Identify a Growing Market
There are various ways to identify a niche or market for a business you're just starting up. The process of finding a market to sell product or services to is extremely important and can be the difference between a successful business and an unsuccessful one. Here is how you go about finding it:
1. Look to Google Trends Google Trends is a new tool that is being used to identify a growing market. That's because it allows you to see how the amount of searches for a specific term has transformed over time. This is crucial because it gives you a clear idea of the evolution of a market.
2. Figure Out Signifiers To really get a firm grasp on your marketplace, you have to fully understand past trends and why they happened in the first place. This knowledge will lend a certain insight that will let you notice signifiers or some kind of indication of a new trend.
3. Keep Your Eyes Pealed There are always new opportunities arising which is why you need to have the power to not only put together information, but see things that others don't notice. The more information and data that you can comprehend, the more likely you are to figure out an opportunity before it even turns into a trend.
4. Create As Many Outlets For Your Customers As Possible
Many of your market opportunities will come directly from your customers. Whatever feedback they have for you will really make a different. That's why you have to provide as many channels as you can for your customers to give their thoughts. This means doing everything from making social media accounts to creating surveys. By doing this, you'll be able to spot opportunities you may not have been able to otherwise.
5. Stay Focused on the Market Always stay up-to-date on the industry you're in. This includes subscribing to RSS feeds and reading up on any relevant articles. However, it's crucial that you can take the information you're getting and sort out what's meaningful from what's not. You want to put your time and energy into trends that matter. This step will help you identify market opportunities before it's too late.
6. Always Look at Your Analytics Nothing can give you as much useful information as your website data can. When you take a look at your geographical data, you are able to find out the exact location of your visitors and what language they employ to search around the web. These analytics can also help you figure out and sort other data that will help you make educated moves according to the market trends.
Jonah Engler is a Financial Expert based in New York City. A full time stock broker, franchise owner, coffee lover and investor; Engler helps startup businesses and franchise’s grow through smart financial planning.