Finding New Markets – New Strategies for 2023

One of the most effective ways of protecting yourself and your business is seeking ways to diversify and improve. One way to do this is to investigate new areas of your particular industry niche.

The world of business is in an increasingly competitive place right now, so it is recommended that you really think before leaping into a new area of your industry. That said, nothing ventured, nothing gained, so consider these ideas as inspiration rather than direct advice.

Monetising your own knowledge base

In business, it’s sometimes hard to realise that you can often hold more keys to success than you first realise. You specialise in something, be that law, manufacturing, graphic design or any number of professional services or niches. This means that what you know is only known truly as deeply by others already in your specialism.

This as a fact means that you are among only a certain number of people who have that innate skill set and knowledge that relates to what you do. During the day to day of conducting your business, you pick up nuanced, detailed skills and knowhow that can be valuable to others.

Would it make sense for you to monetise this? Is there a way that you could benefit from this sought after wisdom? For example, could you create bespoke training?

Could your business be seen as a thought leader and are you able to use your present resources to make this happen? This kind of approach often requires no extra investment and can be planned in as part of your team’s calendars.

Think about it, what have you got to offer the wider world of business? What can be done to turn this into another, almost passive income stream? Digitising a tranche of training material and then selling that as a finite resource can mean earning potential. It also means you can sell to a satisfied customer base if what you have is worth it, updating or adding to training every year as a matter of course.

Cutting out the supply chain

So much is made of supply chains going bust or encountering issues in 2023 that it’s worth thinking about the potential that slimming down or simplifying your processes could be. Already pay someone to source your materials, another person to ship them? Could you go straight to the source and work together with the initial manufacturer?

Another way to look at it is, if you can create, process or otherwise manage an aspect of your business that you currently outsource, is there a way to do it better yourself? In the case of a lot of larger companies, having things in-house can certainly help, but weighing up the long-term cost vs the short-term gains might be worth looking into.

Looking into new markets entirely

If your 2023 already feels bleak when it comes to orders, bookings or just business in general, could you seek to explore an entirely new industry or change your business plan to fit with the way the world is turning?

Here are some ideas on things to look out for in 2023:

• Assistive tech – The world is increasingly becoming more populated thanks to us all living longer. As lifespans increase, so does the need for supportive and helpful tech. This could be something as simple as the next generation of mobility aids or it could be something that treats or gives a new lease of life to those suffering with ongoing conditions or diseases. 2023 and beyond will see a rise in the tech sector in this particular niche.
• Events and gatherings – Since 2020 and it’s restrictive nature, more people are putting value on experiences, rather than material possessions. This can be seen by the success of huge music festivals, conventions and places where people feel they belong. Adapting your business towards this highly lucrative market might prove worth it if things continue to go this way.
• Natural health – Supplements, medical aids and ways to improve all aspects of health are of value to the world right now. The increased focus on diet, health and lifestyle and in particular mental health means people are seeking solutions. Could your business help deliver this or become more aware of the needs of potential customers? It’s worth considering.
• Sustainability and renewable energy – As we face a green crisis, one that is taking hold as we speak, the opportunities in this niche are many. Renewable energy is set to continue being a growing industry even if governments legislate less environmentally friendly ways to create the power and resource we need to function. Is there a way your business could meet a challenge that this growing industry faces? If not, could an arm or even a new business be created?

Next steps

Not sure where to head in 2023? Talk to one of our team today.

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