Lesson 2: Identifying Opportunities in the Market Flashcards
Collecting data directly from potential customers to understand their preferences, behavior, and needs.
Surveys and Questionnaires
One-on-one discussions can provide in-depth insights into consumer motivations and pain points.
interviews
Gathering a small group of people to discuss products or services can reveal qualitative data and group dynamics.
focus groups
Utilize reports from market research firms that provide data and analysis on specific industries.
industry reports
Review scholarly articles for theoretical insights and case studies.
academic journals
Websites like Statista, Pew Research, and government databases can provide valuable statistics.
online resources
Assess the Strengths, Weaknesses, Opportunities, and Threats of your competitors to identify market gaps.
SWOT analysis
Compare your business metrics against industry leaders to find areas for improvement.
benchmarking
Conduct interviews or surveys to ask customers about their frustrations or challenges related to existing products or services.
Identifying Customer Pain Points
Use social media, online reviews, and customer service interactions to gather insights about what customers value or dislike.
analyzing customer feedback
Break down the market into specific segments based on demographics, psychographics, and buying behavior to pinpoint unmet needs.
market segmentation
Create a clear statement of how your product or service meets the needs of the target market better than competitors.
Value Proposition Development
Use tools like Google Trends or social media analytics to observe changes in consumer behavior over time.
Analyze search engine data to see what topics or products are gaining interest.
trend analysis
Subscribe to newsletters, follow industry leaders on social media, and participate in webinars to stay updated on market changes.
Industry News and Reports
Engage with innovation hubs or incubators where emerging start-ups often present new ideas, indicating potential market trends.
Innovation Labs and Start-up Ecosystems
