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:
- better understand your current market
- identify other niches within this market
- identify a new market altogether
- understand characteristics/needs of prospects in the new market and plan a marketing strategy
- understand the threats you will face and plan to counter them accordingly
- ultimately – achieve the objective of increased revenue.
Learn all these things via market opportunity studies.