{"id":6992,"date":"2020-10-15T15:50:01","date_gmt":"2020-10-15T15:50:01","guid":{"rendered":"https:\/\/invoice.ng\/blog\/?p=6992"},"modified":"2020-11-02T22:58:08","modified_gmt":"2020-11-02T22:58:08","slug":"best-ways-to-identify-market-opportunities","status":"publish","type":"post","link":"https:\/\/invoice.ng\/blog\/best-ways-to-identify-market-opportunities\/","title":{"rendered":"6 Ways To Identify Market Opportunities For Business Growth"},"content":{"rendered":"

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\u2019s productivity. That would consequently lower your ROI. To increase your chances of achieving above-average revenue<\/a> 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 market opportunities?\u00a0 The simple answer: Market research!<\/p>\n

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 fare in a new market environment. <\/span>It helps you understand <\/span>the target consumer\u2019s 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.\u00a0 But then,<\/span>\u00a0how can someone analyze market\u00a0opportunities 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.<\/span><\/p>\n

\u00a01.<\/strong>\u00a0<\/span>Focus more on your existing customers<\/h2>\n

\u00a0<\/span>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. So, ask yourself the following questions; 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 market opportunities about 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.<\/span><\/p>\n

2.\u00a0Observe society evolutions<\/strong><\/h2>\n

\u00a0<\/span>Consumers of products that your industry produces, not just what you sell but also the items your competitors sell, might encounter changes in their lives that revolutionizes their buying patterns. Observe those changes and evolve accordingly. In China, for example, consumer needs are consistently evolving towards luxury products as the country\u2019s economy grows. So, is your and your competitors\u2019 customers\u2019 spending and purchasing power growing? If yes, that is a new market opportunity coming up right there.<\/span><\/p>\n

Also Read:\u00a0Marketing Vs. Sales: Their Major Difference and How They Work Together<\/a><\/p><\/blockquote>\n

\u00a03.<\/strong><\/span>\u00a0Direct competition analysis<\/strong><\/h2>\n

Poaching customers from under your competitor\u2019s nose is totally legal. You should do it every time you get the chance. Analyzing competition will help you the strengths that they leverage and the weaknesses in their value proposition that you can exploit. Ask yourself, of all the products that existing players in the market are offering, which ones are struggling and why? Are they leaving any gaps that your products can fill? That could be the market opportunities opening you seek.<\/span><\/p>\n

4. Research international markets<\/h2>\n

\u00a0<\/span>You probably are struggling to find market opportunities because you are focusing too much on your local market. Cast your net beyond your domestic borders and look for markets that could be having the same needs you solve for your local market. Look for markets where shoppers have the same purchasing power as your current market, if not higher, and whose barriers of entry aren\u2019t too demanding.<\/span><\/p>\n

One international market that will never disappoint is the Chinese market. The country\u2019s economy is growing and so is the locals\u2019 appetite for western brands. However, if you are to expand and take advantage of the growing number of luxury consumers in China, you will need to hire local Chinese employees. Don\u2019t panic though because you can simplify the hiring process by hiring through <\/span>China employer of record<\/span><\/a>.<\/span><\/p>\n

5.\u00a0Social media<\/strong><\/h2>\n

The unsolicited comments and feedback social media users throw around for free can be invaluable to a visionary entrepreneur. They will tell you what they hate about the products your industry offers, the changes they would love to see effected, and why they import instead of buying local. They will discuss their pain points openly, so you just need to look hard enough to see how you can repackage your products to address those pain points.<\/span><\/p>\n

6. Diversify<\/strong><\/h2>\n

\u00a0<\/span>This means creating new markets by introducing new products. You will enjoy the first-mover advantage if you are the first one to cater to a need that other providers don\u2019t even know about and probably a need that the target market didn\u2019t realize they had until you showed up. You, however, have to be very creative and innovative to actualize this. Besides, the risk involved in diversifying your product offering is huge, so you need to experiment first before launching the products.<\/span><\/p>\n

Also Read:\u00a0https:\u00a0How To Enhance Your Business Reach Via WhatsApp Marketing<\/a><\/p><\/blockquote>\n

\u00a0<\/span>Final thoughts<\/strong><\/h2>\n

Your job doesn\u2019t end at identifying a potential market or market opportunity. It extends to targeting your social media, website, and offline campaigns for the new-found demographic. Strive to understand the values that matter to them and the languages that resonate best with them to establish a strong rapport that future competitors will struggle to infiltrate.<\/p>\n

Author bio<\/h2>\n

Brooke Euber, is from China a business advisor for several companies in China. She has experience working in a range of industries and providing technical support in topics such as business growth, market expansion, and product development. Brooke is passionate about family, languages, traveling, and reading.<\/p>\n","protected":false},"excerpt":{"rendered":"

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