SizeUp Available for Businesses
Posted by Lake Superior Community Partnership on October 25, 2017
MARQUETTE – As it is budget time for many businesses, I thought it would be a good idea to remind you of a great tool we have that can assist our partners and the business community. The program, available to LSCP partners, is called “SizeUp.” SizeUp is software designed to show businesses how they can grow and stay competitive. All information is customized to our geographic region and updated quarterly or semi-annually. Here are just some of the features SizeUp offers:
– Benchmark Performance — See how you “size up” by comparing your business’ performance to other competitors in your industry. SizeUp super-crunches millions of data points to answer this question so businesses know where they stand.
– Demographic Analysis — Interactively map up-to-date demographic, labor force and consumer expenditure data for your area, based on hundreds of variables.
– Assess Competitiveness — Map where your potential competitors, customers and suppliers are located. Determine how you can best serve existing customers, new customers, and choose suppliers.
– Find Best Places to Advertise — Determine the optimal areas to target your next advertising campaign based on industry performance and target markets.
– Exportable Reports — Save and share demographic, consumer expenditure and workforce reports.
– User-friendly and Intuitive Interface — No training required! SizeUp is easy to navigate and use, so business owners can quickly find the information they seek.
– Caches User Information — No need to re-enter the same information on each website visit — SizeUp can access information previously entered on the same computer.
Business owners can find out how their performance compares to competitors in their industry based on benchmarking of their revenue, employees, years in business and other measures. An entrepreneur that has yet to start a business can use this tool to assess whether their projections are realistic given the state of the competitive market.
It is important for businesses to identify where they stand in relation to direct competitors, because they can’t know what to improve without knowing where they currently stand. When they define areas of weakness compared to competitors, they can focus more attention on improving in those areas. Once you identify areas of improvement in your bottom line … increase that budgeted revenue or decrease the associated expense for 2018!
SizeUp shows business owners where to find potential markets with the highest total revenue for their industry, allowing them to target their advertising to areas with strong industry revenue potential. Or they can choose instead to isolate the areas that are most underserved for their industry, as those might be opportunities where they can fill a gap in the local market. Owners can also restrict the search to display only locations that fit certain criteria important to the business, such as a minimum household income, demographics, or business characteristics. By comparing this analysis with the household consumer expenditure data gained from the competitive intelligence section, business owners can precisely narrow down the optimal locations to advertise.
Some business owners need to understand the data regarding who lives and works in the areas surrounding their business location. Using SizeUp, owners can access over 2,000 demographic, spending and labor force data characteristics to determine potential customers or employees within a certain distance. For instance, an owner can find out how many employees in a certain occupation work within a 15 minute drive-time of their address or the amount of money a typical household within walking distance spends eating out for dinner.
These are just a few examples of how beneficial SizeUp can be. This tool is available to LSCP partners at the Partner Level and above with password protected access. Not yet a partner in the LSCP? Then what are you waiting for? Give us a call if you have questions about this program or would like some training on how to get the most out of it. We can be reached at 906-226-6591 or firstname.lastname@example.org.
Amy Clickner, CEO, writes a bi-weekly column for the Mining Journal.