20 Resources for Identifying New Business Opportunities
Unearthing new business opportunities requires the right tools and insights, so we’ve gathered wisdom from a diverse group of professionals, including business development managers and founders. From leveraging Screaming Frog for client acquisition to creating gated content for conversion opportunities, explore the twenty distinct strategies these experts use to identify promising new ventures.
- Leverage Screaming Frog for Client Acquisition
- Harness Amazon Comments for Self-Publishing Leads
- Utilize Google Trends for Market Insights
- Identify Gaps Using Social Media Engagement
- Explore Business Ideas with StarterStory
- Validate Markets with Google Ads Keyword Tool
- Expand Network for Business Opportunity Referrals
- Conduct Market Research with Industry Reports
- Embrace AI for Design and Branding Innovation
- Use Facebook Groups for Relocation Client Outreach
- Analyze Trends with CB Insights for Opportunities
- Employ Market Analysis Software
- Discover Resources with StartupStash for Startups
- Curate Industry News and Advice on TikTok
- Attend Industry Events for Collaboration and Trends
- Find Purchase-Intent Keywords with Moz’s SERP Tool
- Segment Customers to Identify New Markets
- Use Procore for Construction Opportunity Insights
- Research Companies and Trends with Crunchbase
- Create Gated Content for Conversion Opportunities
Leverage Screaming Frog for Client Acquisition
I frequently use Screaming Frog SEO Spider to identify technical errors on an ideal client’s website. This allows me to easily determine whether a particular business is paying attention to how Google views its site and if they would be interested in improving their page ranks.
Eighty percent of these errors can be easily fixed by our digital marketing team with very little effort, so we offer to make these improvements completely free of charge. A SaaS startup we did this for in Q3 2023 reached back out to engage us for our full capabilities.
Harness Amazon Comments for Self-Publishing Leads
I discovered the power of the comment section on Amazon, and it highlighted a self-publishing journey for my business—a new avenue to bring in leads and increase brand awareness. I also use this resource to observe market needs.
Keva Epale, Founder, Illustrator and Branding Strategist, Keva Epale Studio
Utilize Google Trends for Market Insights
When it comes to spotting fresh business vibes, I’ve seen folks grooving to the beat of Google Trends. It’s like our radar for what’s hot in the search world! We throw in some keywords, and bam! Google Trends serves up the dish on what people are buzzing about. It’s like a musical journey through the rise and fall of search volumes. We get to tap into the crowd’s vibe, spotting trends and uncovering what’s catching everyone’s eye.
Plus, it’s not just about keywords; Google Trends dishes out related queries and topics, giving us the full playlist. So, when we’re on the lookout for the next big thing, Google Trends is our backstage pass to the trending show!
Identify Gaps Using Social Media Engagement
Using social media platforms like Facebook, Twitter, and Instagram can be an effective tool for identifying potential business opportunities. These platforms allow you to connect with a large audience and gather insights about consumer behavior, trends, and needs.
By monitoring conversations and engagement on social media, businesses can identify gaps in the market or discover emerging customer demands that they can tap into. Furthermore, social media also provides a space for businesses to showcase their products or services and receive direct feedback from potential customers, helping them refine their offerings and identify new opportunities.
Explore Business Ideas with StarterStory
I always discover business opportunities through StarterStory, and I’ve found significant success with this approach. StarterStory is a platform that showcases interviews with entrepreneurs and founders, shedding light on their journeys as they have expanded their businesses and achieved success. It provides valuable insights into how you can start and grow your own business.
One particularly helpful feature is their business idea database, which helps in exploring potential business ideas. I highly recommend becoming a member of StarterStory if you haven’t already, as the platform offers abundant opportunities to learn from the experiences of others.
Personally, I attribute part of my business success to the role StarterStory has played in my entrepreneurial journey. For me, it stands as the best resource for finding new business opportunities.
Validate Markets with Google Ads Keyword Tool
Want to know whether there’s a market for your business idea? Google Ads’ keyword research tool gives you detailed information about how many people search for any keyword each month. With this information, you can quickly validate ideas and get a sense of how hard (or expensive) it will be to reach your target market. And if you’re looking to raise money, you’ll be able to confidently project growth realistically and talk about the size of your market.
Expand Network for Business Opportunity Referrals
Network like crazy, all the time. Surround yourself with the best people you can meet, be introduced to, and continue to add to and draw upon as your career progresses. Ask for their help in pointing you to business opportunities, give them the same help, and you will be rewarded throughout your career by your entourage of networking contacts who are now lifetime close friends, and perhaps business partners.
Conduct Market Research with Industry Reports
To spot new business opportunities, market research is key for me. Imagine it as a helpful tool like Statista, where you can find reports on different industries, trends among customers, and what competitors are up to.
By using these resources, you can figure out gaps in the market, discover what people want but don’t have yet, and find areas where you can stand out. It’s like a roadmap for entrepreneurs—showing them where to go and what to do to succeed. This way, you’re not just guessing; you’re making smart choices based on what people need and what the market is missing. It’s like having a secret weapon to make sure your business idea is on the right track.
Embrace AI for Design and Branding Innovation
In our industry of design and branding, I feel like there are numerous opportunities available to us—but the main one, which I feel will have the biggest impact, is artificial intelligence.
As designers, we can use it to our advantage—to do the simpler jobs quicker and to put ideas in place faster. We can visualize our imaginations at the speed of thought.
When we do this, we are enabling innovation to happen quicker and, inevitably, becoming more successful in the process.
We cannot ignore AI; it isn’t going anywhere. We need to be smart with how we approach, use, and deal with it, as there are moral issues (copyright infringement, etc.) that are being argued. But with the correct mindset, it can be a valuable tool.
Use Facebook Groups for Relocation Client Outreach
As a real estate agent and relocation expert, new business opportunities present themselves when I partner with a complementary business or take on a new client. Typically, I find the former by keeping my ear to the ground to listen for new development and construction projects, or through my professional network.
When attracting new clients, however, I find Facebook groups to be a particularly useful resource. When people are considering moving overseas, it’s only natural that they have many questions and seek answers by reaching out to other expats. By joining expat Facebook groups and providing useful information in response to their posts, I can position myself as a local expert and create awareness for my business.
Analyze Trends with CB Insights for Opportunities
One powerful tool for identifying new business opportunities is market intelligence platforms, such as CB Insights. These platforms provide deep insights into market trends, emerging industries, consumer behavior, competitive landscapes, and technological advancements.
Utilizing CB Insights, I was able to analyze market data and industry reports to identify untapped niches and emerging sectors. For example, by examining trend analyses and growth projections in the health tech sector, I recognized a growing demand for mental health apps, which was underserved at the time.
This insight led to the development of a targeted marketing strategy for a client in the health tech space, focusing on mental wellness applications. What makes such platforms invaluable is their ability to aggregate and analyze vast amounts of data to uncover hidden opportunities and provide predictive analytics, enabling businesses to make informed, data-driven decisions.
Employ Market Analysis Software
In the private jet charter industry, one indispensable tool for identifying new business opportunities is market analysis software. This software provides real-time data on industry trends, client preferences, and emerging markets.
We leverage this tool to analyze flight patterns, demand fluctuations, and client demographics. This data-driven approach enables us to anticipate market needs, tailor our services accordingly, and identify untapped opportunities.
For instance, noticing an uptick in requests for pet-friendly charters, we expanded our services to cater to this niche, enhancing client satisfaction and tapping into a growing market segment. This strategic use of technology not only keeps us ahead of the curve but also ensures we continuously meet and exceed our clients’ evolving needs.
Discover Resources with StartupStash for Startups
StartupStash is a hidden gem that not everyone is aware of, but it’s an incredibly valuable resource, especially for startups. In my opinion, it stands out as the most comprehensive directory of startup resources I’ve ever encountered, and it holds a high rating on ProductHunt!
The website’s wealth of information is so vast that you may not have the chance to explore every facet of it. Nevertheless, it’s a site worth bookmarking and returning to whenever you require a specific tool or resource. The resources are neatly categorized, and each listing provides a concise description of the service. The diversity is impressive, encompassing everything from startup name generators to cutting-edge analytics systems, and from email list management tools to investor directories.
Basically, StartupStash serves as a one-stop shop where you can discover virtually anything you might need for your startup, including identifying new business opportunities or exploring additional income streams. The key is to remember to thoroughly explore it whenever you find yourself wondering, ‘Is there a tool out there that could assist with this task?’
Curate Industry News and Advice on TikTok
One social network that I was not expecting to be full of great professional advice, good networking, and plenty of news about key industry trends was TikTok, but, well, here we are.
The format definitely takes some getting used to, but once you have your feed well-curated, TikTok can be a great way to keep up with everything that’s happening in your industry. I’m still more of a LinkedIn person for my professional social media presence, but I’ve found a few savvy influencers in the marketing and entrepreneurship spaces and watch their stuff religiously.
Attend Industry Events for Collaboration and Trends
Industry research reports, customer data analysis, and even attending industry events each offer valuable insights. Delving into market research reports exposes trends, competitor analysis, and unmet needs. Immersing yourself in industry conferences and workshops connects you with experts, exposes cutting-edge ideas, and fosters potential collaborations.
Ultimately, the key lies in fostering an environment of curiosity, active market engagement, and team-driven innovation. While specific tools may vary, embracing these principles fuels the discovery of promising business opportunities.
Find Purchase-Intent Keywords with Moz’s SERP Tool
I use Moz’s Keyword SERP Analysis tool to identify business opportunities. I specifically look for purchase-intent keywords that are not properly targeted. When I find these—this says to me that there is a lack of competition and an opening for a player that does marketing properly.
Purchase-intent keywords are keywords where searchers know what they want, but they don’t usually know the brands that will give it to them. They search Google and Bing to find the brand that will do what they are looking for.
I use Moz’s SERP analysis tool to find purchase-intent keywords with sufficient monthly search volume that are not highly targeted by businesses. This tool shows a Google result for the keyword along with the Domain Authority of each website and the level (a 0-100 score) of how well each website is targeting the keyword.
When I find one of these bottom-of-funnel keywords where the results have both low domain authority and low optimization scores, but the search volume is high, I know I’ve found a great opportunity.
This is a specific type of search engine optimization called bottom-of-funnel SEO, and it’s my favorite marketing channel because of the ease of targeting and high conversion rates.
Segment Customers to Identify New Markets
I’d say customer segmentation. One reason is that it provides a deeper understanding of our customers’ preferences and behaviors. By segmenting our customers, we can identify common traits or interests among certain groups, allowing us to create targeted marketing campaigns or develop new products/services specifically for them.
Customer segmentation also allows us to identify untapped markets and potential new customers. By analyzing data from different segments, we can uncover areas where there may be a high concentration of potential customers our business has not yet targeted. This presents an opportunity to expand our reach and attract new customers.
Use Procore for Construction Opportunity Insights
We leverage Procore to identify new business opportunities. This cloud-based construction management platform provides a centralized hub for project data, offering real-time insights into various aspects of construction projects.
Utilizing Procore’s reporting and analytics features, we can systematically analyze project performance, identify patterns, and discern market trends. The platform allows us to assess the efficiency of different processes, track costs, and evaluate the success of specific project types.
The customizable dashboards in Procore enable us to tailor views to focus on key performance indicators, helping us quickly spot potential gaps in the market or areas where demand is rising. This proactive approach ensures that our business stays ahead of industry shifts and is well-positioned to take advantage of emerging opportunities.
Research Companies and Trends with Crunchbase
Crunchbase is one of the most important tools I use to find new business opportunities every single time. It’s a database of everything you need to know about companies, startups, and industry trends. As an entrepreneur, it’s an invaluable resource.
I use Crunchbase to quickly find out who’s new in the market, what’s missing, and what’s going on with funding rounds and deals in a particular industry.
Crunchbase’s up-to-date information and comprehensive company profiles help me stay informed, allowing me and my team to make informed business decisions.
Its easy-to-use interface and powerful search features make it an ideal tool for conducting market research and competitive intelligence, helping us make informed decisions.
As a business owner navigating the ever-changing technology landscape, having such a resource greatly improves our ability to identify new trends and market opportunities.
It has been one of the keys to the success of our company, AI-Product Reviews. It keeps us agile and allows us to quickly take advantage of new opportunities.
To summarize, Crunchbase is a must-have in my business toolbox, helping me make smart choices and stay ahead of the tech curve.
Create Gated Content for Conversion Opportunities
Content offers and conversion opportunities are a great way to determine which people visiting your website are interested but aren’t at the decision-making point yet. These types of content pieces can be gated content such as video series, PDF guides, case studies, email newsletter subscriptions, white papers, and other helpful content pieces that act as valuable resources but require prospects to leave contact information, such as a name and email address, to access.
Not every eBook or case study download will generate a new business opportunity. However, some percentage of those will be interested in connecting further. To determine which are qualified leads, build a nurture track of targeted emails specific to each content offer downloaded.
With marketing automation, companies can reduce the manual effort required to follow up with each lead and can focus on just the ones that respond that they are interested and enter your sales pipeline.