The ability to spot and capitalize on new opportunities is a fundamental skill that separates thriving enterprises from the rest. The dynamic nature of markets, consumer behavior and technological advancements constantly generates novel openings for growth and innovation. However, navigating these uncharted waters requires a strategic approach and a keen understanding of the factors that contribute to the emergence of new business opportunities.
Below, 20 Forbes Business Development Council members share the best practices that can empower entrepreneurs and established businesses alike to stay ahead of the curve and maximize their potential for success.
1. Take Advantage Of Change
Often new business opportunities arise when companies are in periods of change, growth or transformation. Every change is an opportunity to lend support and help the process or journey, whether short-term or long-term. For example, as we recover from the global pandemic, it’s important to meet face-to-face to establish trust and commitment, ultimately leading to a long-term commitment. – Rhonda Gibler, Carenet Health
2. Create A Target Market
Finding clients who have needs your company is really good at providing allows you to create a target market that fits your strengths. Make sure to stay up-to-date on market trends and customer needs so you can identify areas where your business will provide a unique solution. Develop a plan to execute on your opportunity and be prepared to adapt and pivot as needed. – Rich Steffy, The Roof Depot, Inc.
3. Gauge New Opportunities Through Current Connections
New business opportunities often flow from conversations with existing customers or prospects. If you ask questions and listen throughout the sales process, you’ll find additional avenues of opportunity that weren’t originally in scope. These can be tangential to your proposed sale or made possible through a partner, but will certainly cement your position as a trusted partner, not just another vendor. – Wes Schmidt, Alviere
4. Be An Expert In Your Field
As a professional, you must have a mindset of continual growth. Preparation allows the space to be able to focus on listening. The greatest business development people I know are active listeners, not necessarily the greatest orators. – Glenn Leingang, Generator Supercenter Franchising
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5. Put Yourself Out There
Attend industry conferences, seek potential strategic partnerships, and consider geographic expansion for untapped deal flow. Remember that not all opportunities will pan out, and that’s OK. Learning from failures and quickly adapting will contribute to your overall business acumen and help you better identify and capitalize on future opportunities. – Stuart Bern, ATTOM
6. Seek Expert Advice
Bringing in experts in each field to help you understand and identify whether or not an opportunity exists is the surest way to achieve success. Know your strengths and weaknesses and rely on others’ expertise to educate you on a business segment. – Tyler Trimbath, Trimbath Advisory Group
7. Be Clear About The Problem And Your Solution
The best way is to listen to what your client or prospect wants, and once done, be clear on the business problem they are trying to solve and how you or your company will achieve that. We tend to jump into action plans without being clear on the issue. Start by identifying one—not 10—and start with one. – David Mahbub, MACH9
8. Conduct Thorough Market Research
Observe firms using similar products; they signal readiness and budget. Next, create compelling value, build trust and engage effectively. Prove your product’s ability to excel. Success lies in offering consistent value in a changing landscape. – Anna Jankowska, RTB House
9. Empower Your Employees
Don’t underestimate what employees (at all levels) are observing as potential business opportunities. Initiate a companywide contest for employees to share new opportunities they think can best grow the business. While several may miss the mark, a few may prove to have tremendous potential. – Matthew Rolnick, Yaymaker
10. Invest In Ancillary Opportunities
Many times in life, the answer is right in front of our faces. American investor and mutual fund manager Peter Lynch taught young investors to look into investing in companies based on what was most popular and prevalent in their daily lives. The best business opportunities work the same way. For me, success in new businesses is found by investing in ancillary opportunities. – Dustin Owen, The Loan Officer Podcast
11. Get Feedback And Adapt As Needed
Effective business opportunities often align with a team’s strengths and past successes. Analyzing what’s worked and leveraging core competencies can highlight growth areas. Market research and customer feedback further pinpoint these changes. To capitalize, craft a value proposition based on these strengths. Adaptability and continuous feedback ensure ongoing success. – Michael Fritsch, Smarter Operations
12. Leverage The Data
The best way to identify and capitalize on new business opportunities is through a mix of thorough market research, competitive analysis and leveraging data analytics. Staying abreast of industry trends and customer needs can help identify potential opportunities, while data-driven insights can guide strategy to seize these opportunities effectively. – Tomer Warschauer Nuni, Pink Moon Studio Ltd
13. Understand The Prospect’s Challenges
Ask good questions about the challenges faced by a prospect—and actively listen to their responses. Give them an opportunity to invest time and energy into learning from your value-added insight. Learn about their personal and professional motivations. Sometimes your solution may be the answer, and sometimes it isn’t. If that person feels heard, you will be valued as a trusted advisor. – Julie Thomas, ValueSelling Associates
14. Focus On Closely-Related Competencies
To capitalize on new opportunities business leaders need to identify adjacent categories that are closely related to whatever your company’s core competencies are. By doing this, a business can solve a problem, reduce a pain point or create added value for its customers. Look at something that is one degree to the side of your core competencies where you can address and fulfill an unmet need. – Jim Mizouni, Sage Dental
15. Utilize LinkedIn For Networking
Use LinkedIn to identify five new contacts. Then, like a post, comment on a post, ask a question to a prospect, share a prospect’s post and ask permission to share helpful information with your prospect. If you consistently take these powerful five steps, you will start more interesting sales conversations. – David Mattson, Sandler
16. Stay Knowledgeable About Your Industry And Competitors
Conducting thorough and consistent research about your competitors, market and technology trends, successful enterprises and industry happenings. This will empower decision-making based on an insightful, data-driven approach ensuring sustained growth in an ever-changing business landscape. – Praneeth Kudithipudi, Sacumen
17. Watch Job Boards For New Opportunities
When I need to find the latest opportunities in an emerging market, I watch the job boards. Often, I have been alerted to a new entrant in a specific market by key positions they are hiring related to only that market. I often learn of an entrant before it is ever officially announced. – Mark Clark, Modern Optical International
18. Form Partnerships For Growth
The best way to identify and jump into new business opportunities is to partner up. Forming alliances in complementary sectors or industries can unlock avenues for growth. Partnerships and alliances allow businesses to enter sectors of their current (or new markets) that weren’t accessible. Together, partners can build a shared vision that will allow evolution that wasn’t possible alone. – Bryce Welker, Crush The BAR Exam
19. Create A Pilot Initiative
When you identify an opportunity, starting a pilot initiative is essential after you’ve researched the potential of a new product and if it would interest the marketplace. Because of the speed of the market, company leaders need to create something akin to agile incubators for ideas within their teams to seize opportunities quickly. – Wayne Elsey, The Funds2Orgs Group
20. Consider Affordable Reinvestment
The capital injection needs to consider the competitive return which is higher than any chance of investment. The profitability storytelling of any other alternatives and the mutual benefit at the shared value should be considered in advance for the preferred valuation. However, the benefit doesn’t only stand for the monetary perspective but the diverse interests instead. – Gyehyon Andrea Jo, MVLASF
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