Another company has outbid you and you’re wondering why. Let’s see…both businesses are located in the same state, county, and city. You’ve actually been in business longer and you know the ins and outs specific to the job you just lost.
The answer is available using building permit data analytics.
New and Improved
You aren’t a startup but your experience pales in comparison with several big kahuna companies. Have you heard the phrase, “Keep your friends close but your enemies closer?” Building permit data can tell you which competitors might be in over their heads.
When you see a fish bleeding in the water, it’s sometimes a good idea to be a savior, not a shark. Offering to help can benefit your fledgling company in the long run.
You Can Know What They Don’t
On the other hand, swimming with sharks can make you a better swimmer. Using building permit data for a competitive edge is just plain smart. Your first task is identifying the competition.
Historical Data
Look at last month, last year, last decade. Which companies are getting more wins and which ones seem to have dropped off? Building permit data sorts by market share to show you competitors’ historical trends. With a short time investment, you can learn more about competitors’ businesses than they know themselves.
What You Need to Know About Your Competition
No one is without competition. Here are the key elements you should examine when undertaking a competitive analysis:
- Advantages/disadvantages of their employment benefits
- Advertising tools
- Affiliations, organizations
- Annual report
- Are they flagship-innovative or one step behind the real leaders?
- Brand and values
- Community support efforts
- Customer reviews/loyalty
- Number of and types of employees they have
- Owner/stockholder personality/reputation
- Prices
- Products/services
- Technology – website, internet rank, email marketing
- Their distribution and delivery
Real-Time Leads, Detailed Statistics: Construction Monitor
For over 30 years, Construction Monitor has been the industry source for U.S. building permit data. Our information helps many businesses to target new customers and identify competitors.
Call 800-925-6085 (international callers 435-586-1205) or contact Construction Monitor to discuss how timely, local information can improve your company.
Pingback: 3 Uses for New Company Reports – Construction Monitor