The document provides guidance on identifying new market opportunities for a business. It recommends beginning with questions about the business model and current strategy. Ansoff's matrix and opportunity assessment are introduced as tools to evaluate potential new markets. The document then outlines steps to take which include market research, defining the market, understanding the adoption curve, PESTLE and Porter's five forces analyses, and identifying competitive advantages. Overall, the document provides a framework and analyses to systematically evaluate new market opportunities for business growth.
The Most Effective Ways To Identify New Market Opportunities For Your Business Complete Deck
1. Click to edit Master subtitle style
The Most Effective Ways to Identify New
Market Opportunities for Your Business
2. Table of
Contents
2
Questions to Consider Before
Formulating Strategy
01
Market Opportunity Analysis-
Ansoff Matrix
02
Market Opportunity
Assessment
03
Strategic Options
04
Start with Market
Research
05
Step 1- Define
Your Market
06
Step 2- Understand the Market
Adoption Curve
• Example- Smartphone adoption curve
• Market Strategies at Each Stage
of the Adoption Curve
07
Step 3- PESTLE Analysis to
Understand the Market
08
Step 4- Porter’s Five
Forces Analysis
09
Step 5- Create a
Competitive Advantage
10
3. Questions to Consider Before Formulating Strategy
3
Successful businesses are clear about their business model and ensure their market strategy is aligned to each aspect of their business model.
What is your
Business Mission
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What Product/
Service You Offer?
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What are Your
Functional Processes?
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Who is Your Target
Customer?
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What is Your Go-To-
Market Strategy?
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4. Market Opportunity Analysis - Ansoff Matrix
4
The Ansoff Matrix is one of the most popular strategic models for market growth. The model provides 4 possible business growth strategies - Market Penetration, Market Development,
Product Development, and Diversification.
ExistingMarketsNewMarkets
New Products and
Services
Existing Products and
Services
Ansoff’s Matrix
Market
Penetration
Penetrates existing
markets, gain market
share; sell more to
existing customer
Market
Development
Enter & develop
new markets
Diversification
Diversify your business
portfolio (leverage core
competencies)
Product
Development
Sell more to
current customers
& markets
Text
Here
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5. Market Opportunity Assessment
5
Do you have the capabilities to take advantage of market opportunities?
Segmentattractiveness
Capabilities
Segment 5
Low Priority
Medium Priority
High Priority
Segment 1
Segment 9
Segment 2
Segment 12
Segment 13
Segment 8
Segment 6
Segment 7
Segment 11
Segment 4
Segment 10
Segment 3
High
Low
Low High
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6. Strategic Options
6
Every company needs to review its market strategy. Do you have an opportunity to expand into new markets? Or should you be targeting some
markets better or exiting a few?
Target Your
Market Better
• More product/service
offerings
• Improved Marketing Pitch
• Competitive War for
Leadership
Drop Unprofitable
Markets, Focus on Niche
• Too many markets and
poor market position
• Declining profits and
market share
Diversify into
New Markets
• Leadership in Current
Market
• Resources and capability
to expand
• Demand in new markets
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7. Start with Market Research
7
Once you are clear about your business model and have identified market segments, do a thorough market research about their needs and how your
products meet their expectations.
Identify
the trends
This will help you position
your product and lead the
competitive race.
Identify
customer needs
This will help you create a
better product value and
expand your existing market.
Identify new
use cases
This can help you expand
your current market and tap
into new markets also.
Identify better,
faster solutions
This can help you create a
new market that did not
exist before.
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8. Step 1- Define Your Market
8
Product A
For Businesses
Protection of data
Protection from hacking
Protection from all virus &
malware
Protection from anti-virus
Protection from identity theft
Blocking objectionable content
Families/Individuals Text here Text here
Product B
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Identify the different use case scenarios of your product so that you can map your market and target it accordingly.
9. Step 2 - Understand the Market Adoption Curve
9
Analyze where the market is currently on the adoption curve- Is the market at the stage of Saturation or has it just taken off? Make strategies accordingly.
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CumulativeAdoption
Time
Innovators
Early
Adopters
Early
Majority
Later
Majority
Laggards
Saturation
Take Off
S – curve model of diffusion process
(adopted from Rogers 1962).
10. Example - Smartphone Adoption Curve
10
Insights
Since the launch of iPhone in 2007, the
adoption of smartphones has skyrocketed.
According to analyst Horace Dediu at Asymco,
the US market has passed the Early Adopters
stage, the Early Majority and is now entering
the Late Majority stage. The Late Majority has
now adopted smartphones for practical
purposes after they became widely adopted
by Early Majority.
Source- Research by analyst Horace Dediu at Asymco
Here is an example of market adoption curve for the Smartphones industry. Similarly, map out the adoption rate of your product in your industry.
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11. Market Strategies at Each Stage of the Adoption Curve
11
Depending where your product is on the adoption curve,
you can use the following strategies for maximum benefit.
Strategies for the
Saturation Stage
• Innovate to beat the competition in a
mature market
• Use your killer value proposition to
create new markets and new
customer segments
• Make it difficult for competitors to
copy your idea
Strategies for the
Takeoff Stage
• Claim Early Mover Advantage
• Focus on your Value Proposition
• Make it difficult for competitors to
enter the market
• Leverage the market forces of supply
and demand to establish the lead
Strategies for the
Middle Stage
• Beat the competition by superior value
proposition
• Create a formidable cost strategy to get the
price advantage
• Stay in tune with customer demands and needs
to retain customer loyalty
• Leverage strong partnerships to consolidate
market share
• Introduce new products or services or enter new
markets to keep the profits coming
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12. Step 3 - PESTLE Analysis to Understand the Market
12
P E S
TLE
Political
• Stability of government
• Potential changes to
legislation
• Global influences
Economic
• Economic growth
• Employment rates
• Inflation rates
• Monetary policy
• Consumer confidence
Sociological
• Income distribution
• Demographic influences
• Lifestyle factors
Technological
• International influences
• Changes in information
technology
• Take- up rates
Legal
• Tax policies
• Employment laws
• Industry regulations
• Health & safety regulations
Environmental
• Regulations & restrictions
• Customer attitudes
Perform PESTLE Analysis to determine how favorable is the political, economic and legal environment of the new market.
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13. Step 4 - Porter’s Five Forces Analysis
13
Use Porter’s Five Forces Analysis to analyze if the product/service can survive in the business environment.
• Number of suppliers
• Size of suppliers
• Uniqueness of each
supplier’s product or
service
• Focal company’s ability
to substitute
• Switching costs
Bargaining Power of
Suppliers
• Number of customers
• Size of each customer
order
• Differences between
competitors
• Price sensitivity
• Buyer’s ability to
substitute
• Buyer’s information
availability
• Switching costs
Bargaining
Power of Buyers
• Number of competitors
• Diversity of competitors
• Industry concentration
• Industry growth
• Quality differences
• Brand loyalty
• Barriers to exit
• Switching costs
Rivalry Among
Existing Competitors
• Barriers to entry
• Economies of scale
• Brand loyalty
• Capital requirements
• Cumulative experience
• Government policies
• Access to distribution
channels
• Switching costs
Threat of
New Entrants
• Number of substitute
products available
• Buyer propensity to
substitute
• Relative price
performance
of substitute
• Perceived level of
product differentiation
• Switching costs
Threat of Substitute
Products or Services
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14. Step 5 - Create a Competitive Advantage
14
Finally, choose the factors that will give you an edge over other competitors in the market and capitalize on those.
First Mover Advantage
Access to Intellectual Properties
Exclusive Strategic Partnerships
Low Cost Production
Know-how
Strategic Location
Strong R&D
Brand Popularity & Recognition
Barriers to Entry & Exit
Strategic Assets
Reputation
Access to Working Capital
Speed
Flexibility of Production Process
Exclusive Resale & Distribution Rights
Best Product or Customer Service
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15. The Most Effective Ways to Identify
New Market Opportunities for Your
Business Icons Slide
15
17. 17
Agenda
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Agenda 01
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Agenda 03
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Agenda 02
18. Executive Summary - Market Overview
18
01
$8
Market
Revenue
02
$600-$900
Average Price Per Unit
Industrial Cameras
03
$300-$360
Average Price Per Unit
Frame Grabbers
04
$9
Market Size For last
Year of Study Period
05
$6
Base Year Market
Growth Rate
06
$8
Compound Annual
Growth Rate
07
$20
Degree of Technical
Change
08
$12
Market
Concentration
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19. Industry Size
19
6.5
MN
9.3
MN
8.1
MN
7.9
MN
9.7
MN
2016
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2017
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2018
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2020
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2019
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20. Target Market (Determine Your Brand’s Target Audience)
20
Target Audience
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21. Target Market Size & Growth
21
Penetrated Market
Target Market
Served Market
Total Available Market
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22. Target Market Size & Growth
22
0
1
2
3
4
5
6
7
8
9
10
0
10
20
30
40
50
60
70
80
90
100
2017 2018 2019 2020 2021 2022 2023 2024
GrowthRate(%)
MarketSize(RMB100Million)
Market Size Growth Rate
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23. Market Opportunity
23
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2019
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TODAY
$150 $350
25. 2020
2017
0
10000
20000
30000
40000
50000
Latin America Canada Japan Europe Asia Pacific US Rest of World
Market Trends (Current Number in Years)
25This graph/chart is linked to excel, and changes automatically based on data. Just left click on it and select “Edit Data”.
26. Market Trends (Percentage Spending in Years)
26
0
10
20
30
40
50
60
70
80
90
100
Africa Middle East Latin America Eastern Europe North America Asia Western Europe
2020
2017
This graph/chart is linked to excel, and changes automatically based on data. Just left click on it and select “Edit Data”.
27. Market Trends (Market Size & Demand Forecast)
27
0
2
4
6
8
10
2016 2017 2018 2019 2020
Market Projected To Reach
US$ 1.1 Trillion by 2020
Asia-Pacific
The Largest Market
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28. Market Trends (Market with Potential for Growth)
28
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30%
Middle East & Africa
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45%
Asia-Pacific
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30%
The United States
29. Market Trends (High Growth Markets)
29
The United States
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Middle East & Africa
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Asia-Pacific
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55%
80%
50%
30. Market Trends (Key Market Drivers)
30
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Market
Driver
Market
Driver
Market
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Market
Driver