A market opportunity is a newly identified need or want that a company of any size can use to accelerate business growth; usually because it’s not being addressed by competitors… yet. Entrepreneurs are particularly good at spotting gaps in the market, but anyone can do it. It’s competitive and whoever gets their first tends to reap the rewards.
So here are three ways you can define new opportunities within your market…
Although it may seem like you’re going back to school, conducting a market analysis is a great way to notice gaps in the market you may have missed. Sit down, preferably away from the office, and go through the strengths and weaknesses of your own company. This will expose areas of your business that you need to improve on, and these can lead to new opportunities.
Be sure to keep in mind the type of person you’re targeting by asking yourself questions like, what’s their lifestyle like? How do they travel? What devices do they use most? What are their eating habits like? By doing this you’re able to get a better insight into your customer and what it is they’re missing. Once you’ve found that ‘thing’ that is missing you’ve found your market opportunity.
Whether it be other business owners, your friend, someone you meet down your local, or a family member. Talking to others is one of the best ways to identify market opportunities. When you talk to others you view things differently, and thinking outside of the box is likely what’s going to help you find those hidden gaps in the market.
Would you consider yourself an innovator? We are holding an event on the 28th September called Innovation Matters, we will explore the innovation journey from concept, to securing intellectual property to commercialisation of your idea. If you think you’d benefit from this, sign up for free now!
*Please note that spaces are limited so register now to avoid disappointment.