Just like the rest of the world, the COVID-19 aftermath has left many businesses too grappling to stay afloat in the myriad of changes being thrown over time. The market is yet to be stable, and some businesses are still struggling for survival, let alone long-term success.
While we are not exactly out of the woods, for now, we may be on the path to recovery, provided we adapt to the changing trends and needs of our target audiences. If we do not adapt, we are at risk of falling behind. And hence, it is important to find the best opportunities for growing each business, drowning out the unnecessary noise surrounding us.
7 ways to identify opportunities for business growth
Track changes in consumer behaviour
Firstly, identify how consumers are using your products. Are they using it differently now? This is a strategy often used by consumer product-focused and food brands to devise new products.
You can take inspiration from social media and look for people mentioning hacks using your products or improvise new and creative ways of using your products. Either way, scanning the Internet can be a good start.
The world is turning towards sustainability. You will earn brownie points with your consumers if you can reduce waste from production and transportation and utilise eco-friendly packaging. Also, look at making the product last longer or modular so that there is a provision to replace worn-out pieces alone instead of the whole item as such.
Identify pain points
In addition to identifying pain points, you must also stop the gaps so that your competitors don’t have the edge over you. Pain points can cause friction in the workflow, and some can cause actual physical pain. Identify and differentiate between these pain points.
From the customer’s perspective, you could look at where they want to save time and find solutions for that. For example, robot lawn movers came up to help people who don’t have the time or interest to mow lawns.
Track market trends
Track how society may have changed with respect to your industry and consider introducing or improvising a product category aligned with this consumer trend. One of the most recent examples of this is the introduction of bowl meal versions by restaurants and fast food chains. Actually, the trend started in health food circles and, due to its popularity, spread across all food categories.
Adapt from related industries
This is a better approach than mimicking competitors. Check what other people in functionally similar industries are doing successfully and try to incorporate the same or a similar approach in your company as well.
Think big to attract consumer
Do not focus only on your obvious customers. Adopt a holistic approach for your product development to target a wider potential customer base. You could focus on all the benefits your products offer and communicate to everyone involved in the purchase decision process.
Include products that complement
If there are products or services that could amplify or enhance your products or experiences for your consumers, try to incorporate those along with your product experience. For example, movie halls have added restaurants in their area to appease customers who like to eat before or after a movie. Mall parking areas have started offering car wash and cleaning services.
The key is to look at the brighter side for businesses post-COVID – old formulae are being redefined, and there are newer and probably better opportunities now.