As we all prepare for the calendar to flip to 2020, growth is on the minds of many of our current clients and likely on your mind too. However, thinking about growth and working towards growth are two keenly different things. So, here are a handful of ways to identify your growth opportunities in 2020 and beyond.
Identify (or re-identify) Your Consumer
In order to first understand your demand, you need to understand WHO your potential customer is. Often, they might be identified with common characteristics like age, gender, location, etc. but don’t overlook soft variables like lifestyle, values, and attitude.
When you again focus on who your potential customer is, you can sometimes find a new focus or a new understanding for who they are, where they are, and what they want.
When, where, and how your customers purchase your goods or services can be an important way to identify growth potential. When do people buy your good or service? Where do they buy it? How do they pay? How often are they making this buying decision?
Know Your Direct Competition
In identifying your customers, you’ve taken a basic look at demand. When you take a closer look at your competition, you have a better understanding of supply. Who else is doing what you do, where you do it? Who else is serving the same customers with the same goods or services?
When you’ve identified your competition, take a closer look which of those competitors are growing and why. What is their value proposition? What competitive advantages do they have?
Know Your Indirect Competition
If you sell snow cones and Carla’s Cold Treats on Main Street sells ice cream, you must entertain the notion that while your product is not identical, your consumer may be. And, in doing so, ask those same questions about your indirect competition that you have asked about your direct competition. Who’s growing? What is their value proposition? What is their advantage?
Analyze Complementary Products and Services
When someone buys your product or service, what else THAT YOU DO NOT PROVIDE, do they often purchase? If you sell toasters, you should be aware of the different types of bread trending in today’s markets. If you sell bathing suits on the beach, how is the market for suntan lotion in your area? This valuable insight can lead to a shift in your product or service, but it might also lead you to enter a space or category that you hadn’t previously considered.
Analyze Your Environment
You might be able to identify new or additional opportunities for growth by looking at the changes in the world your industry serves. Has technology evolved? Have the regulations or rules governing your industry changed? Politics, climate, and financial markets can also influence opportunities for growth.
At DBM Grow, our focus is on your business growth. It’s in our name!!!
If you’re searching for growth in 2020 or beyond, answering some of the questions above can help you identify growth opportunities. And if you’d like another set of eyes to help you identify those opportunities, we’re here to help! Schedule a free consultation with us today!