How To Capitalize on Emerging Market Opportunities
How do you identify and use opportunities in emerging markets?
Council for Young Entrepreneurs (YEC) is an organization that is only accessible at invitation and consists of the most successful young entrepreneurs in the world. YEC members represent almost every sector, generate billions of dollars in income every year and have created tens of thousands of jobs. More information on yes.co.
1. Listen to your customers
Feedback from customers is a tool of invaluable value for identifying popular trends and common pain points. If you understand what your users still need after they have used your service or after they have assessed a competitor product, leaders can identify areas for immediate growth. Moreover, this information will often reveal the fastest way to meet the requirements of the emerging markets without changing your entire business strategy.
– Ismaël Wrixen,, ” FE International
2. Keep an eye on competitors
One of the best ways to determine where growth on the market is taking place is to keep an eye on companies that do similar to your company. They don’t have to be direct competitors, but a person or entity related to the operational chain of your company. Follow their social media, read their blog posts, listen to their podcasts, receive their e-mails and look on their websites from time to time to see what kind of content they push. If you keep an eye on several, it becomes easier to notice trends and patterns that can lead to new business opportunities.
– Peter Boyd,, ” Paperstreet web design
3. Research trends and developments
Identifying and utilizing trends and opportunities in emerging markets requires a combination of research, strategic caution and adaptability. Start from an overview at the highest level by monitoring macro-economic trends, technological progress and paradigm shifts with the help of sector reports, expert insights and data analysis. This research will help you identify growth areas such as new consumer behavior or unfulfilled needs, and to identify sectors that are ready for disruption. Then focus your research on innovations at an early stage, such as startup incubators or R&D breakthroughs, where new markets or transformative changes will probably arise. Staying aware of changes in the regulations and global trading patterns is crucial because these opportunities offer access to previously untreated areas.
– Jared Weitz,, ” United Capital Source Inc.
4. Listen to complaints
Finding new markets is all about listening and watching. I watch what people complain about or would like they had that. Sometimes a simple conversation can lead to a big idea. I make sure I talk to people when I go to congresses and am involved in relevant online communities. There is no shortage of people to talk to! If you spend enough time on this, you start to identify patterns that you can pursue by making a new product or adding a function to something that you have already built.
– Chris Christoff,, ” Sample insights
5. Stay curious and trade quickly
When spotting opportunities in emerging markets, it is about staying curious and acting quickly. I always keep an eye on the trends in the sector and talk to colleagues to see what will happen. When we discover a hole or a new need in the market, we start testing on a small scale to see if it is worth investing further. The point is not that you enter every trend, but if you see one that matches what your company has to offer, it is important to act quickly and adjust.
– Shay Berman,, ” Digital resource
6. Identify growing industries and sectors
To identify and take advantage of opportunities in emerging markets, you must look for sectors where customers have significant pain points. This opens opportunities for new companies to disrupt the industry when they come up with innovative solutions. For example, healthcare is a fast -growing and evolving sector. In addition to many other areas, telegeniads grow rapidly, so that more patients have digital access to care, with video conferences. This type of need opens the door for companies that make high -quality software and hardware to meet such needs. Similar innovations take place in other sectors, such as logistics, where there is a high demand for ways to make storage, shipping and related tasks more efficiently. Look for sectors where change is going on and where you can offer a solution.
– Kalin Kassabov,, ” Protex
7. Consume relevant information
One of the effective ways to identify and use opportunities in emerging markets is to explore relevant sources of information. You can consider using relevant social media platforms or consulting branches that have been made available for public access to find useful insights and make plans accordingly. By exploring credible sources of information, you can get acquainted with the market dynamics and identify the gaps. It becomes easier for you to explore new possibilities to start your company without any problems or to grow.
– Jared Atchison,, ” Wpforms
8. Evaluate global trends
One way to identify and utilize opportunities in emerging markets is by staying informed of global trends. Thanks to technology you can now offer everyone and anywhere in the world solutions. You can therefore consider bypassing the regional diaspora and scaling up your activities to focus on other regions. In this way the world becomes your playground and you may be able to effortlessly tap into new markets and target relevant target group segments.
– Andreas Munro,, ” Affiliatewp
9. Merk collaborations
You can identify and use opportunities in emerging markets by working together with other brands. Your alliance with other companies whose objectives are in line with yours, increases your operational capacity. You can take advantage of sharing information and resources, so that you can gain a lead in the competitive landscape and other players can be too smart. By working together with other brands you are better prepared and you can benefit more easily from new growth opportunities.
– Thomas Griffioen,, ” Optin Monster
