To have that “aha” moment and realize what your marketing strategy has been lacking is the goal of every marketing department. These moments actually very rarely result from pure luck and are much more likely to be the outcome of careful reflection on carefully selected research data. Therefore, when we discuss untapped brand potential, we don’t just mean trying out a new branding approach for fun. By carefully utilizing cutting-edge brand positioning research tools, customer experience management, and other strategies, untapped potential can be found.
Today, we’ll go over how to use brand weaknesses as a springboard for potential strengths, how to spot growth opportunities in underserved markets, and how to use market research to develop a strategy that will strengthen your brand as a whole.
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Do keyword research.
- Pay attention to emerging trends. …
- Conduct a competitive analysis. …
- Read industry blogs. …
- Look at Google Trends. …
- Do keyword research.
Identifying Untapped Markets
Look for markets where significant populations lack access to the best goods and services as a result of problems with outdated technology. Although education lags behind the others in adoption, financial services, healthcare, and education are all tainted by these problems. Take into account that providing enabling technologies to current players is a quicker and less expensive way to gain market traction. – Joe Hipsky, iraLogix.
It is beneficial to keep an eye out for sticky issues, and e. , enduring industry challenges. Consider both the size or scope of the affected market and the persistence or duration of the issue when defining stickiness. According to volume, the untapped market is sizable enough for you to provide an MVP without being forced into a conflict with rivals. The second requires an original, R&D-based solution with a competitive edge. – Wajid Mirza, Arthur Lawrence.
Examine businesses that are changing their business models to succeed in the current environment in collaboration with your sales operations team. Watch for signs such as an increase in employees, revenue, or new funding. Businesses that weren’t your target market six months ago might now fall into your sweet spot. Likewise, be careful not to pursue businesses that no longer meet the ideal customer profile. – Alyssa Merwin, LinkedIn.
Use any and all data available to understand consumer behavior. Knowing where consumers will consume information and goods is essential to spotting untapped markets before your rivals. Website traffic changes and trends, as well as app downloads and usage, are very telling indicators of what consumers want but cannot find. – Hilary Malecha, Cogo Labs & Link Ventures.
An efficient method for locating untapped markets is to identify unmet customer needs, validate them, and then improve the description of these unmet needs across a range of end clients. You notice nearby and occasionally unrelated unmet needs while out in the field; you must remember and process these valuable pieces of knowledge to focus in on an unmet need that could be the next significant untapped market. – Setu Kulkarni, WhiteHat Security.
It’s critical to understand how to grow or transform your business during uncertain times. However, many already-existing businesses concentrate only on bringing products to market while cutting expenses and raising margins. Surprisingly, they often dont take their customers into account. You should pay attention to your customers and recognize that their current level of satisfaction can change quickly and drastically in order to understand what they want and which marketing tactics are most successful.
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As your business grows, you need to adapt your strategy to meet your changed circumstances. Most important, you should reassess on a constant basis, not only when a crisis hits the economy. Enabling a positive, future-oriented change in your organization will need to go beyond writing long strategy papers. Applying a “design thinking” approach can be one of the best ways to start such processes to prototype new ideas and business plans.
Market research is something you have to do continuously. Otherwise, you run the risk of basing important business decisions on out-of-date information, which could lead to failure. You will also miss out on the newest market trends and, more importantly, lose track of your rivals. MORE FOR YOU.
Evaluating growth opportunities in new markets have to be planned well. Market research is most commonly divided into primary and secondary research. Primary research is all about hearing directly from your customers. Secondary research includes resources such as industry articles, blogs and global analytics from consulting companies that can help you keep up with the latest trends. Furthermore, it is always good to know the kind and volume of keywords users are currently searching for.
What’s the difference between Red and Blue Oceans?
All current markets and industries are represented by the red ocean. Red because intense competition and ongoing predatory rivalry have turned the water a blood red color. As the market becomes more crowded, new and existing businesses compete more ferociously for the meager demand of their customers, which is distributed among all current suppliers. Competition increases and the prospects for profit and growth decrease.
On the other hand, the blue ocean encompasses all markets and industries, even those that do not yet exist. These blue oceans are waiting to be explored because they are undiscovered, unexplored, and unaffected by competition. Due to their size and depth, they present countless opportunities for development. If one is found, it is possible to create a new demand by entering a new market. The chances of growing quickly and profitably are consequently high.
The Blue Ocean Strategy Canvas is intended to serve as a tool for identifying these blue oceans.
Market Size and Trend
You’ll learn how your performance compares to that of the rest of the market, in which segments you are gaining or losing share, and whether you are receiving your fair share thanks to data gathered from Canadian consumers.
FAQ
How do you find the growth market?
- Speak to prospects you’ve lost. or potential prospects full stop.
- Talk to current customers. …
- Competitor analysis. …
- Understand the market. …
- Explore indirect opportunities. …
- Look at environmental factors. …
- Analyse foreign markets. …
- Investigate other industries.
Which market is untapped in India?
India has an estimated $12 billion in untapped retail tissue growth. 5 million tonnes. A population of 1. In less than 20 years, the 3 billion is anticipated to surpass the China’s. One of the fastest-growing economies in Asia, with a real GDP growth forecast of 7 percent 3% this year.
