If you want your business to continue to grow and expand, so that it can continue to be sustainable and sustain your income, then you need to be constantly looking for new market opportunities to embrace. With that being the case, here are 4 ways to find new market opportunities right now.
By Team Savant
Image: Sebastian Pandelache
1. Monitor Shifts In Customer Behaviour
If you monitor who your customers are, what they are doing, and what they are interested in, then it is always possible to identify new market opportunities.
For example, if you notice that your customers have stopped using disposable makeup wipes in favour of reusable cloths, then you have an opportunity to come in with a new reusable makeup removal tool that changes everything and keeps your business relevant, but you will only be able to do this if you are closely watching customer behaviour.
2. Watch Foreign Markets
If you watch what is going on in your industry overseas, then you might be able to identify new opportunities for your company too. For example. You might notice that more people have started taking an interest in your niche in Switzerland where there was none before and by using International Forwarding to ship there, you could grow your company significantly, or you might find that your products are cheaper here than they are in X, Y and Z countries, so competing there could open up new markets for you. If you want to grow, you should always have an eye on the global market.
3. Reduce Waste
Sustainable living is a big deal right now, so a good way to potentially find new market opportunities is by looking at the waste your company currently produces.
For example, instead of simply disposing of your manufacturing waste, could you sell it on to a company that could recycle it, or even recycle it into new products yourself? Could you make your products more sturdy so that they themselves do not need to be replaced so often, and so reduce consumer waste? Waste can be worth a lot of money and open up a lot of new opportunities if you commit to reducing it.
4. Monitor Complementary Industries
A really effective way of finding new market opportunities for your business is to look at what related niches are doing. For example, if you notice that the gym industry is really pushing fat-burning exercises, then your supplement company could come up with a product that helps to maximise fat burn, and you would have a market of ready and willing people to sell to, or if you have noticed that smartwatches that monitor calorie-burn for humans are effective, could you possibly use that information to make a similar product for your pet health company?
Complementary companies or businesses that are in some way similar but adjacent to your own can be amazing sources of inspiration if you pay attention.
The more market opportunities you can identify, the stronger your business will be and the more sustainable its growth will be too, so what are you waiting for?