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Exlore your market potential

Exlore your market potential

A potential market is the sector of the market that you can gain in the future. People may not be buying from you at this time, but could potentially become customers. This audience might buy future products that are not made yet or buy improved products that may be branded more effectively in the future.

Identify your current audience within the potential market. Look outside of your current audience you may look at expanding the group that you already sell to, or find a new customer group that you never considered before.

It’s a good idea to identify the mediums where you can have the greatest effect on both finding and attracting your audience.

Here are three simple ways to identify potential market opportunities:

  • Check your numbers. Explore the history of popular search-engine queries related to your business, but for products or services that you don’t sell at this time.
  • Understand where your new audience “lives.” Use data from the US Census Bureau to identify the demographics to define your target audience. This understanding helps you understand your consumers and to see if a specific market would help you benefit from promotions.
  • Understand the mindset of the generation you’re trying to attract. See what motivates either a younger or older audience to include them as part of your audience. Think of how your business practices could attract the audiences you want.

Exploring new markets will help your business grow. Business owners must be able to focus on their new venture without neglecting their core business. Stay in control of everything without spreading your resources too thin.

In 2011, John Bentley launched his Lancashire-based portrait and landscape photography business FourTwoGraphs. He soon discovered that he was entering a crowded marketplace. “Photography is a very competitive local business, and I realized that to become better established I needed to do something different, and the answer to what that came from my customers,” John explained.

Diversification can open up entirely new market potentials but can be costly. Explore new markets and target customers who may not engage with your brand. Ignoring this group could be a costly exercise.

Market potential and opportunity can give your business the chance to grow and expand, but only if your team appreciates the focus and understanding of that potential.

Advantages of mobile applications for small businesses

Advantages of mobile applications for small businesses

A smartly developed mobile application can help level the playing field between companies of any size. The key to success lies in the quality of the user experience (UX). If a customer has a meaningful interaction, there is a better than average chance they will return to your company’s application. 

Here are 5 key advantages of a mobile application for any small business:
  • Access to the customer at all times – Possibly the greatest advantage is being able to interact with your customers in a truly meaningful way. The mobile app allows the consumer to decide when they are primed for your specific service or product. The user decides when and to which extent they are willing to interact with you.
  • Marketing – Develop a meaningful relationship with the customer. A quality user experience (UX) will allow you to provide an interactive relationship that cannot be developed through other media. Take this opportunity to market not only your product but more your industry to your customer. By providing additional information and resources, the customer will probably engage your application for a longer period of time. More attention directed toward your application can often equal more revenue generated by that customer base. Think of this as a digital version of the free classes provided by home improvement stores. They’ll hire an expert to teach a free class on tiling or plumbing. When class is over, all of the students start grabbing tools and supplies off the shelves. It provides a great ROI.
  • Direct customer feedback – the amount of real-time data gathered by your app has a value that extends far beyond simple transactions. It reaches the very mindset of the consumer. You are able to decipher the specific wants and needs of the user.
  • Craft your product to interact with a specific audience – Most media sources provide a one-sided relationship. Mobile applications allow you can craft an interactive product that targets a finite audience, with a specific interface. No other format allows for such an engaging experience. Creating a truly rewarding user experience must be “Goal #1”.
  • Brand Identity – Crafting your brand requires a labor of love. It takes time and commitment to craft a brand with whom the consumer truly identifies. Your brand includes a living, breathing relationship with your customer. Be sure to respect your customer as you would any relationship. By providing truly remarkable user experiences, your audience will return time and again to your app.

Separating yourself from the competition takes a quality product, planning, and skill. The interactive relationship you develop with your customers will help determine your future growth. Don’t leave that development to chance. Never take your relationship with your customers for granted. The greatest downfall of many companies is to negate their customers’ true wants and needs, in favor of their own vision of the same. Being blinded by your own biases can be a very costly mistake.

Success is built upon many well-measured steps. When you are ready to take your first steps in the development process, contact Colure’s Project Managers to explore your vision of success.

The cost of an instant society

The cost of an instant society

Artificial intelligence (AI) technology is changing society’s expectations of reward and activity. This modification is leading to the creation of an “instant society” – an environment where both reward and access to any information is instantaneous and free.

This new paradigm runs in the face of the human experience, established throughout our history.

AI is experienced through virtual reality video games and wearable technology; it interacts gathering information in real time with Google Home and Amazon’s Alexa. But how do companies and brands deliver content to an instant society? And more importantly…is this “new,” mentality collectively beneficial to that society?

With being able to gather information in an instant, marketers now have to race the clock to get information out to its intended audience. With most consumers having an attention span of about eight seconds, marketers must create content that is straight to the point and memorable. Technology, however, is on their side as well due to consumers keeping up with new technological trends, always reachable 24/7.

This content can be shown on any platform and even compatible with the wearable technology. Content is being created with the consumer in mind and the fact that we prefer to instant access to information and content.

App development, on the other hand, is becoming a second hand to artificial intelligence. Through Amazon’s Alexa, you are now able to pair multiple devices and control things such as lighting and temperature in your own home.

An “instant society” is not necessarily a bad change. According to Brad Smith of politico.eu, “By 2038, a personal digital assistant will be trained to anticipate our needs, help manage our schedule, prepare us for meetings, assist as we plan our social lives, reply to and route communications, and drive our cars. Beyond our personal lives, AI will enable humans to make breakthrough advances in areas like healthcare, agriculture, education, and transportation. We’re already seeing this begin in impressive ways”.

Artificial intelligence is making changes to the medical and health field, as well as technology. Although an instant society seems detrimental to the workforce by taking away jobs, it also creates jobs and opportunities in a different way. App development and the output of content for marketers are being developed in ways that apply to the change of an instant society, as well as the consumer’s needs.

Wearable technology might be a good fit for your company

Wearable technology might be a good fit for your company

Wearable technology isn’t a new concept but is becoming a larger trend in everyday life. In fact, wearable technology is becoming the new gateway for big data by collecting user information in a more natural way.

Products such as FitBits, Apple Watches, and even wearable rings are becoming fashion trends, yet most users don’t realize how much data is being collected. Wearable technology not only presents us with potential risks but also potential rewards as well.

In industries such as health and wellness, entertainment, and outdoor sports, wearable technology becomes a helping hand. It can be your GPS, track your heart rate, monitor your sleep and even keep track of your activity.

Rewards include sending personalized data to the user that can analyze their health and fitness and can even fill in the gaps in patient records. Yet, wearable technology can also present the risk of too much data becoming accessible to companies and the device manufacturers.

As the devices are used more and more, big data will be able to gather more specific information regarding a person derived from wearable data such as the time, duration, and proximity of an activity to other tracked individuals. Combined with demographic information, it can provide crucial and detailed context to each individual interaction.

Data gathered impacts how businesses market their products and how companies recruit talent and motivate their employees.

Wearable technology gathers a new class of sensitive data about people: not only who they are, what they do, and who they know, but also how healthy they are, what movements they make, and how well they feel. With growth and changes occurring in the technology of the devices, security and privacy must grow as well.

While companies innovate independently, there is not a lot of information addressing your data security. Users must be aware of the potential dangers when engaged in wearable technology just as they would with normal devices such as tablets, computers and mobile devices.