How do Businesses Quickly Exploit Market Opportunities?
As One Door Closes
The modern business world is very much governed by the so-called “Laws of the Jungle,” “Survival of the Fittest,” or whatever term you may want to attach to it. Such is business in the 21st Century that business opportunities are very often created by existing companies or concepts failing. This then creates a gap in the market that is able to be exploited by other businesses looking to provide a product or service in this area.
It should be appreciated that this isn’t always the case, however. Sometimes, gaps will be created in a certain area that lacks industry attention over a prolonged period of time. Toys for pre-teenage girls would be one perfect example of this – for many years toy companies have focussed on either pre-school children or teenagers, forgetting the bit in between.
Once a gap in the market has opened up, what are the best ways to take advantage?
What People Want
In order for a business to take advantage of a market opportunity, it is important that they understand what went wrong in the first place, and why a gap exists.
Is it a case that, like with girls toys, companies shied away from producing them for so long that a gap naturally opened up? Alternatively, has there recently been a product or range on offer in this area, and for whatever reason, it just didn’t work?
Although market openings can be easy to exploit, failing to understand why the gap exists in the first place, and what people want to exist, could lead to another business repeating the same mistakes, and failing to capture consumers’ imagination.
Have a USP
This leads on directly from understanding what people want, and means that you will be able to develop a concept that makes people want your product or service, if perhaps they didn’t before.
The unique selling point (USP) of your product could make your break your brand. Can you imagine if a marketing strategy was “Here’s a product that failed six months ago, exactly the same as it was then?” Can’t see it catching on too quickly: can you?
Alternatively, saying “This is an inventive update on a previously loved product that became stale over time, we have reinvented it and made it relevant to the youth of today due to X, Y, and Z,” you immediately have the audience’s attention and are giving them a reason to check out your product.
Gaps in markets and brilliant opportunities might only appear once in a generation – ensure your business is adequately placed to take advantage when an opportunity presents itself.
A Girl for All Time provides award-winning dress up dolls, novels, and keepsake books, with fun and activities available for the whole family. A Girl for All Time was launched after a gap was spotted in the market for girls’ toys.