Entrepreneurs often live with the hope that if they build it, customers will come. But in today’s economy, it takes a lot more than hope to get people to purchase your products or services: New business-building practices are a must if you want to expand.
To be successful entrepreneurs we need to be continually innovating and looking for opportunities to grow our business.
But how do you find new opportunities to take your business to new markets and growth levels? Here are four ways to identify more business opportunities.
- Listen to your potential clients and past leads
When you’re targeting potential customers listen to their needs, wants, challenges and frustrations with your industry. Have they used similar products and services before? What did they like/dislike? Why did they come to you? What are their objections with your products or services?
This will help you to find opportunities to develop more tailored products and services, hone your target market and identify and overcome common objections.
- Listen to your customers
When you’re talking to your customers listen to what they saying about your industry, products and services. What are their frequently asked questions? Experiences? Frustrations? Feedback and complaints?
This valuable customer information will help you identify key business opportunities to expand and develop your current products and services.
- Look at your competitors
Do a little competitive analysis (don’t let it lead to competitive paralysis though!) to see what they doing and more importantly not doing? Where are they falling down? What are they doing right? What makes customers go to them over you?
Analysing your competitors will help you identify key business opportunities to expand your market reach and develop your products and services.
- Look at industry trends and insights
Subscribe to industry publications, join relevant associations, set Google alerts for key industry terms and news and follow other industry experts on social media. Absorb yourself in your industry and continually educate yourself on the latest techniques and trends.