We live in time when, it seems to us, there is everything. Nothing new to invent, nothing new to create. But there is always an opportunity, and our main goal is to be able to spot them. You can learn how to do it by paying more attention to small details and hints around you.
It is not crucial to create a completely new thing, you can just simplify the life of the client by making the other service/product more user-friendly, less time-consuming or less expensive. Think of your activities in a day-to-day life: what annoys you the most? Try to think of something that might change the situation and your potential clients will thank you.
A term used to describe companies’ capability of adapting to the changing situation. Always scan for new opportunities, analyse and respond to the market. Do not stop only with “what you are really good at”. Find new potential outside your niche market, make sure it has long-term perspectives and start expanding in new directions.
You have been in a market for a while. You have considerable client base. Now what? You need to find ways to expand. While many companies try to upgrade their existing product and create new models, you can try to find new implications for your product, even outside of the industry you are operating in. Be creative and find new possibilities for your
Track your customers’ behaviour, maybe they found new ways to use your product themselves. In his article “10 clues to Opportunity” Donald Sull cites an example of Chinese manufacturer Haier Group that noticed its clients using its clothes washing machines to clean vegetables. Haier Group spotted new opportunity and after adding some features introduced an innovative appliance for washing vegetables.
Try to see some new technologies in other countries/regions and maybe there is a need for them in your location. Back in 2006 years ago Russian website Vk.com (previously Vkontakte.ru) was just a local alternative of Facebook. But after years many new features were added, such as videos and audios available to the registered users, so that it became quite an innovative social networking website.
Nowadays many start-ups and companies searching for new opportunities try to explore B2B market. They create new applications, offer new services and products simplifying work of other companies. Think about your company when you were starting (or maybe you are right now), what challenges did you face, what services would have simplified your life. Offer it to others and they will appreciate.
Once you find an opportunity, make sure you carry out a profound analysis to check its feasibility and profitability. Be aware, not all opportunities bring success to your business!
Author: Ekaterina Voronova