5 Ways to Identify Market Opportunity
As an entrepreneur, it is very essential to identify market opportunities. This will make your business distinct and unique from your competitor. It is key to understand your company’s direction and have knowledge of the resources, strengths and capabilities of your company, before you proceed to identify the market opportunity. Here are the following ways to identify market opportunity
Conduct thorough market research: Conducting market research is the most effective way to know about market opportunities. To do this, you need to define the market, do a data collection both qualitative and quantitative and also develop a marketing research plan.
Consumer segmentation : To identify market opportunity, you must understand the segment and similar features of your consumer. Such characteristics can be age, gender, occupation, education and place of residence. This is useful to identify potential customers’ needs or wants.
Competitor analysis : It is key to keep abreast of your competitors, if you want to identify new market opportunities. Research your competitor that are performing well in their business, find out what they are doing that is different from yours, check to see what they offer, their value and their target market.
Customers feedback : To identify new opportunities, it is important to get feedback from the customers by sending them a survey. The questions of the survey should be in this format.How can our current features be enhanced?,Are there any complementary services you’d like to see from us?,What do you think our competitors do better than us?,What caused you to buy our product or service?,Where did you hear about us?. This question makes you identify market opportunities.
Environment analysis : To identify market opportunities, you need to identify the changes in the environment. The changes could be the trends in technology. Identifying this, will enable your business to be successful. For instance, the advancement of the internet has paved the way for new models like bolt and uber.
Use social media : You can optimize social media as a tool for your business marketing. You can also use it to get valuable information for your products. If you are a good social media handler, you get to see the trends , reviews of your product and your competitors. Knowing this will help you refine your ideas and set your aside from other businesses.