Identifying sales and market potential is essential for the success and growth of any business. By understanding market trends, future potential and threats, and changing consumer behaviour, businesses can make informed decisions and adapt their strategies accordingly. Here are some effective ways to identify sales and market potential in business.
“It’s not about having the right opportunities. It’s about handling the opportunities right”- Mark Hunter.
Ways to Identify the Sales and Market Potential in Business:
1. Studying Market Trends
Studying market trends will not only help in increasing the growth but also help in understanding the competitor’s trends. For example, Kidys Bakery Products is a bakery shop popular for its creative packaging style and cookies. However, the reason behind their success is studying market trends. They gathered both retailer and customer feedback regularly and made modifications as needed.
Market trends can be studied by:
Understanding customer purchase patterns – seasonal buying, customer’s economic conditions. For example, during Covid, companies maintained proper hygiene while delivering products. They offered schemes like home delivery, credit facilities, appealing schemes, discounts, offers, special benefits to loyal customers, and more to attract and retain customers.
2. Identifying Future Potential & Threats From the Market
Identifying future potential and threats in the market will help the businesses be well-prepared for outcomes. For example, Starbucks conducts in-depth market research to promote and maintain its reputation in the market. Market research includes studying four major factors:
- Study of cultural trends of area, sector and country.
- Social Media Monitoring.
- Customer feedback.
- Sample testing.
Designing secondary data may not yield the best results; however, field research will help in understanding the future and market potential of any product or service. Gathering feedback from customers and retailers will help in product designing, quality modification in the product and pricing of the product. Also, don’t ignore competitors and their strategies for a better competitive advantage in the market.
“The sole reason we are in business is to make life less difficult for our clients”- Matthew Odgers.
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Identifying Changing Consumer Trends
With innovations and improvisations, the market changes and introduces new trends every day. The Wall Street Journal article ‘Top 10 Global Consumer Trends for 2021’ showcases the new trends that are incorporated into people’s lives. So, if the brands identify their customers’ needs and incorporate new changes when required.
In conclusion, identifying sales and market potential requires a proactive approach and a deep understanding of market dynamics and consumer behaviour. By staying informed, conducting thorough research, and remaining agile in response to changing market conditions, businesses can position themselves for success and sustainability.
