How To Spot Opportunities In The Market For Your Business
Many entrepreneurs decide to open a business for many reasons, but the common denominator is this: market potential. Entrepreneurs have spotted a potential in the market that they want to tap and hopefully make a business out of. Realizing this potential often entails any of the following: first, having ample experience and know-how of the business or industry; second, having a solution to a perceived problem in the market; third, having a family member or relative who is successful in the business; fourth, having seen many similar businesses mushroom and then succeed.
Market potential, in short, is all about two things: solving a problem or filling a gap. Your goal is to understand how the market perceives the gap or problem and then craft your business to be the answer to this problem or fill the gap that exists. All these have one end in mind: customer satisfaction.
In order to translate this opportunity better, you need to ask yourself what exactly frustrates customers of the industry and how you can provide an alternative that will ease this frustration. In short, how are you going to do things differently?
You may understand this better from a customer’s point of view. If you were the customer, how would you like the product or service to be? What are the things about its current form that you would like to change?
In filling a gap or need, you need to analyse what is there and what is lacking. What do businesses currently provide? Are these enough, or do customers want more? What are the things not commonly provided by these businesses?
You also need to anticipate customers’ wants and needs. What makes customers satisfied about products and services now? What will satisfy them in the future? Perhaps you can tap on these possibilities and give them something they didn’t know they wanted until they see you provide it for them.