Identifying New Market Opportunities
The definition of market opportunity is identified by a business as a product not currently being supplied by rival companies. From supply chain congestion to rising inflation, enterprises across all industries continue to struggle with a world marked by continuous changes. In the current market environment, the traditional business models are not enough for long-term survival nor success.
In the aftermath of the COVID-19 pandemic, corporate bankruptcies had reached their highest levels in 10 years by 2020. Businesses must be prepared or risk being out of the game. How do you locate the most lucrative possibilities for the growth of your business in a chaotic, adrenaline-soaked setting? Thankfully, the landscape has been slowly progressing and rebuilding itself for the past 2 years, however it is still problematic.
Based on our experiences in conducting market research in various places all over the world, online and offline, and with an abundance of clients, we’ve identified eight strategies that can assist you in identifying potential market opportunities to grow your business
1. Be aware of changes in the behaviour of customers.
It is important to know the way your customers use your product. Are they using it differently today than they were previously? This is how products such as hair brush dryers are developed. They notice trends in the market like women needing to save time on getting ready, and so develop something that can aid their daily life.
Food and consumer goods companies frequently employ this technique to develop new lines of products. To get new ideas, start by scouring the web and social media sites to see if anyone is talking about “hacks” for your product or inventing creative ways the use of products in an entirely different method.
2. Take note of where waste is.
Sustainability is now a primary issue for a lot of demographics and your clients. Are you able to innovate to cut down on waste during production or transportation, packaging or at the end of a life? Are you able to make your (or another’s) products last longer? Are you able to make it modular, so that damaged or worn parts can be replaced easily? Without adjusting your business to be eco-friendly, you will not last long.
3. Examine the areas of difficulty.
Knowing the causes of difficulty is a great beginning point for all firms, but the holes must be addressed since they could provide your competition with a nice advantage.
Sometimes, a painful point can cause real pain or friction in the work process. Consider what might cause an accident or disruption to the product or in the environment surrounding it. For instance, professionals have begun to use cordless devices at higher rates after they realized they could reduce injury on the job (no cords to fall over) or child lock’s on things like wash pods and medicines to keep out of reach from children.
Another strategy is to determine what customers are looking to do to reduce time. Automation and robots are a way to find when repetitive tasks are diminished, which allows individuals to focus on other tasks. For example, many people don’t want or have the time to hoover their room every single day, therefore the Roomba is invented!
4. Monitor the types of market opportunities and trends in your market.
Monitor general trends in the societal landscape that are relevant to your field and determine whether you can modify your product line to make the most of customers’ interest in the trend.
An example from recent times is major changes in food packaging. Some time ago, food bloggers, specifically within the health-conscious circles came up with bowl-based meals. Bowls made of grains. Veggie bowls. All the ingredients are put into one bowl to prepare the perfect dinner. It soon became popular in restaurants, usually themed to Asian or healthy. Later, mainstream restaurants, including fast food chains like KFC were able to come up with their own variations.
As the trend continues to gain increasing popularity, the trend has finally began to move into food retail with several brands offering frozen meals that are served in bowls. The trend is now beginning to be used in other food items as well.
Find a trend that is bigger within your own market or in a nearby market and leverage it for your customers by offering them your product.
5. Find inspiration from a similar industry.
Instead of copying the same approach as your competition, take a look at the strategies that the top companies in an industry that is functionally related to yours are doing and determine whether you can implement similar strategies to your own business.
Wearable technology such as Fitbit gained popularity among the general public, and recently, pet companies are launching similar trackers designed for pets using products such as FitBark as well as Whistle. In the same way, at-home DNA testing has gained popularity with 23andMe and AncestryDNA and there are now a number of DNA testing kits for at-home use are designed specifically for dogs that provide information regarding a dog’s breed as well as its genetic background.
6. Consider a bigger picture in regards to your intended customer.
Be proactive in product creation and sales by focusing on all customers who are interested in the product you offer, and not only the most obvious or conventional ones.
What is your product’s ability to meet the needs of all of your possible customer base and not just a specific kind of company or a specific job designation within the company (such for instance, the buyer against the end-user or the decision maker)?
Be sure to consider the benefits of your product to the company in general and not just one particular group of customers and make it clear to all those who are involved in purchasing choices.
7. Search for items or services that will complement your current business.
What is your customer doing that will require your product? And what are they doing after they buy your product? Do you have any suggestions to provide that will make the whole process easier for your customers?
Movie theatres, for instance, introduced in-seat dining, which included restaurant-style meals since they realized that a lot of customers were eating out before heading to the movies. Parking garages might also provide car washes or detailing services as people were already bringing their cars to the parking garage.
8. Reimagine your company.
The COVID-19 pandemic as well as the changes it brought has led to a major re-thinking of a lot of things we used to do before. Benefit from the changes that have triggered many actions, pushed others ahead, and cut others in the buds.
One of the benefits from the pandemic to companies is the opportunity to discover new markets and opportunities in the same old locations.
In conclusion, I believe we have outlined 8 different, effective ways to pounce on those market opportunities! Remember, to not act fast is to act last. Other brands and companies are hot on your heels so if you don’t do it, they will. Here at vocal views, we relish the opportunity to implement new features, designs and incentives that will not only retain our current consumers but also branch out to those waiting to be found. The same can be said for any form of brand that is client based.