Identifying Opportunities For Business Growth

Accelerate Your Business.

In today’s business environment, sustaining growth and profitability is never a guarantee. Technological and scientific advances shorten life cycles of products and services, business models change and new competitors appear from outside the industry.  This constant instability makes it necessary to seek new business opportunities.

First, you need to define a work frame to help search for opportunities. To do this, it is necessary to understand your company’s business direction and to have knowledge of the resources, strengths and capabilities of your company.

Once you have a good understanding of company goals and areas of expertise, the next step is to analyze the market, assessing consumer needs and how they are being met by companies today. In order to identify market opportunities, the business model as a whole 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. The following eight points will help analyze those factors,

  1. Consumer segmentation: To understand your demand, you must identify consumer segments that share common characteristics. These characteristics can be “hard” variables such as age, gender, place of residence, educational level, occupation and level of income or “soft” variables such as lifestyle, attitude, values ​​and purchasing motivations.
  2. Purchase situation analysis: Looking at distribution channels, payment methods and all other circumstances that involve purchasing decisions can teach you how consumers buy and how you can position your product appropriately. Offering new shopping alternatives may bring new customers. Another aspect to explore is the acceptance of different means of payment.Purchase situations must also be examined to uncover expansion opportunities. Questions to ask when reviewing purchase analysis are:
  • When do people buy our product or service?
  • Is it when they need it?
  • Where do people make the purchase?
  • How do they pay?
  1. Direct competition analysis: In addition to analyzing demand and purchasing situations, it is important to analyze supply. Knowing the existing players in the market where you are competing or going to compete is important when evaluating opportunities.  Relevant questions in this case are:
  • What are the products and brands of our industry that are growing more significantly and why?
  • What is their value proposition?
  • What competitive advantage do we have over them?
Faith Ayeni

The author Faith Ayeni

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