6 Ways to Identify Market Opportunities for Business Growth

   2020-09-03       21        Marketing
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Having an eye for and pursuing new market opportunities before anyone else does is what will make your business stand out from the competition.

Having an eye for and pursuing new market opportunities before anyone else does is what will make your business stand out from the competition. However, not all opportunities are worth investing in. Successful entrepreneurs will tell you that pursuing too many market openings can grow your priority list to unmanageable proportions, and that can lower your team’s productivity. That would consequently lower your ROI. To increase your chances of achieving above-average revenue growth, it is advisable that you only chase after a few promising market opportunities. But how do you distinguish between promising and wild-goose-chase opportunities?  The simple answer: Market research!

Market research helps you evaluate the attractiveness of a new market before investing in it. It involves collecting and analyzing data about your product/services and how they would fair in a new market environment. It helps you understand the target consumer’s shopping habits, needs, and purchasing power. Lastly, it tells you how your to-be competitors have shaped the industry in your target market, and how you can disrupt the industry for the benefit of your business.

Someone might ask: How can I analyze a market before venturing into it? Well, you can pay researchers to study and analyze potential markets on your behalf, or you can identify market opportunities on your own through these 6 ways:

  1. Focus more on your existing customers

The new market you are looking for might be right under your nose; your to-be customers could be the very people you currently sell to! Ask yourself: Apart from the items you sell, which other services or products might your current customers need? For example: If you specialize in baby products (pacifiers, monitors, wipes, toys, diapers, and grooming products etc.), what happens to those babies after they outgrow your products? Before they were born, who dressed their moms through the pregnancy? Answer those questions and you will discover products that relate closely to what you sell now and, when added to your product offering, can help you create a new market for yourself.

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Christian Kruse, Martech Cube """""


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