4 ways to identify new business opportunities
Identifying a new business opportunity at the right time, right place and being able to cash on it is the recipe for a smart entrepreneur. Let us say those who listen and look identify and grab the opportunity. We have summed up lengthy lists of ways to identify new business opportunities, into 4 main points. So let us listen and look.
1. Listen to your potential clients and their past leads
When you’re targeting potential customers listen to their needs, wants, challenges and frustrations with your industry. It’s a great idea to find a new solution to an existing problem. Everyone hates mosquito bites. A common solution for helping stop the irritation of mosquito bites is by applying ointment on the infected area. The ointment is what is called a reactive approach to solving a problem. As in, the issue is already at hand and we are reacting to it. Instead of creating another reactive approach to a problem see if you can find a proactive approach. A proactive approach seeks to solve a problem before it arises. By looking at ways in which you can be either proactive or reactive you open up more business opportunities for yourself.
You can begin by questioning if these clients have, they used similar products and services before? What did they like and dislike? Why did they come to you? What are their objections to your products or services? This will help you to find opportunities to develop more tailored products and services improve your target market and identify and overcome common objections.
2. Listen to your customers
When you’re talking to your customers listen to what they saying about your industry, products and services. This valuable customer information will help you identify key business opportunities to expand and develop your current products and services.
Saad Hamid correctly identifies the reason for failure of start-ups and many businesses; that is, they do not pay enough attention to their customers, their demands and needs. Most of the time the customers feedback guides you weather to continue with your product and what changes can be made to improve the product.
3. Look at your competitors
Does a little competitive analysis (don’t let it led to competitive paralysis though) to see what other start-ups are doing, and more importantly, not doing? Where are they falling down? What are they doing right? What makes customers go to them over you? If you are trying to draw the attention of clients, so are others in the market.
Like they say keep your friends close but enemies closer. Thus, keep a closer eye on your competitors. Analysing your competitors will help you identify key business opportunities to expand your market reach and develop your products and services.
Arzish Azam believes we should access “What can you do better than everyone else?” If you can pick up on the various things that you can do better than your average person you can monetize that. The best way to monetize this is by either helping people do this task very quickly. Coming up with ideas on your own isn’t always easy. That’s why brainstorming has consistently been found to be such a powerful tool. You may be struggling to come up with a world-changing idea. But there could be plenty of people around you who have great insights that can lead you in the right direction.
Successful businesses don’t operate in a vacuum, especially if they want to change the world. As you leverage others’ input, you might crack the code that others in the market could not.
4. Look at industry trends and insights
Subscribe to industry publications, join relevant associations, set Google alerts for key industry terms and news and follow other industry experts on social media. The goal isn’t to reinvent the wheel. The easiest way to identify a business opportunity is to see what is already selling. The easiest way to spot a trend is to search and view the reviews for what is selling.
By looking at the best sellers with the best reviews you can see what is already working and then you can innovate from there. Involve yourself in your industry and continually educate yourself on the latest techniques and trends. Expand your network and keep yourself connected and informed about your network. This will be worth more than any market research as it will give you a clearer insight.
Hoping this read will get you listening and looking at the right places to identify new business opportunities in our eco system, bursting with prospects.