In a startup focusing on marketing options with the greatest success potential is essential in maintaining the stability of the business. An increase in priorities leads to a decrease in the company revenue as compared to peers of the business. In this stage, it is important to group your priorities into small sets with promising initiatives. This could drive the business to revenue that is above average through evaluation of the attracting factors to the market opportunity.
In this process get an analysis of the customers not excluding the business competitors to understand the market. The research is meant to get the reality of the products or services that one is offering. Understand whether the expansion of the business into the potential market works for the business in providing greater revenue. Among some of the areas of interest include age, education levels, income, location and other variables such as consumer motivation and lifestyle.
A high-level view of a potential market
Getting an understanding of the customer is just a basis that needs broader research into the whole market and the success potential of the market. There could be even more potential than the small increase in points percentage. This gives you a broader view from the intra business perspective hence an objective overall view. In consideration should be factors such as the size of the market, competition intensity and the threat of entry of new products.
For profitable growth, the approach to expansion to adjacent space should be systematic and disciplined. By keeping a firm grip and being detailed with the market helps one in the maintenance of an approach that is proactive. In addition to this, the profitability is also bound to increase along with the expansion of the business.
Some of the business sectors face potential disruptions contributing to the increasing level of uncertainty. The economy, technological developments, trade policies and cultural norms have to be evaluated concerning the business opportunity in the sector.
The collection of information relating to all marketing factors is time-consuming and requires a lot of effort and level of expertise. Reports ranked as off the shelf could give one a better understanding of the customer environment and industry. These reports give an analysis of the opportunities for future growth and innovations including the development of new products. Conducting a market opportunity analysis is one of the crucial phases of starting a business. Read here about 5 keys to conducting a market opportunity analysis so you can be a startup.