Every business wants to sell more and make more profit, and that is wholly understandable. However, the most important thing – particularly in this coronavirus pandemic – is to keep the customers that you have and keep everything ticking over as far as is humanly possible. Recently world-famous Business Astrologer™ cum Astro Strategist™ Hirav Shah shared his thoughts about how every Business that wants to expand needs to have in-depth knowledge of the Potential Market.
HIrav Shah says, “Imagine you are a manufacturer of high-valued mobile goods and you are planning to enter a foreign market. Right now you have to think about what the market situation will be. Most of the market penetration strategies are failing either because of the wrong marketing strategy or because of a deficit of information. Not orienting yourself with the market will weaken your chances of a new entrepreneur. Analyzing the market is absolutely necessary before taking the next step.”
He adds, “A lot of businesses – mostly retail – are closing for the foreseeable future, and that is understandable. We have to get through this, and there is going to be a way to go until we do.”
“However, the good news is that we WILL get through it and come out the other side. Some companies may actually profit by increasing prices for supplies that are in demand but in short supply, but whether that is morally acceptable is another matter.”
Hirav Shah says to follow these five steps to evaluate the attractiveness of a new market opportunity and start prioritizing your business growth initiatives.
- Research your customers and competition.
- Get a high-level view of the market.
- Explore adjacent opportunities.
- Understand the business environment factors.
- Find the market research you need fast.
With that said, the businesses that will succeed in the longer term are those which start planning ahead now. This involves market research, which many businesses carry out on an ongoing basis since it is a fact that things change. Customers change the way they shop, and something that was very in fashion today may be out of fashion tomorrow and if you fail to keep up with the times you can be out of business very quickly. Take Blockbuster video stores for example. What a huge business that was. But it didn’t see the companies offering TV shows, movies, and Sports to view online will flourish, and when it did, it went about trying to overcome the problem in entirely the wrong way because its managers didn’t understand what customers wanted.
It is always necessary to keep an eye on what your competition is doing, but even more necessary to look out for additional opportunities. As an example, look at big giants, whose toothpaste was struggling in the late 1990s. The company moved into adjacent areas in the same marketplace with teeth whitening and brushing. It used the same channels to reach the same customers and reached over $200 million in sales for each of the new products in less than a year. It achieved this by using market research to establish what sort of products those same customers would like to buy. This is one way of keeping an eye on the market and expanding your business by moving into areas outside the original.
You not only need to research your customers but also your competitors. What is it that they are working on? Are they planning a new product or service, and if they are, is it a viable one? This can help you decide whether or not expanding into a new area is going to be profitable for your company.
You need to assess the strengths and weaknesses of your competitors. If there are weaknesses, is there a way in which you can exploit them to your own advantage? Maybe there are ways in which you can differentiate your product/service from theirs. Perhaps you could undertake ethnographic analysis in order to see if your product/service could be aimed at a specific sector of the population.
However, simply assessing your customers and competitors is not enough. You need to have an overall understanding of the whole market and the potential of any new development. If not, you could fool yourself into believing that making a few thousand (million?) pounds a year more is as much as you can do, when in fact the potential could be considerably greater. A market research company can help you to see the overall picture and move away from limited thinking.
There are a lot of questions that need to be evaluated, not the least of which is the overall size of the market, and is it expanding or shrinking? How many customers are there? How much competition is there? Are there any barriers to entry? Is there a possibility of new entrants increasing competition, or providing cheaper substitute products? All of these things need to be considered before you begin to invest in a new product or service. Bear in mind that this is similar to starting a business from scratch, even if it is in an adjacent market. Yes, you may have considerable ongoing income, but moving into a new area has its costs, so you need to know whether or not it has sufficient potential before you do so.
Hirav Shah concludes by saying, “There are other things to consider such as technological developments, changes in government rules, economic indicators, and so on, and today such things as the impact that coronavirus will have on your future business. All need to be taken into account, and a market research company can be of considerable help. Consult a Business Astrologer™ too, who might help you with the right strategies to find and also increase the potential of your product in the market.”
For the most successful people in the world, 2021 already started… Has it for YOU?
Who doesn’t want to experience success in business,?
But are you truly doing the right things to get there?
Can you honestly say that you are taking ACTION on your goals?
If you hesitated AT ALL answering any of those questions, you need to shift your focus to doing what’s necessary to get you the success you desire…
Without an actionable strategy, NOTHING is possible.
With Astro Strategy™, EVERYTHING is possible.
So plant the seeds now for your future, and focus on investing energy in the habits that will create the results you really want.
NOW is the time to do the things that you have been wanting to do. Don’t procrastinate and rob yourself of a more compelling future…
What ONE goal will you focus on for a head start in 2021?
Any confusion or difficult YES/NO Business decision requires an expert opinion.
Just make sure your business strategy in terms of Brand, Sales, Marketing, Advertising, Mergers, Diversification, etc…is still on track to reach your goals. Business Astrologer™ Hirav Shah’s answers have proven to be game-changers.
It’s time to fire up your future!!