Identifying and prioritising growth opportunities is a key challenge for any business leader. The right choice can drive growth and profitability. The wrong one can waste time and resources. At White Space Strategy, we help clients make these decisions every day. Here is a clear approach you can use to find and focus on the best opportunities for your business – whether that means entering new markets, targeting new verticals, or expanding into new subsectors.
Start With the Right Factors
Not all opportunities are equal. Start by deciding what makes an opportunity attractive for your business. Most companies use a mix of standard market metrics and factors that matter to them. The most common are:
- Market size
- Growth rate
- Profit potential
- Strength of competition
- Ease of entry
You may also want to include factors like fit with your brand, access to key customers, or strategic alignment. It is important to keep your list focused. Pick five to seven factors that matter most. This helps you avoid overcomplicating your analysis and ensures you are comparing opportunities on what really counts for your business.
See how we helped an automotive client expand in their market.
Build a Scoring Framework
Once you have your list, build a simple scoring framework. If some factors are more important, give them a higher weight. This approach helps you compare different opportunities in a structured way. It also makes it easier to explain your decisions to others in your business.
A scoring framework brings discipline to your decision making. It helps you avoid being swayed by gut feel or the latest trend. Instead, you are using a consistent set of criteria to judge each opportunity. This makes your choices more robust and easier to defend.
Example scoring framework:
Factor | Weight | Opportunity A | Opportunity B | Opportunity C |
Market Size | 30% | |||
Growth Rate | 20% | |||
Profit potential | 20% | |||
Competition | 15% | |||
Ease of Entry | 15% |
Use Desk Research and Expert Interviews
Start with desk research. Look at market reports, industry news, and public data. This gives you a good overview of the market landscape. Desk research is a cost-effective way to gather a lot of information quickly. It helps you build a foundation for your analysis.
But do not stop there. Talk to people who know the market well. Expert interviews can give you insights that are not easy to find elsewhere. These conversations can reveal practical challenges, hidden risks, or new trends that are not obvious from published data. Expert input can also help you fill gaps in your knowledge and test your assumptions.
Score and Compare Each Opportunity
Score each opportunity using your framework. Be honest and consistent. If you do not have enough information, mark it as unknown and try to fill the gap. This step is about being objective. It is easy to get excited about a new idea, but a structured scoring process helps you stay focused on the facts.
Once you have your scores, compare the opportunities. Look for patterns. Are there opportunities that score well across most factors? Are there some that look good on paper but have a major weakness? Use your scores to guide a discussion with your team. This helps you reach a shared view on where to focus your efforts.
Tip: If two opportunities score equally, consider which aligns better with your long-term strategy or where you have a stronger competitive advantage.
Sort Opportunities Into Three Groups
Once you have your scores, sort the opportunities into three groups:
- Just do it: High scores across the board. These are the opportunities you should move forward with.
- Park for now: Low scores or major barriers. These are not worth pursuing at this time.
- Needs more thought: Middle scores or missing data. These need more research or discussion before you can decide.
This sorting process helps you focus your resources. It stops you spreading yourself too thin. It also gives you a clear plan for what to do next. You know which opportunities to pursue, which to set aside, and which to investigate further.
For a strategic perspective on spotting market opportunities, read our blog: How to Spot Market Opportunities
If you need support with identifying and prioritising growth opportunities in your market, White Space Strategy is here to help. We specialise in market entry strategy, opportunity identification, competitor analysis, and more.
Get in touch to discuss how we can support your next move.