How to Target New Market Opportunities
Like any company, your crafts business will benefit from being involved with new market opportunities. But how do you target new market opportunities?
As your business builds, develops and evolves over time, you may want to begin to target new market opportunities. Even though your existing business model and approach may be working very effectively, it never hurts to try and expand and target new areas. By doing this you could introduce new products, new brands, gain more customers, try introducing new angles or new ways of doing business.
Developing new market opportunities can bring all sorts of unexpected new angles to your business and broaden your horizons considerably. But how do you know where to find the opportunities in the first place?
Identifying New Market OpportunitiesOne of the key ways in which new market opportunities can be discovered is by keeping on top of any new craft trends and ideas that arise. With crafts in particular, it’s very common for particular crafts to come and go in popularity, with many being picked up from trends started in other countries. America, for example, is one of the main locations for craft trends that subsequently sweep the UK.
The current love and trend of scrapbooking is said to have started in the US, before being picked up by crafters in the UK. One trend that may be set to follow a similar course is loom knitting, which is just beginning to hit the UK. So visiting the US, regularly checking out US-based craft forums, reading consumer and trade magazines from the US or seeing which new products are launched there may be very beneficial.
Your customers also play an important part in the life of your business, as them buying your products or attending your courses helps keep you afloat. So don’t forget to investigate the possibilities of finding out what they’d like and where they’d love to see your business heading. Carrying out simple market research activities, from getting customers to fill in questionnaires or take part in small focus group sessions, can be a valuable part of identifying potential new directions.
It may also be worth your while doing a bit of business to business networking. Interacting with other relevant crafts organisations not only helps identify potential new angles, but can also open up new market opportunities. For example, a similar business may be interested in teaming up with you for special events or promotional opportunities. Or they may have news of a great new product, or range of products, that are looking for a suitable retailer and it could be your chance to get in on the act and stock them.
Whenever you’re deliberately setting out to find and target new market opportunities, it does help to set aside a budget to help you do this successfully. If, for example, you discover a new product range you’d like to stock you will need money at hand in which to invest in it. You may also require funding in order to do some of your market research or pay a small fee to focus group participants.
Whatever you do, try and look at targeting new market opportunities as fun and enjoyable. You’re running a creative-based business and you never know what exciting new opportunities may be just around the corner.