In  a fiercely competitive industry the ability to carve out a new market can be the key to success.  But launching into a new market requires an understanding of the opportunities, risks, competitors, potential customers and other key players via market opportunity studies.

To make an informed decision about a new market, you need to quantify the potential demand for your product or service and find out how this need is currently being met; a Market Opportunity Study will determine which geographical or industry segments should be targeted for future investment.

Research into the potential of new markets can enable you to:

1. better understand your current market
2. identify other niches within this market
3. identify a new market altogether
4. understand characteristics/needs of prospects in the new market and plan a marketing strategy
5. understand the threats you will face and plan to counter them accordingly
6. ultimately – achieve the objective of increased revenue.

Learn all these things via market opportunity studies.