Understanding Untapped Markets (and How To Find Them)

Josh Goodman is the founder and CEO of PourMyBeer, a next-generation self-pour beverage system. Goodman discusses the many stages his business went through in order to solve a huge issue in the nightlife industry—crowded bars. With over 10,000 taps in 23 countries, Goodman provides valuable advice on how, with the right mindset, a simple frustration can lead to fortune.

About Josh Goodman: Josh Goodman is founder and CEO of PourMyBeer, a leading self-serve dispense technology company providing restaurant operators increased efficiencies and sales, while providing patrons with a better experience. Goodman has been recognized as an Inc. 5,000 award-winner, a two-time Entrepreneur 360 award winner, and a leader in his industry. PourMyBeer has over 10,000 taps in 23 countries, and most recently Coca-Cola European Partners chose to invest in the company. Goodman’s investment in his own technology and his people has provided a foundation for the company’s success.

untapped market. demand that has not been met by an existing product or brand, or a market that could use an existing product in an innovative way. An untapped market is often the impetus for product innovation or customization.

Untapped Market- A Whole New World

Benefits of finding untapped markets

Untapped markets are exciting to many companies because of the opportunity to provide a new product or service with little or no competition from other businesses. This may help the company secure its reputation as an innovator in its field, which can help gain customer attention and respect. Companies may also benefit from untapped markets if theyre hoping to expand their business. This may include expanding their geographic locations, customer base or selection of products and services.

What is an untapped market?

An untapped market is a situation in which there is a desire for a certain product or service, but nobody is yet providing it. For example, there was an untapped market for fast international travel before airplanes became popular. Untapped markets often target new challenges or develop from new innovations. They may also focus on a particular niche market or previously underserved audiences.

In addition to physical products and services, untapped markets can exist online. For example, different news sources may look for untapped markets in reporting or information services. Social networking websites may look for niche markets in connection and social activities. The internet may also help reach communities that were previously untapped for a particular industry. As the scope of the internet continues to expand, so might the opportunity to identify new untapped markets there.

10 ways to find an untapped market

Many strategies for finding untapped markets involve analyzing information that you have in the present to help make predictions and decisions about the future. Here are 10 useful ways to find an untapped market:

1. Study behavioral data

Staying up to date with customer behavior data is a useful tactic for finding untapped markets in your industry. By analyzing this data, you may discover trends that might help you identify current customer desires and therefore predict future markets. You can look at data like website traffic, app downloads or item purchases. You can also look at demographic data like age, location and gender identity.

2. Do keyword research

There are a number of tools designed to show marketers which keywords are generating a lot of views. You can use this to learn more about your target audiences interests. You can also use keyword research to determine which niche keywords generate a lot of results and which do not. The latter group may be a good basis on which to start building an idea, because a niche keyword with few search engine results suggests that not much innovation exists yet in that area.

3. Read blogs and articles

Reading blogs and articles about your field can be a great way to stay up to date with the latest industry news. Knowing what people are talking about, which new tools or techniques are popular and which companies are doing well can all help give you new ideas to bring to your company. You may choose to subscribe to a few relevant newsletters or bookmark your favorite blogs to make this research part of your routine.

4. Assess competitors

It may be useful to look at the products and services offered by your companys competitors to find what items they may be missing. This can sometimes make untapped markets more obvious than when you try to assess your own selection. If you identify an untapped market by looking at the shortcomings of competitors, it can also help ensure that you are the first to bring that new item to the market. This may help you gain respect and potentially win over some of your competitors customers.

5. Ask for feedback

Customer feedback can be a great way to learn about their needs and desires. Consider sending customer surveys, hosting feedback sessions or finding another way to communicate with your customers to hear about what they might like to see improved. You can use email feedback templates to send out personalized feedback requests to large groups of people. You can also offer a lottery style reward to encourage customers to fill out a feedback form or survey.

Direct conversations with customers are a good way to move organically from one topic to another or get into a deeper conversation about a particular topic of interest. You can have direct conversations in person, over the telephone or via online chat. If you can talk in person, you can use your customers tone as well as what they say to make determinations about what is working and what needs are not yet being met.

6. Listen to complaints

Identifying challenges that consumers are facing within your industry can be a great way to find opportunities for new products and services. Consider reading consumer comments directed at your company on social media and review platforms, or even creating an option for them to leave comments on your companys website. This will help you see what customers are saying about you generally. If you find a negative review or a complaint, consider leaving a kind and patient response and making a note about what innovation might help.

You can also look for complaints that are unrelated to your specific company. Social media may be a great place to find customers talking about industry challenges or things they wish they had. Looking through these comments may help you think of a new idea for your own company.

7. Think about longstanding industry challenges

You may also think about what persistent challenges exist within your industry and how you might solve them with a new product or service. This may lead you to innovative ideas, even if its not the ultimate solution to the longstanding problem. This may also help set your company apart as a leader in the industry.

8. Consider tangential opportunities

It can be helpful to begin by thinking about the products or services you do offer, then imagine what additional offerings may work nicely in tandem with them. This may help you develop products that are both new and relevant to your business. For example, if you are the only company in your town that sells snow sporting equipment and you primarily sell skis and snowboards, you might consider expanding into snowshoes and sleds as well. This would be a previously untapped market in your town that is also relevant to you.

9. Look for niche markets

A niche market is a small subset of a larger market focused on a specific set of individuals with specialized goals or interests. While broad markets may have many companies and individuals already working to fill every gap, niche markets often have fewer interested parties. This makes niche markets a good place to start for those looking for untapped markets and exciting innovation opportunities. A few niche consumer market examples are:

10. Examine access

One way to find untapped markets is to consider which groups of people have access to certain goods and services and which may not. You can then tap into a new market by figuring out how to help those who previously experienced access challenges. Finance, technology, housing, education and health care are all examples of areas that have traditionally been easier to access by certain groups of people.

FAQ

What is the most untapped market?

Renewable Energy is still one of the most profitable untapped niche markets out there. There is a large market for energy that is safe for the environment that is also less expensive than fossil fuels. Those who can offer high-quality niche products in renewable energy stand to make a substantial profit.

Is India an untapped market?

In no other country is so great a potential so apparently locked out of reach. India has untapped retail tissue growth estimated at US$12 billion, 4.5 million tonnes. A population of 1.3 billion is expected to overtake China’s in less than 20 years.

How do you tap untapped markets?

  1. Look At Keyword Search Results. …
  2. Identify Problems And Who Is Having Them. …
  3. Talk To Your Customers. …
  4. Consider Indirect Or Tangential Opportunities. …
  5. Partner With Your Sales Ops Team. …
  6. Monitor Sticky Problems. …
  7. Try Things That Didn’t Work Before. …
  8. Be Honest With Yourself.

What is an untapped opportunity?

An untapped supply or source of something has not yet been used. adj usu ADJ n. Mongolia, although poor, has considerable untapped resources of oil and minerals… untamed, unstated, untrained, united.

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