Four ways to identify more business opportunities

To be successful entrepreneurs, we need to be continually innovating and looking for opportunities to grow our startups.

But how do you find new opportunities to take your startup to new markets and growth levels? Here are four ways to identify more business opportunities.

1. Listen to your potential clients and past leads

When you’re targeting potential customers listen to their needs, wants, challenges and frustrations with your industry. Have they used similar products and services before? What did they like and dislike? Why did they come to you? What are their objections to your products or services?

This will help you to find opportunities to develop more tailored products and services, hone your target market and identify and overcome common objections.

2. Listen to your customers

When you’re talking to your customers listen to what they saying about your industry, products and services. What are their frequently asked questions? Experiences? Frustrations? Feedback and complaints?

This valuable customer information will help you identify key business opportunities to expand and develop your current products and services.

3. Look at your competitors

Do a little competitive analysis (don’t let it lead to competitive paralysis though) to see what other startups are doing, and more importantly, not doing? Where are they falling down? What are they doing right? What makes customers go to them over you?

Analysing your competitors will help you identify key business opportunities to expand your market reach and develop your products and services.

4. Look at industry trends and insights

Subscribe to industry publications, join relevant associations, set Google alerts for key industry terms and news and follow other industry experts on social media.

Absorb yourself in your industry and continually educate yourself on the latest techniques and trends.

This article was originally published on May 22, 2013.

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