This involves market research, which many businesses carry out on an ongoing basis since it is a fact that things change. Customers change the way they shop, and something that was very in fashion today may be out of fashion tomorrow and if you fail to keep up with the times you can be out of business very quickly. Take Blockbuster video stores for example. What a huge business that was.
But it didn't see the companies offering TV shows, movies and Sports to view online will flourish, and when it did, it went about trying to overcome the problem in entirely the wrong way because its' uk email lists managers didn't understand what customers wanted. It is always necessary to keep an eye on what your competition is doing, but even more necessary to look out for additional opportunities. As an example, look at big giants, whose toothpaste was struggling in the late 1990s.
The company move into adjacent areas in the same marketplace with teeth whitening and brushing. It used the same channels to reach the same customers and reached over $200 million in sales for each of the new products in less than a year. It achieved this by using market research to establish what sort of products those same customers would like to buy. This is one way of keeping an eye on the market and expanding your business by moving into areas outside the original.