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Spotting market opportunities is essential for business growth and survival. Opportunities can include things like:

• economic trends
• market trends
• shifting or expanding customer base
• changes in government or industry regulations
• changes in partnerships or relationships with suppliers, competitors, etc
• new or changing funding prospects (eg increase in grant funding)

One of the best ways of finding new business opportunities is by carrying out a SWOT analysis.

Find business opportunities using SWOT method

A SWOT analysis is one of the most popular strategic analysis tools. It focuses on four key factors affecting your business:

• strengths
• weaknesses
• opportunities
• threats facing your business

A SWOT analysis typically provides you with valuable information about your business. It can help you identify new opportunities and prospects that you can potentially exploit.

For example, if SWOT analysis shows that your opportunities lie in changing market trends, you may want to respond by introducing new products, altering prices of existing goods, adapting your advertising or adding value to the customer experience.

Find out more about SWOT, PESTLE and other models for strategic analysis or follow best practices in our SWOT analysis example.

Other ways to detect new business opportunities

Other than using SWOT analysis, to detect new business prospects you can also:

Segment your customers

Divide your customer base into smaller groups that share common characteristics, such as age, gender, location, or lifestyle, attitude or purchasing habits. This allows you to analyse the demand for your products or services and target each segment with specific marketing, promotions and offers, ultimately helping you to seize new business opportunities.

Analyse your purchase situation

Look at distribution channels, payment methods and other factors around purchasing to understand how your customers buy your products or services. Then look at how you can improve them or offer alternatives to bring new customers to your business.

Analyse your competition

Research existing businesses in the market to understand their value proposition and competitive advantage. Establish your unique selling point to set yourself apart from your competitors. Identify what draws your customers in and promote this.

Look at other markets

Exporting to other countries may open up new opportunities. Consider carefully what the market is like. To increase the likelihood of success, research the competitors, local habits and the likely demand for your products or services.

Consider exploiting other types of business opportunities too. For example, you can:

• franchise your business
• buy an existing business
• find a distributor to increase your market share
• explore licensing, supply chain deals, etc.

Find other strategies to improve sales and profitability.

Discovering business opportunities, in itself, does not create value. To achieve the benefits, you have to choose to pursue the opportunities and take steps to exploit them.

This makes recognition and exploitation of opportunities distinct, but consecutive steps in the entrepreneurial process. Both steps are necessary for creating business growth.

How to exploit business opportunities?

Begin by identifying new business opportunities. You can carry out a SWOT (strength, weaknesses, opportunities and threats) analysis to help you find favourable options.

You can use our SWOT analysis example to help you with this.

You should then research and determine the viability of each opportunity to determine if it is worth pursuing. When assessing an opportunity, you can decide to:

• exploit it
• share it (for example, by way of a joint venture)
• ignore it

Don't cast your net too widely when searching for opportunities. Use a targeted approach to preserve time and resources for options with the greatest potential for return.

Exploitation strategies

There are many approaches to opportunity exploitation. For example, you can:

• make use of new technologies or adapt existing ones
• explore new business models
• use consumer insights to update your products or improve your service
• extend your customer base and attract new prospects
• increase customer loyalty

To create a unique competitive position for your business, you should also:

Monitor your competitors closely

Identify areas they don't operate in and find out who they sell to - these are potential customers for your business as well. Examine their product range or the services they offer, check out their marketing and investigate their pricing. A competitor's poor performance could create an opportunity for your product or service. Find tips to help you understand your competitors.

Anticipate a market need for a new type of product or service

For example, new legislation can create opportunities for business consultants or advisers. Events like mergers and acquisitions may open up prospects for all types of services and trades. See how to increase your market share.

Explore new markets

Looking beyond your sector or established market can open up business opportunities. Use market research and market reports to analyse new opportunities and diversify your sales channels to reach your customers.

Look at partnering

Consider working in partnership with other businesses that offer complementary services to yours or target similar customer groups. This may help extend your market reach, allow you to pool resources and negotiate better deals with suppliers. Find out how to create growth through strategic partnering.

Discover other strategies to improve sales and profitability.

Manage business opportunities

You will need to manage any business opportunity you decide to pursue. Be careful that you don't develop the business beyond your means. Have a clear plan for growth and the necessary resources, capabilities and technologies to make the most of the opportunity. Securing too much new business, without being able to deliver on it, could put your company at risk. Read more about manage the risk carefully.

Organic business growth relates to expansion from within a business, by using the business' own resources and capabilities. This growth occurs naturally, as a result of maximising output and sales internally. Organic growth is often a great indicator of a business' performance.

How do companies grow organically?

You can follow more than one path to achieving organic growth. For example, you can:

• offer promotions to existing customers
• up-sell and cross-sell to customers
• develop new product lines
• create new business models
• improve customer service
• improve productivity
• optimise your sales, pricing and marketing
• expand your customer base

Consider other strategies to improve sales and profitability.

You may choose to pursue one of these activities or more. A diversified approach to growth may give you the best chances of success. It's important to assess your options for business growth before choosing a course.

You will also need a long-term plan and a clear strategy to grow your business successfully. Read more about strategic planning for business growth.

Advantages and disadvantages of organic business growth

Organic growth often presents less risk to business than other types of growth. It is also:

• easier to manage and control
• easier to finance through internal profits, investments, etc
• less disruptive on staff, operations and productivity

Organic growth builds on existing strengths, brands and customers and allows growth at a slower, steadier rate. However, such growth is not without challenges.

Key disadvantages of organic growth include:

• the time it takes to grow internally
• the size of the market may restrict growth
• the constraints of your existing resources, including people, assets and finances
• focusing only on internal efforts may cause you to miss other opportunities

Discover more advantages and disadvantages of growing your business.

Inorganic business growth

If you wish to grow more rapidly or gain access to new markets, you should consider inorganic growth. This type of expansion typically allows you to quickly expand your assets, income and market presence.

Inorganic growth is often a result of takeovers, acquisitions and mergers. Retail businesses may choose to grow inorganically by opening new stores and branches.

Any type of business growth has its risks. However, with careful planning and the right strategy, growth can deliver stability, security and long-term profits. See how to prepare a business plan for growth.

Competition exists in every market and industry. To stay ahead in business, you have to find ways to overcome your competitors and create a unique selling proposition to attract new customers.

How do businesses beat competition?

Firstly, you must understand what your customers want and what your market needs. You should:

• carry out market research
• assess your competition, their products or services, pricing, marketing etc
• understand your business' strengths and weaknesses
• determine your unique selling proposition

See how to identify new business opportunities.

Find your competitive advantage

A competitive advantage is key to winning new business. It sets your company apart from the competition, highlighting the benefits your customers receive when they buy from you.

Sources of competitive advantage can be, for example:

• your products and services
• your staff
• your reputation
• your business model
• your technology
• your unique processes and practices

To determine exactly what your advantage is, you should ask yourself how your business benefits its customers. List your key points of difference, or your unique selling points, to communicate to your customers.

Read more about marketing your business' unique selling proposition.

Use different strategies to compete

Any strategy that creates a strong market position for your business can be considered a competitive strategy. For example:

Pricing

To compete on price, you must first understand your competitors' price points and the price your customers are willing to pay for your products or services. You can then set your pricing at a level that is profitable for you, but still affordable to your customers to prevent them from looking elsewhere. Competing on price may be possible if you are able, for example, to reduce production costs, find a low-cost source of supply, or undercut your rivals. See how to price your product or service.

Quality

High quality of products or services can help you attract customers and provide them with a positive buying experience that keeps them returning for more. Key to competing on quality could be well-trained staff, reliable suppliers, ability to innovate or provide exceptional customer service. Whatever your point of difference, it can help to offer evidence that you deliver on quality, eg through quality management standards, accreditation, etc.

Sales

Effective sales strategies can be a great point of distinction. From targeting the right customers to entering new markets, there are many ways to improve sales and profitability. As well as selling directly to customers or other businesses, you can also go after private or public contracts. Larger clients often result in more business and higher revenue, and can help raise customer awareness and confidence in your business. See how to tender for contracts and win business from big clients.

Marketing

There are numerous ways to differentiate yourself with marketing. From traditional advertising to digital marketing and social media, you can explore opportunities to position yourself as a thought leader or influencer in the field. You can create superior content for the web, embrace new social media platforms, offer an exceptional user experience on your website, or combine all the different marketing efforts to build a loyal audience online. Read about the key elements of a successful marketing strategy.

It can help to create a long-term plan for your business to gain or maintain an advantage over your competitors. Read about strategic planning for business growth.

A unique selling proposition (USP) is closely related to competitive advantage. A successful USP articulates the benefits of your products, service or brand to customers, and explains why they are superior to those of a competitor.

How do I create a USP for my business?

Creating a USP begins with conducting comprehensive market research and analysing the opportunities that your competitors aren't currently exploiting. It then involves identifying what it is that differentiates you in the market.

The point of differentiation can be anything - from the lowest cost to the highest quality, exceptional customer service or a new, one-of-a-kind, product or service.

Your USP will be entirely unique to your business. The key thing is that it explains to customers what makes your business a better choice and why they should choose you over a competing business.

Importance of USP in marketing

Your USP statement will likely be integral to your marketing. Businesses often communicate their USP by creating:

• tailored marketing campaigns
• attractive advertisement
• a memorable statement (eg a tagline or a slogan)

You can also express your USP in your business' positioning statement, explaining how your offering meets a particular customer need in a way that your competitors don't.

Strategies to promote your business USP

There are many cost-effective ways to communicate your business' unique selling points. You can:

• Build an online presence - via websites, social media or digital marketing. Find out how to set up a small business website, develop a digital marketing plan or use social media platforms.
• Network with other businesses - by attending trade shows, exhibitions, seminars and conferences. and read about networking for staff development.
• Join trade associations or business groups - for example, the or the . This can bring credibility to your business and offer other benefits such as cost-effective advertising in member publications and access to low-cost networking events.
• Look after your existing customers - use email marketing to stay in touch through newsletters or e-bulletins, keeping your USP at the front of their minds. Add value by including articles or offer solutions that would interest your customer.
• Develop business partnerships - overseas as well as in the UK. This could give you opportunities to sell and promote each other's products and businesses, and to sell to new customers. Read about joint ventures and business partnerships.

Whatever way you choose to communicate it, a unique selling proposition is an essential marketing tool to get the attention of potential customers and compete to win business.

There are several ways that small businesses can increase their chances of winning large customers. Follow these tips for a well-planned and professional approach to help you convince big clients that you are the right choice for them.

1) Spend time on research

Familiarise yourself with the business you are pitching to, and know your industry and market well. See market research and market reports.

2) Be professional

Create positive impressions with your personal appearance, behaviour and communication style. Be well-presented and punctual. Build your business profile with testimonials and endorsements. Ensure your premises, printed materials and website all present a professional image. Read about branding for your business.

3) Identify the right person

Find out who the decision-maker is and persevere to speak with them and communicate your message. Make sure that you fully understand the sales process.

4) Pitch smarter

Tell the company how you can improve their business. Be specific - have figures, outcomes and scenarios prepared and ready. Listen to what is asked, take notes, be open and flexible, and be prepared to come back with revisions and further ideas.

5) Be confident

You believe in your business, so there is no need to be overwhelmed. Be aware of your own needs, eg your payment terms, and don't sell your business short.

6) Highlight what your business does best

Identify your business' strengths, communicate clearly your unique selling points and follow best practices when marketing your USP.

7) Find your niche

Find a gap in the market - and make it your own. Small businesses are uniquely placed to maximise a specialised market because they can be flexible and adaptable, and react quickly when they identify new business opportunities.

8) Offer social and ethical incentives

By offering social or ethical incentives that are either unavailable to large companies or difficult for them to sustain, smaller businesses can stand out from the crowd. See ethical trading and corporate social responsibility.

For more tips and practical advice, see how to compete to win business.