Running a business or improving your product line is critical to sustaining yourself or your company for the long-term. Finding new market opportunities and having a solid vision or strategy in place can keep you content and happy for a long time. Let’s explore some ways you can find more market opportunities and develop your solutions to maximize your chances of success.
Start By Spying on Your Competition or a Thriving Business
If you are on a tight budget and need to find something that is proven to work, then I strongly suggest that you start off by taking a closer look at your competition or a thriving business. Odds are, they have done all the initial research, tested and perfected everything that gives them results. Some of the metrics you can look for is their ad spend, how they are advertising, where they are advertising, what is their value proposition and what their typical customer journey looks like. Taking a closer look at those things will give you a tactical advantage to improve your own business or identify new market opportunities.
Test on a Different Region or Place
Depending on your business or service and the level of competition, your services might be highly saturated or expensive. However, in other regions of the country or even in a different state, there might be a strong need for your services or the products you have to offer. If you feel that your business is stagnant, try reaching out to other regions of the country or a foreign market to expand your business.
Segment Your Current Customers and Study Their Lifecycle
More you know about your customers, the better you will be able to expand your reach. Odds are, when you meet 100 people, 1 of them buys your product or service. It’s not to say that the other 99 of them will never buy your product but you want to take the time to understand why that one person bought your product or service. Mainly, you want to find out what kind of problems they are trying to solve, what made them take a decision to do business with you, what other products or services they might’ve used, what kind of goals or aspirations they wish to achieve with your product/service and what they might need in the future. Having a clear understanding of your market segment, their typical behavior in a lifecycle will allow you to optimize and market to laser targeted audience.
Track Everything to Find More Market Opportunities
I am not saying it lightly when I say, “Track Everything!.” If you are serious about your business and want to run your organization to its fullest extent, you must get into the habit of tracking your numbers and understanding them. That includes your sources of leads, traffic, bounce rate, conversion rate, sales, cost per acquisition, incomes, losses, procurement costs and other metrics like refund rate, growth rate. If you don’t track and measure your efforts, you have no data to prove to yourself what is working and why. Not only you will be able to see what’s working and not work but you will be able to find new opportunities and more ways to expand your business.
Need Business Consultation?
If you are running a business and want to automate your marketing, sales or identify new market opportunities; get in touch with me today! I can help you optimize your business, reduce costs and identify new market opportunities to help you expand your product or services. You can schedule a free 1-hr strategy session with me here: https://roosevelt.biz/schedule