In most industries, there are opportunities for growth – you just need to identify them. To succeed in today’s highly competitive business climate, your company should always be investigating any and all opportunities to expand and increase revenue. Some common areas for corporate expansion can include introducing new (but related) products, developing new geographic locations, or targeting different consumers within your market.
Regardless of how your company approaches an expansion strategy, white spacing is critical. Corporate white spacing helps companies expand by identifying areas of unmet needs. White spacing should be used when a company has decided to explore new markets or businesses that fall outside of their fundamental offerings of products or services. The research required for white spacing will help set your company up for success by strategically identifying gaps in your market, which will help you plan your next moves.
EBSCO Corporate Solutions has identified the matrix of information necessary to scope out unmet market needs and craft new business plans. In previous blog posts, EBSCO for Corporate explored the importance of trade periodicals and competitive information in a company’s white spacing strategy.
Another key aspect of corporate white spacing is staying up to date with current news. It is critical that your white space research is ongoing so that you are aware of any changes that could impact your strategy. However, with so much information currently available, it would be nearly impossible to read through every news source to be sure that you have all the information that you need.
It is critical that your white space research is ongoing so that you are aware of any changes that could impact your strategy.
It is critical that your white space research is ongoing so that you are aware of any changes that could impact your strategy.
Fortunately, there are a number of tactics that can make monitoring news easier.
RSS Feeds
RSS Feeds allow you to subscribe to websites and receive alerts when they have been updated. A feed reader stores all your subscriptions on one page for easier access. Read this LifeWire article to learn more about RSS Feeds.
Alerts
Alerts are similar to RSS feeds; however, they are focused on keywords (not providers) and the updates are emailed directly to the user. You can create news alerts for keywords relevant to your business such as products, locations and competitors. Alerts can be created within popular search engines, or your company’s research databases.
Social Media
Some professionals prefer to get their news through social media by following their favorite sources on sites such as Twitter. Social media is a quick (and fun) way to track current news, but it must be carefully monitored as the information can often be inaccurate. To be safe, only follow reputable publications and verify stories with another source.
Specialized Databases
Research databases can be an invaluable tool for monitoring current information. Through these databases, you can be sure that the information you’re receiving is updated, reputable and trustworthy. Research databases also make news monitoring easier by providing news alerts so that you never miss an important story.
EBSCO’s Business Source Corporate Plus offers a Current News View that brings critical news content with ongoing updates throughout the day. This feature offers insight from reputable news sources such as Associated Press, CNBC, CNN, NPR, Reuters and BusinessWire.
Speak to an EBSCO sales representative for more information on how Business Source Corporate Plus can assist in your white spacing efforts.