A market opportunity is a newly identified need or want that a company can use to grow; 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…
Conduct a market analysis
Although it may seem like going back to school, conducting a market analysis is a great way to notice gaps in the market that 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.
Understand what your customers are doing
Be sure to keep in mind the type of person you’re targeting by asking yourself questions such as: what’s their lifestyle? How do they travel? What devices do they use most? What are their eating habits? 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's missing you’ve found your market opportunity.
Talk and listen to people
Whether it be other business owners, your friend, someone you meet down your local pub, or a family member, talk to them. It's 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 to help you most in finding those hidden gaps in the market.