If you are planning to launch a new product, you should look for a unique market opportunity that is available for a particular time. There are a number of ways to identify a unique market opportunity, such as identifying a trend or technology that is new. Another strategy is to develop a new product or service to fill a need that is not being met.
Identifying a new market opportunity
When identifying a new market opportunity, there are two things you need to do: develop a strategy and then move fast. This is because the constant instability of the business environment makes it imperative for you to seek new opportunities.
You can develop a strategy by studying the industry and your competitors. Identifying the current trends and your customer’s needs will give you an idea of what to expect and what your competition is doing. Then, you can filter out the noise, spot a trend and capitalize on it.
Once you know what the future holds for your business, you will need to estimate what you can expect in terms of costs, revenues and financing. Your company will also have to assess its supply chains and areas of expertise. In this way, you can identify the best ways to enter into the market.
Before launching into a new market, it is important to develop a strategy that will be successful. It is also necessary to study your target customer. Knowledge of your customers can help you create the right message and products, target different markets and make the most out of your connections.
Aguas Danone, a bottled water company in Argentina, noticed a drop in sales, so they launched flavored bottled waters. They identified two main drivers of the non-alcoholic drink market: people were thirsty and the drinks were perceived as healthy. After analyzing these factors, the company made a decision to focus on a segment that was highly caloric, but tended to have good taste. Currently, the company is experiencing an upswing in sales.
As you can see, sustaining growth is never guaranteed. However, you can identify a new market opportunity by understanding the past and present trends, as well as the changes in the environment. To do this, you need to analyze your business model, your consumer needs, the company’s areas of expertise and the general environment. Finally, you can analyze your financials and your competitive landscape.