From the Director's Desk
Last week’s blog post discussed Market Research. To reiterate the purpose of market research, D’Asia Green stated, “Market research helps you find customers for your business. Competitive analysis helps you make your business unique. Combine them to find a competitive advantage for your small business.” Conducting market research is a critical step to developing an effective strategy for your business. Business owners get to explore and examine potential markets through a process called SWOT Analysis. SWOT is an acronym for Strength, Weaknesses, Opportunities, & Threats. Market research focuses on the “O” in SWOT, thereby relating to a company’s Market Opportunities.
Growth and profitability are based on being able to capitalize on new opportunities. Seizing the opportunity first can give a business a competitive advantage, in most cases (the early bird catches the worm). Many factors can open “doors of opportunity” to business owners and entrepreneurs. Some factors are economic conditions, global demand, customer preferences, new products, new technology, and even crises (as we have seen with COVID-19).
The Williamsburg County Economic Development Board would like to share market research conducted by NESA (North Eastern Strategic Alliance) in 2019, of Williamsburg County. In a report called Retail Marketplace Profile, market data from 2017, shows the supply and demand of various industry groups represented in our County. The significance of this report is that it reveals sectors where DEMAND EXCEEDS SUPPLY for various goods and services. In other words, this data signifies OPPORTUNITIES for Williamsburg County’s entrepreneurs and business owners! Here is a list of industry sectors with the highest demand/supply variance in Williamsburg County. This list does not entail every business sector, nor do we purport that the data is all-inclusive. It is a snapshot of the major industry sectors and the REVENUE LEAKAGE from Williamsburg County to surrounding markets in neighboring counties.
Ranking by Leakage Percentage (Some NAICS Codes may have changed)
Ranking by Revenue Leakage (Some NAICS Codes may have changed)