Top Careers in Marketing – How to Choose a Specialty and Score the Best Salary (2021)
How to take advantage of marketing opportunities
Here are the steps for taking advantage of marketing opportunities:
1. Search for new marketing opportunities
As new competitors emerge, products and services have shorter life cycles, and business models shift, there is always some degree of instability in the business world. Due to this unpredictability, businesses must look for ways to expand and become more profitable through new marketing opportunities. The following are some examples of analyses that businesses can use to discover fresh marketing opportunities:
2. Assess company outlook
An organization can identify and analyze market opportunities by knowing its direction, goals, resources, and strengths. The SWOT analysis method, which stands for strengths, weaknesses, opportunities, and threats, is utilized by many businesses. This effective yet straightforward tool can assist businesses in identifying and outlining crucial SWOT areas, raising awareness of these potential opportunities and enhancing their capacity to plan and take action.
3. Identify and meet consumer needs
By identifying consumers, evaluating their needs, and finding ways to satisfy those needs, businesses can use market analysis to find new marketing opportunities. Many business models achieve this by concentrating on supply chains, direct and indirect competitors, already-existing laws, and the general sales environment.
What is a marketing opportunity?
A qualified sales lead that a sales team evaluates and determines may be in need of a good or service is a marketing opportunity. Opportunities for marketing are more likely to result in a successfully closed sale and lay the groundwork for generating sales. Marketing opportunities are frequently superior to other types of sales leads because they have already been qualified as the customer having a problem for which you have a solution and the customer having confirmed they have the resources to buy that product or solution.
However, despite a product or service’s widespread appeal, not everyone will buy it, which is why it’s crucial to spot and seize marketing opportunities. Companies put a lot of effort into locating marketing opportunities, starting with a broad assessment of the market potential for their good or service before focusing on specific, sales-oriented marketing opportunities. To ascertain whether they can launch new products, sell more products, draw in more customers, and grow their businesses, businesses analyze marketing opportunity.
Examples of marketing opportunities
Here are some examples of market analysis techniques you can use to spot and seize fresh marketing opportunities.
Direct competition analysis
It’s crucial to examine demand, purchasing, and supply in your industry as well as that of your competitors. Knowing your competition can help you evaluate marketing opportunities. A market opportunity for your company might be created, for instance, by adding a service that your rival doesn’t provide or by lowering your price. Consider asking questions like:
Indirect competition analysis
Utilizing indirect competition analysis, you can create competitive advantages with indirect competitors. By examining and examining substitute industries, this kind of analysis can provide new market opportunities for growth and additional insight.
For instance, resorts may look for new marketing opportunities among consumer groups that are already served by other forms of resort lodging. Resorts can conduct research into the number of travelers staying at hotels, B&Bs, boutique inns, and other types of accommodations. Additionally, they can look into which vacation spots are in high demand, how much these alternative lodgings cost, and how popular they are. The resort can then make use of this information to determine how to convince visitors to choose their establishment over these other vacation lodgings.
Purchase situation analysis
Examining purchasing decisions, such as payment options and distribution channels, can help your company understand how customers make purchases and what it can do to market its products appropriately. To attract new customers, there might be a marketing opportunity to offer different payment options or purchasing options. Consider asking questions like:
Scientific and technological advancements, as well as changes in the consumer environment, present marketing opportunities that lead to new business. One illustration is how the development of smartphones and the internet produced new business opportunities. Changes in the regulatory framework, such as those affecting the requirements for company labels or nutritional labels, may also present opportunities for environmental marketing. The identification of consumer environment changes that may present marketing opportunities for business growth can be aided by market research and analysis.
Foreign markets analysis
In particular, if the company is already established in a crowded or mature market, investigating sales abroad may present marketing opportunities. Foreign market opportunities expand at varying rates due to a variety of factors, including regional customs and economic development. To determine a product’s life cycle, maturity, and commercial potential, it can be useful to know its per capita consumption, the size of the market, and competitor information for a particular country. Observing more developed nations may point to potential marketing opportunities or indicate a need for new services and goods that are not currently available on the market.
Complimentary markets analysis
Many businesses in the market have complementary businesses. For instance, a business that sells smartphone cases complements a business that sells smartphones, and a business that sells light bulbs complements a business that sells lamps. Companies can gain from keeping an eye on the performance of their complementary companies and their products to spot market trends or make investment decisions. Insight into complimentary companies can produce new marketing opportunities.
Finding consumer groups with comparable traits can lead to marketing opportunities. Some characteristics, such as gender, education, income, age, location, and occupation, are difficult to predict. Other traits are soft factors, such as attitude, drive, way of life, and values. Hard characteristics could be used to estimate data such as the number of potential customers on a particular day or in a specific area. Soft qualities could aid in your estimation of data such as the factors that influence your customers’ purchasing decisions. Knowing these customer segments helps businesses better understand the market for their goods and services, which can open up new marketing opportunities.
What are marketing opportunities examples?
- Consumer segmentation. …
- Purchase situation analysis. …
- Direct competition analysis. …
- Indirect competition analysis. …
- Analysis of complementary products and services. …
- Analysis of other industries. …
- Foreign markets analysis. …
- Environment analysis.
How do I seek marketing opportunities?
- Market Penetration “Selling more products in existing markets”
- Market expansion “Selling current products in new markets, whether geographical or new segments”
- Product Development..” Selling new products in existing markets”
- Diversification “Selling a new product in a new market”
What is real market opportunity?
- Speak to prospects you’ve lost. or potential prospects full stop.
- Talk to current customers. …
- Competitor analysis. …
- Understand the market. …
- Explore indirect opportunities. …
- Look at environmental factors. …
- Analyse foreign markets. …
- Investigate other industries.