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Seeking Growth with Gumption – Four Ways to Create Market Opportunities

GrowthWe know that every business is different.  But the one similarity they all have is the need to grow.  And here are a few creative (and proven) ways to do this:

Take internal inventory – what in-house capabilities have you overlooked?  Is there something you’ve been outsourcing or purchasing elsewhere that would make sense and be feasible to do yourself?  Having an objective third party talk to your employees could be a great way to uncover talents and resources you didn’t even know you had.

Be a category rabble-rouser – your competitors are leading customers to the front door…why not divert them to the intrigue of the fire escape?  There’s more than one way to engage your consumers, in fact, there are many.  Why not conduct some shopper insights detective work and find points of contact that are yours for the taking?  Now more than ever it’s a constant battle for consumers’ attention – conventionality isn’t the answer.

Get out of your ‘targeting’ comfort zone – have you looked at your product or service from all angles…or are you stuck on a linear path of “this is what we do”?  That’s where segmentation can be a valuable tool.    There may be occasions where, unbeknownst to you, your product is a great (and lucrative) fit for consumers  — something that would be nearly impossible to detect by simply focusing on the demographics of your market.

Become essential – how can you make your market’s lives so much easier or enjoyable that being without you is not an option?  This is where uncovering the market’s unmet needs is invaluable.  Immersing yourself in their daily lives and discovering the ‘gaps’ provides the perfect opportunity to create a solution that becomes a necessity.  (i.e. Do you remember life before cell phones and email? Many of us wonder how we ever communicated or got things done!)

These techniques are versatile.  They can be applied to products or services — consumer or B2B – across industries.

Try one or try them all.

Just remember that market growth isn’t about luck.  It’s about being in the right place, at the right time, with the right product or service.  These four approaches can help build the strategy to get you there.

About the Author

At Erickson Research, a Chicago market research consulting firm, I specialize in probing the minds of consumers and professionals -- revealing what truly matters to them...and why. Find me on LinkedIn.

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  1. Pingback: Random Sampling: Our Weekly Roundup of Ideas to Grow By | Erickson Research

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