Register now or log in to join your professional community.
I am brain storming for this and seeks the valuable suggestions and experience led statements from all respected members of this forum. ALSO THANK YOU ALL IN ADVANCE FOR PROVIDING ME YOURS VALUABLE TIME
Friends,
First we have to identify line of business. Business can only produce great results if:
- We have passion for the line of business
- We understand all in & outs of business
- Plan for next5 &10 years
If we know all above, we can start look for new business avenues.
inorder to identify new areas of improvements or new areas of business you have to search for needs,needs drive our actions to satissfy such needs and in tern drive our actions for business improvements.
look for needs .
SATURATION IS ON THE BOARD.......BUT STILL THERE ARE AREA TO BE WORKED ON LIKE HUMAN RESOURCES, HUMAN VALUES , JUSTICE , HEALTH , ALL TIME GROWING FOOD INDUSTRY , ETC ..... BUSINESS WAS THERE BEFORE THERE WAS NO MBA, BRAND MANAGEMENT ETC.... SO MY VIEW IS THAT NOW WHY NOT PEOPLE INVEST ON HUMANS INSTEAD OF NEW/LATEST MACHINES ?
Saturation in itself is an opportunity to be more creative to add more values to what is available. In the business race every one is trying to add some innovative values to attract customers.
I believe any business which has reached a saturation point needs new lease of life.
1.Explore new territory
2.Expand your customer base.
3.Rebrand your product I mean old wine in new bottle.'
4.Think of perfect merchandising.
5.Above the Line Marketing may be thought of.'
5.Try to revisit your customer list and hit hard on loyal and core customers with personalised marketing approach.
6.Think of a multibrand or new product variants with customised product appeal.
7.Create a Sales task force for the product and have encouraging incentive scheme on board for slaes people and top retailers and assign trgets to them.
Agree to some extent that every segment is saturated but i still think there is still room for more. Think out of box , give yourself some space . Start thinking away from you daily routine.
Start thinking like sherlock holmes more based on intuition with mix of observations. But dont get lost in wilderness of finding new ideas, concentrate on Top one first.
I will share our company's example.
Our company develops and licenses process engineering simulation softwares for Chemical/process engineering companies. We reached number1 with over60% of market share for some of the products and reached a state that we sold to its maximum. Then, we started analyzing how we can beat out other competitors, and how to sell more to our own existing customers. After a detailed analysis we realized that are60% of the users of our softwares use the software occasionally (weekly or bi-weekly for couple of hours)... We further analyzed the reasons, and worked on improvements to simplify work-flows, and included some innovative ideas to attract young users by providing tablet device support and improving the user experience. This has brought additional tokens and we are seeing increase in our annual sales...
So, there are definitely areas to improve or new opportunities exist in market that we need keep looking for which will bring new business to the company.
Agree with both answers given by Mr.: Zafar & Mr.:Nishant desai too
More than worrying about saturation, I would focus what is not present in a country but is so much required. For example, bullet vests or safety vests could be a good sale among the public in Palestine and Israel.
I thnik most suitable like factors of production such as land,labour,capital and organaisation
Putting our eyes on new young intelgent tanlents
They have many good new ideas and dreams
