Momentum can be difficult to rediscover once lost.
Anyone that has worked for or owned a small to medium business will tell you, you can go from an exciting start-up to stuck in a rut overnight.
It can be for any multitude of reasons – there is not always someone to blame.
What is most important is the action taken once the realisation has occurred.
In this guide, we will outline how to take back momentum by identifying new market opportunities to exploit.
- Follow up on lost prospects
This is for two very clear reasons.
Firstly, if someone was considered a prospect at one point but were then lost for whatever reason, over time since last communication their personal circumstance may have changed dramatically and are now willing and capable of purchasing your product.
Secondly, lost prospects represent all of the customers who like the idea of your product but at some stage had something change their mind. Find out what deterred them and look for a common theme.
- Communicate to current customers
Send out surveys, call for feedback, host focus groups – all valuable ways to suss out what customers want.
Having this feedback allows you to assess strengths and weaknesses, and provides direction for the future.
- Analyse your competitors
Who out of your main competitors is doing well? Why?
Assessing the different strengths and weaknesses of those around you can give an idea of what strategy works well, and what doesn’t…
- Understand the Market
It may be the case that your target audience has changed considerably since launching your product or business. Although it may seem like an unnecessary expense for some, commissioning market research is the only sure-fire way to gain any sort of metrics to judge your overall performance against.
How can you estimate your overall market share if you don’t know how big the market truly is?
- Explore Indirect Opportunities
Sometimes business models or products can limit your business growth.
It may be worthwhile by adding related products to your line-up, a new product that compliments your existing line up.
- Look at the business environment around you
Take stock of what is happening around you in the world – being up to date with industry happenings and events will allow you to get the jump on competing businesses.
Understanding current affairs will help with identifying new opportunities.
- Analyse foreign markets
Are there any opportunities available in foreign countries?
It is crucial to research this before you take the plunge – in some cases, foreign markets are already well developed and hard to break into.
- Investigate other industries
The most successful industry leaders can provide wonderful direction and inspiration in the most unlikely of places.
A unique online booking portal? You could maybe implement that…
A novel sales strategy? May be worth showing your own sales team…