Marketing Opportunity
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For a market opportunity to exist, a business must be able to identify its potential customers, their specific needs to be met, the size of the market share, and the capacity to capture that market share.
Why is Marketing Opportunity Important?
Identifying marketing opportunities offers a competitive advantage in a market where changing trends and increasing demand can be captured. The more options you can locate, the more sales you can drive to your business.
The three critical elements to tapping into marketing opportunities include:
- Understanding your audiences’ problem(s)
- Knowing and delivering effective messaging that solves their problem(s)
- Offering the solution at a price point for your products or services that suit your target audience
Essentially, your ability to notice and seize market opportunities allows you to accurately improve your sales forecasting and give you a decisive advantage over the next several years.