Many businesses use benchmarks to assess their own performance or their position relative to competitors, but benchmarks that shed light on the performance of industries outside of your own can also help you decide where to make new investments. Those investments could be in the form of new staff, new equipment or simply additional effort focused on a specific market. For some companies, the target market is narrowly defined or limited – by geography or by a specific industry served by the product or service. Other businesses, especially many of the service-based industries, can have customers across multiple industries.
Knowing which industries to target can shape marketing efforts, new hires and other operational aspects of your business. But how do you know which industries to target?
Before targeting an industry for new business, it’s imperative to know whether you can make money in that industry. That may seem obvious, but unfortunately, some people confuse sales growth withRead More »from Want new business? Target profitable industries