Business Growth depend on environment. The environment is situation that outside company, include market. So it is important to asses value of market opportunity. I already write about market opportunity here. Previous writing, I talk about using internet, like Facebook and Google feature. Here I talk about assess market opportunity using another way.
Find your industry association in your country. America has list of industry association.
Find the website of industry association.
- Find trend of market trade of the industry. Add all the turnover statistics to acquire an idea of the value of the total market.
- Another alternative is https://www.google.com/publicdata/directory . This website give statistic about trend of many things, population, consumption, trading et cetera.
- Find and assess the largest businesses in the industry sector.
- Consider Entry barrier and exit barrier. If entry barrier is high and exit barrier is high, there is fixed competition. If entry barrier low and exit barrier is high, the competition will increase. When entry barrier is high and exit barrier is low, competition will decrease. Another factor can affect competition, for example growth of customer, association and government that make rule about price.
- Is customer need product need so much?
- What is alternate way to solve the customer problem? If some invention can solve the problem, the product maybe will be end. The product life circle is shorter time than before.
- You can try market opportunity by look sales performance of similar products.
- Facebook ads can help to assess by try build advertising. Facebook give sign of market respond if we try to run Facebook ads in certain market segment. Usually it needs three days. I write guide to write facebook copywriting here.
- Every good product survives because there is an offer obsessed a solution! Without a connection about the products and the problem, there is no opportunity.
- Check their power to buy, by detect in what level they buy the goods. If they buy luxury products, they have power to buy.