Finding Your Niche: Identifying Opportunities in Today's Marketing
When approaching a big commitment, it doesn’t end with a succession of jumping straight into it. Successful outcomes of an extraordinary commitment takes a few, small adjustments in order to snowball it into a big one. That is why at Starting Small Media, we advocate in promoting the idea of taking one step at a time, especially towards prospective entrepreneurs like you! We host our annual podcast where we interview other successful entrepreneurs who started small, like you. Taking the first starting small step will lead into a bigger outcome.
Defining Marketing Opportunity
A marketing opportunity is a situation in which a company can meet the needs of an unsatisfied customer before your competitors. Therefore, they are more likely to have a successfully closed sale at the end of it all because you focused more on your main target audience than the whole range of competitors. Marketing opportunities stand as you have the solution towards the customer’s problem. Another reason why you may take advantage of a marketing opportunity is because there will be some cases that the person will not purchase the product while others do.
How to Identify Your Marketing Opportunity
When you unlock new opportunities, it plays a fundamental role in keeping your business competitive. However, not all opportunities will be worth pursuing. Therefore,it is important to narrow down what does and what doesn’t satisfy your time. Here are the ways to simplify your needs when seeing a marketing opportunity.
Define Your Main Objective
This step includes the product manager defining the objective behind the anal;yiss of the market opportunity initially. Examples can include new target markets, exploring the product’s diverse outcomes or evaluating the user’s needs.
Identify Your Target Audience/Users
While defining your main objective, have your product manager assist with planning and specifying which market should be focused on based on research. Concepts of researching are: locations, demographics, users identity for your Target Audience. This then narrows down to which products that they most likely will use. Another way is to ask specific questions to yourself such as: How does your specific industry/product meet the needs of your target audience?
Gather and Conduct Market Data
It is im[portant to college the important data about the specific market and the personalities of the users. For example, collect data points such as trends: growth rate, Competitiveness, and preferences.
To further explain the competitiveness, this includes understanding the competitor’s strengths and weaknesses within your target market. The goal of analyzing competitors is to see where your product is different/stands out from the others. It is important to understand that this is not easy and there will be a lot of strategizing. But taking one step at a time can accumulate into a big, successful outcome.
When identifying your users’ needs, using techniques like interviews, surveys, polls, etc. can further help you into gaining more insight. Asking yourself specific questions can also help you narrow down your users’ needs. Example questions include: are your consumers doing something with your product that is different from before? Do they like your product now or do they wish it was different?
Evaluating Evolving Technological Trends In The Specified Market
Identifying Technological Trends is also crucial when searching for a marketing opportunity. Even conducting minor research can impact your strategy greatly. Once you have gathered some research on the technological trends, analyze how these trends can either create or stop your marketing opportunity. Lastly, narrow down impactful trends that will significantly impact your market research.
Keep Developing/Updating Your Product Strategy
Say that you have now decided on investing in a marketing opportunity and it is going well. Now it is time to develop even more tactics towards your strategy. Or, if already satisfied, try to update more on your strategy.
More ways to find out if your product strategy needs updating or further development, ask yourself these questions: Is there any way that this strategy can be further improved? What went well? What didn’t go well? Remember, do not change it entirely. It is all about polishing up your brand.
Contact Starting Small Media Today!
When you are first starting out as a prospective entrepreneur, it can be overwhelming and scary. You may have the feeling of not knowing where to start or how you are going to complete your goals. That is why at Starting Small Media, we help prospective entrepreneurs build their foundation by serving inspiration from other Successful Entrepreneurs. We do this through our interviews and Podcasts. Additionally, we offer events such as the Starting Small Summit. Here, we provide the opportunity to connect with others and participate in workshops and networking events.
If you want to know more about being an entrepreneur, Contact Us today!