Identifying new markets involves thorough research and analysis. Businesses can start by:
Analyzing Current Customer Data: Understand the demographics, preferences, and behaviors of existing customers to identify potential new segments. Market Research: Conduct market research to explore new industries or geographic areas with potential demand for your product or service. Competitor Analysis: Study competitors who have successfully diversified and identify the markets they have entered. Surveys and Feedback: Use surveys and feedback from current customers to identify unmet needs and potential markets.