is a growth industry. We also know breweries purchase commodities like glass bottles, wet corn, and commercial brewing equipment.
We may not know what type of computer equipment breweries purchase or how much breweries spend on warehousing and storage services. Also, what is the geographic distribution of Brewery establishments across the United States? Have Breweries increased spend on warehouse services over the past five years? If so, why? Industry analysis provides answers to these types of questions and invaluable if you sell any of these goods and services. Businesses use this type of analysis to understand the growth-market niche’s that contribute to the needs of industry leaders and innovators. Industry Analysis Reports are a cost-effective way to obtain this type of Business Intelligence.
Brewery Case Study: How to Use Industry Analysis Reports to Gain Market Position
A good Industry Analysis Report needs to present all information about growth trends in easy to read, graphical format. AllBizOps reports consolidate growth industries, niche’s, income potential, demographics, and supplier opportunities from thousands of sources. Presenting all this information graphically is a real time-saver that quickly identifies the best market position and next steps needed for more detailed analysis. The following charts show growth trends for the Brewery Case Study. AllBizOps knowledgebase has over 450 reports for each industry identified by NAICS codes.
Market Analysis Options
Industry analysis is key to understanding growth markets that have the most potential to bring businesses income and profits. Deciding whether a company will be an innovator or contributor to growth markets is an important strategic decision that will define direction moving forward. Completing market analysis will confirm sales forecasts, identify customers, target regions, pricing, and prove how a business compares to competitors. AllBizOps Market Research Platform was designed to continue market research based on industry analysis. For more information about using AllBizOps for market research, read about our Smart Directories.
Not all businesses are leaders or innovators for growth industries. Both leaders and contributors can benefit from growth. What’s important is to understand how companies can fit into the supply chain and position themselves for success. Completing Industry analysis is vital to identify opportunity niche’s and understand how to benefit from growth.