Tips for Conducting a Market Opportunity Analysis Featured Image

You think you see an opportunity but you are not certain whether you should seize it — what if it turns out to be a major failure and you lose what you invested? Is your business structure ready for expansion, is introducing new products a good idea?

All new endeavors come with a dosage of risk but in order to make a decision that will not be detrimental for your business, you need to carefully analyze this new opportunity that is presenting itself before you proceed further. With that in mind, here are a few tips on how to go about analyzing the market opportunities for your business so you can make the most of every chance.

Research into the competition

When analyzing a new market opportunity, think about products and brands whose popularity is growing and strive to learn why is that so, as well as what their value proposition is. Next, consider the strengths and the weaknesses of your competition because all of that data might be your tool for gaining a competitive advantage over them. Along the way, you might also learn about additional opportunities for growth so keeping an eye on the competition is a useful strategy in many ways.

Use your research to partner up

For instance, GoPro and RedBull have successfully collaborated on many projects although these brands offer different products and this is because they have a mutual interest in action sports. GoPro supplies adventurers and athletes with the necessary sports equipment, while RedBull uses its experience and reputation to organize and sponsor mutual events. So, if you see the potential to expand by collaborating with a business from a different industry, it would be wise to research the best options as soon as possible so you can seize an opportunity on time.

Look into foreign markets

In addition to that, stepping out on the foreign market can bring you valuable experience and insights which can later serve to make some changes to your local market, your offer or your business operations. You cannot know for sure what can be changed and how to change things for the better if you haven’t had the opportunity to see for yourself how things work in different countries and markets.

Learn about the customers

For instance, if you are selling diapers, you would want to research the number of babies and toddlers that live in a certain country or city and information on their parents will help you find the best manner to market your product in terms of the design, prices, and other elements. Your current and potential customers hold the key to data essential for your decision regarding a certain prospect.

Consider the technological advances

People travel more and do things on the move, so this general mobility is an important factor to have in mind when researching new market opportunities. Are you in real estate and you have so far only been offering traditional rentals? You might want to try embracing a different model considering the success of Airbnb and offer your accommodation to the people around the world.

Wrapping up

Originally posted at RuhaniRabin.com
Click here if you would like to write at RuhaniRabin.com

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Ruhani Rabin being a tech and product evangelist for almost 20 years. He was VP, CPO for various digital companies. Plays with Drones in his free time.

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Ruhani Rabin

Ruhani Rabin being a tech and product evangelist for almost 20 years. He was VP, CPO for various digital companies. Plays with Drones in his free time.