How to identify business opportunities according to the company

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The success of any company depends on various factors, ranging from the marketing strategies used to the management of resources. However, there is one aspect that is decisive for sustained projection, and it is related to the ability to identify business opportunities.

Chile is fertile ground for entrepreneurial activity: more than 132,000 companies were created in Chile in 2018 alone (an increase of almost 12% compared to 2017). However, creating a company is only the first step of many to achieve business success, and there are many obstacles along the way.

Considering the above, and according to the Fourth Longitudinal rcs data qatar Survey -prepared by the Ministry of Economy-, the factor that most affects business growth is the high competitiveness of the market (51.6%), something that has a considerable impact when it comes to obtaining business opportunities.

How to detect business opportunities?
For a company to grow in a sustained manner, it is essential to know how to detect business opportunities that allow the company to fulfill its contractual commitments, invest and position itself as a benchmark in the industry.

In this sense, the following tips will allow you to identify new business opportunities according to your company's sector:

1. Analyze the competition's supply versus demand
One of the best ways to identify new business opportunities is to analyze your competition's offering and compare it to market demand.

Let's look at a very basic example: imagine that your company provides maintenance of catering equipment for restaurants (B2B), just like many other companies that handle - broadly speaking - the same processes and have a similar offer. Are there any of them that offer the sale of spare parts?

As you can see, a simple analysis of the competition's behavior - compared to the market's needs - allows you to identify a new business opportunity and take the lead, acquiring an important differentiating factor.

2. Analyze the needs of your audience
As time goes by, companies express new needs that your company can satisfy.

Following the same example above, if the company could identify that -hypothetically- the majority of restaurants in the central area operate with obsolete machinery, it would know that reaching out to them by stating the benefits of advice could lead to cross-selling and customer loyalty.