Determine The Market Opportunity For The New Technology Development

Technological development will always makes new business opportunity. This fact will improve organizations opportunity to make profits. Additional value will be applied if a new technology is incorporated to products or services with the right plan and strategies.

Some general benefits when applying the technology in to business process or product are; improving productivity, raising the profits, reducing the costs, and many other benefits. The market segments will grows along with the growth of business that incorporating the technology innovation.

There are few key aspects that should be notice when adding technology value to business to make sure the organization can improve their profits which are;

  • Define the real value of the technology that will be applied
  • The method of applying the technology to the business strategy
  • The change on people life when the new technology is applied
  • The improvement of wealth that could happen when the technology applied

 

The information from those aspects above will define the market opportunity. The better the technology value, the better opportunity to get profit from it.

This matter makes business to maximize the use of technology in to their business as part of their production or end product. The dynamics of this systematic conversion of technological ability into utility will creates new market segment.

To determine the market segment for your organization you need to find the answer of these propositions;

  • The ability of the new technology
  • The application of the new technology in to business company’s strategy, plan and abilities
  • Who will be getting the most benefits of the technology which will become the potential customers
  • The ability of the new technology which cannot be done by the current or latest technology
  • How the new technology will satisfy the end users much better compare to when they are using the current technology
  • How to make the end user realize their problems with the current technology will be solved by the new technology
  • The additional value of the technology
  • The estimation of new market segment’s value in current and future time

Establishing A Successful Business

Establishing a business will require constant hard work and dedication which will consume a lot of time that could make you hardly to take a break even for a while. It is not an easy path like what no matter what you believe about it.

If you want to use the short cut, you would be disappointed, disheartened and feel dejected by the cold fact reality that you dealing with. The result that you are getting is nothing but cruel lesson that telling you should not take the easy way.

At this moment the result of your effort is both nothing and something. As contradicted as it might be, it is the truth. In physical and financial terms, your business does not get anything, but in terms of experience and knowledge, you able to learn about the wrong way to run the business which become useful information that you can use in the future.

So, which method you must perform to operate a successful business? This issue is very important to achieve business success. You will never achieve success if you can find the right answer that can take you to achieve it.

You can follow other people path and knowledge about their journey to success, nevertheless until you can find the method that suit to yourself, then you still will not achieve the success.

So, you need to pay attention to some issues which will be mentioned below and find a way that can clear the problems that clouding your business knowledge. If you cannot clear the issues then there will be no change to your business situation.

Your business will not progressed and develop. Acting alone to reach the goals will not help you to solve the problems, instead you will worsen the matter. So, here are those issues;

What kind business that you want to do

It is the first thing that you must decide when you want to start a business. It will be better if you do a business according to the activity that you enjoy the most. Find out about the thing that you excited to and passionate about. This step is important that can give you whether success or fail.

The potential customers

As when choosing the business type that you want to operate you also need to know about the potential customers that will be interested with the business. If there is only small amount of people who will be making their purchase on your business, then you might want to do business with more than one niche or business with wider niche.

The location of potential customers

In online business, the clients can come from any locations that have internet connection. It is common for new business to get potential customers making a purchase. However with good and constant marketing can help the business to get good customers.

Making the potential customers come to your business

Many new business have difficulties in this issue at the start of their business. The business owner must to make proper research and then build a good marketing plan. The business longevity will be relying on how good the marketing campaign is.

Making the customers keep making their purchase from the business or repeat order

There are various options for this issue such as give the best service for the customers, keeping update with the current preferences and trends, provide the best price or bargain and many more. Each options will be depend on the type of business that you do, so keep making market research to keep the business alive.

Simple Methods To Improve Your Marketing

Here are few simple methods to improve your marketing for your business:

Establish good communication with the community around your business establishment

It does not matter if those people are not potential customer or referral sources. You should build relationship with local society. There are various ways to do it such as creating workshops for the local, volunteer events, supporting community groups or chatting with local people using networking.

You do not have to show your business card to everybody. By establishing good relationship with local people, many people will remember your business and organization.

Provide excellent customer service

First thing to do is do not let the customers wait too long for your respond even though they are not an ideal customers or you are busy with other activity and cannot fulfill their need right now. If you cannot give what your customers want, you must explain them why, so the communication between your business and your customers is maintained.

If you let the customers wait too long for your response, they will be upset and make them put bad image to your business. And the image can spread to other customers and potential clients.

Build a blog and filled it with topics about your general business and other related topics

If you are not prepare to build a full website for your business, why not try to build a blog? Make articles about some topics that are related to your business and explain how your business provide good solution to the topics in the articles

Well written articles on a blog can be used as a business card that spread in the internet. Your customers and other people can see and understand about your business expertise. You can either use the free blog platform or premium blog platform that can start from less than $20 per year. You can also make your blog as part of your business main website.

Spare one hour a day to perform marketing activities.

If you do not spare the time yourselves, you will never have the time to perform marketing.

Prepare some budget to learn about marketing.

As an old saying “you’ll need to spend money to make money”. The cost will be worth as good investment to improve your business sales.

Join one or more marketing group.

By having friends as a look out or people who can provide you with tips, ideas, suggestions or consultation will help you to stay on the right track to achieve your marketing goals. Each member will support and help each other by sharing their problems and find the best solution together.

Track every result of your marketing methods.

You will find it useful to track your marketing result. It will allows you to analyze the methods that you are using and make improvement to some parts of your method. You can continue or improve marketing method that give feedback to your business and stop marketing methods that is not working to improve your business efficiency.

Using a simple spreadsheet can help you to track your marketing. Check from customers, calls or mails that come to your business and find out where they know about your business from. The result will show which respond that come from which method and which method that do not give feedback from people to your business.

Start marketing!

No matter how good the marketing method is, it is pointless if you do not do it, so you should start to marketing by doing the methods that you are able to do it first. You will meet many success and failures.

But, even the most successful marketers will have to deal with failure sometimes. But, they do not give up and keep on trying. So, you do not have to be afraid about failure and use it as experience to find the right method to reach the success of your business.