Looking for market opportunities is an essential part of growth and development. In order to search for opportunities, you first need to define a framework. To do this, Jeremy Abelson explains, it is necessary to understand your company’s business direction and become proficient in its resources, strengths and capabilities.
Once you do that, the next step is to analyze the market, assessing consumer needs and how they are being met by companies today. On his posts on Active Rain, he explains that, using a variety of analysis will help your business gain an integrated view of opportunities and help create long-term strategic business plans. In order to identify market opportunities, the business model must be evaluated by identifying consumers and companies and other factors such as brand value propositions, direct and indirect competitors, supply chains, existing regulations and the general environment.
According to Irving Investors founder, Jeremy Abelson, it is crucial to make note of all your discoveries, ideas and found opportunities. Once all of them are written down, you can brainstorm, mind map and discuss potential solutions and strategies with your team.
Another important aspect of running a business that would have high growth is being different in a good way. There are many options available from the way in which you promote your services or products to the actual items that you are selling. No matter the case, being different without something that clients actually need is useless. That means is vital to set yourself apart from your competition by taking customer feedback into account. Listen to their needs, wants, challenges and frustrations with your industry. This will help you to find opportunities to develop more tailored products and services, edge your target market and identify common objections.
