10 techniques to determine the issues your commercial target market is facing
The most effective way to build business is to understand the problem of your target market and devise a solution or helpful artifact to get them there (ideas, code, diagram)
Here are ways you can infer critical issues from an industry or company.
1. Hiring
Review news from the company are they looking to invest in new technology or hire specific staff? For an area of their business? Hiring implies a deficiency or problem the company is facing and could be an opportunity to provide help to that company.
2. Regulatory Changes
Has a significant regulatory change occurred in their industry, such as the implementation of GDPR? It could also be new legislation or rules that will impact an industry.
It could also be caused by deregulation. For example, in the US, Open Banking allows your home bank to share your financial information with other banks and fintech for a new wave of loan, insurance, investing and intelligence products.
3. New Initiatives
Are companies going to invest in blockchain or other technologies to improve their business? Could help them with your business.
4. User Reviews
For consumer reviews, you could look at Amazon reviews. For commercial reviews, you could do a google search for, "<company> problem", '<company> complaints". You can also go to commercial review sites like G2 or TrustRadius.
5. Market Research
Look at the problems of the industry as a whole. You could look at news articles, blogs or industry-level reports from Gartner, Forrester and others. You could also hire market research on Fiverr or Upwork. These will provide you with some high-level patterns.
6. Speak to Industry Experts
You can hire an expert network, contact them over LinkedIn, attend conferences and pick their brain about problems companies in the target market are facing.
7. Negative News
If a company in that niche has been fined or taken to court, that could point to an underlying issue that the company or industry is facing. It could use your help.
8. Mergers and Acquisitions Activity
Seem there are any recent m&a activity in the sector. It points to a lucrative market you could provide your expertise to
9. Speak to ex-employees
If you know someone in your network who work or knows someone in your niche to speak to, try to get in touch with them to get an idea of what help that company might need that coincides with your service offerings.
10. Speak to adjacent companies that deal with your niche market
Accountants, lawyers and other professionals that deal with your niche market might give some ideas on what issue that industry faces in general or perhaps get you in touch with someone that might.
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