Identifying “the next big thing” is no easy task, but companies must constantly seek out new market opportunities in order to sustain long-term growth in an increasingly competitive environment.
Finding ways to generate additional revenue is at the cornerstone of any successful organization, and it’s particularly important now, as disruptive innovation, shifting trade policies, and rapidly evolving technologies force companies to adapt quickly.
Different Ways to Achieve Business Growth
Business growth strategies may involve evaluating and recommending new markets and products lines, or suggesting new ways to reach existing markets and better meet the needs of current customers.
For example, a company may look to increase profits by selling products and services in other countries or through different channels, or reposition an existing brand to reach an important target demographic more effectively.
The Role of Market Research in Opportunity Identification
This type of business development is a strategic function that requires you to think at a high level, develop hypotheses about large-scale opportunities, and estimate the potential impact on your organization.
For those working to identify and develop a new market opportunity, the stakes are often high. Investing in a faulty plan can waste valuable time and resources, so it’s critical to use high-quality data and analysis in order to recognize and vet potential new ideas successfully.
Any sound business strategy must be grounded in a deep understanding of the customer, competitive landscape, industry, and business environment.
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About the Author: Sarah Schmidt is a Managing Editor at MarketResearch.com, a leading provider of global market intelligence products and services.