Understanding Untapped Markets (and How To Find Them)

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.

The creator and CEO of PourMyBeer, a new generation of self-pour beverage system, is Josh Goodman. Goodman discusses the various stages his company underwent in order to address a major problem in the nightlife sector—crowded bars. Goodman, who has more than 10,000 taps across 23 countries, offers insightful guidance on how, with the right outlook, a minor annoyance can result in great wealth.

Josh Goodman is the founder and CEO of PourMyBeer, a top self-serve technology provider that increases restaurant operators’ productivity and sales while improving the dining experience for customers. Goodman has been recognized as an Inc. A leader in his field, winner of two Entrepreneur 360 Awards and the $5,000 Award With over 10,000 taps in 23 countries, PourMyBeer recently received investment from Coca-Cola European Partners. The success of the business is a result of Goodman’s investment in his own technology and workforce.

Untapped Market- A Whole New World

Benefits of finding untapped markets

Many businesses find untapped markets exciting because they have the chance to offer a new good or service with little to no competition from other companies. This could help the business maintain its standing as an industry leader and win the respect and attention of customers. Untapped markets may also be advantageous for businesses looking to grow. This might entail broadening their customer base, product offerings, or geographic reach.

What is an untapped market?

A situation where there is a need for a specific good or service but no one is yet offering it is known as an untapped market. For instance, before airplanes became common, there was an untapped market for quick international travel. Untapped markets frequently develop in response to new problems or new innovations. They might also concentrate on a specific niche market or underserved audiences.

Additionally to tangible goods and services, there may be untapped online markets. As an illustration, various news outlets might search for untapped markets for reporting or information services. Social networking sites might search for niche markets in interpersonal communication and social interaction. Additionally, using the internet could help a certain industry reach previously untapped communities. The possibility of discovering new untapped markets on the internet may increase as its scope does.

10 ways to find an untapped market

Many methods for discovering untapped markets entail using the information you currently have to make future predictions and decisions. Here are 10 useful ways to find an untapped market:

1. Study behavioral data

Finding untapped markets in your industry can be done by keeping up with data on customer behavior. By examining this data, you may find patterns that enable you to determine current consumer preferences and, consequently, forecast future markets. Data such as website traffic, app downloads, or item purchases can be examined. Additionally, you can examine demographic information like age, location, and gender identity.

2. Do keyword research

A variety of tools are available to show marketers which keywords are leading to a lot of page views. You can use this to discover more about the interests of your target market. Additionally, keyword research can be used to determine which niche terms yield a lot of results and which ones do not. The latter group may provide a solid foundation upon which to build an idea, as a niche keyword with few search engine results indicates that there hasn’t been much innovation in that field thus far.

3. Read blogs and articles

A great way to stay up to date with the most recent business news is to read blogs and articles about your industry. Knowing what’s being discussed, what new tools or techniques are in demand, and which businesses are succeeding can all help you come up with fresh ideas for your business. To make this research a habit, you might decide to subscribe to a few pertinent newsletters or bookmark your favorite blogs.

4. Assess competitors

It might be helpful to examine the goods and services provided by your company’s rivals in order to determine what might be lacking. Untapped markets may occasionally become more apparent as a result than when you try to evaluate your own choice. By examining the shortcomings of rivals, you can find untapped markets and make sure that you are the first to introduce new products to the market. This might help you gain credibility and possibly win over some of the clients of your rivals.

5. Ask for feedback

Receiving feedback from customers can be a great way to understand their wants and needs. To learn what your customers might like to see improved, think about sending them surveys, holding feedback sessions, or finding another way to connect with them. To send personalized feedback requests to large groups of people, you can use email templates. Additionally, you can use a lottery-style prize to entice clients to complete a survey or feedback form.

Direct conversations with clients are a good way to naturally transition from one subject to another or to delve deeper into a particular area of interest. Direct communication is possible over the phone, in person, or via online chat. If you can converse with your customers face-to-face, you can assess what is working and what needs have not yet been met by listening to their tone as well as what they say.

6. Listen to complaints

Finding problems that customers in your industry are having can be a great way to discover opportunities for new goods and services. Think about reading customer reviews and comments made about your business on social media, or even consider adding a comment section to your website. This will enable you to learn more about general opinions clients have of you. If you come across a critical comment or a complaint, think about responding in a considerate manner and including a note about how innovation might be helpful.

You can also search for grievances unrelated to your particular business. Social media may be a great resource for finding customers discussing business challenges or desirable features. You might come up with a fresh idea for your own business by reading through these comments.

7. Think about longstanding industry challenges

Consider the recurring problems that your industry faces and how a novel product or service might be able to address them. Even if it’s not the ideal solution to the long-standing issue, this might inspire you to come up with novel ideas. This could also help establish your business as a pioneer in the field.

8. Consider tangential opportunities

It can be beneficial to start by considering the goods or services you already provide, then consider what complementary products or services might be a good fit. This could assist you in creating novel products that are pertinent to your industry. For instance, if you are the only retailer of snowsports gear in your community and you primarily sell skis and snowboards, you might think about adding snowshoes and sleds to your product line. This would be a market in your town that has not yet been explored and is important to you.

9. Look for niche markets

A niche market is a small portion of a larger market that focuses on a particular group of people with specific interests or goals. While many businesses and people may already be working to fill every gap in broad markets, niche markets frequently have fewer interested parties. For those looking for untapped markets and exciting innovation opportunities, niche markets are a good place to start. A few niche consumer market examples are:

10. Examine access

Examining which demographic groups have access to particular goods and services and which might not is one way to identify untapped markets. Then, by figuring out how to assist those who previously encountered access challenges, you can enter a new market. Some industries that have historically been more accessible to certain groups of people include finance, technology, housing, education, and health care.

FAQ

What is the most untapped market?

One of the most lucrative untapped niche markets out there is still renewable energy. There is a sizable market for environmentally friendly energy that is also more affordable than fossil fuels. Those who can supply premium niche renewable energy products stand to make a sizable profit.

Is India an untapped market?

No other nation has such great potential that seems so out of reach. 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.

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?

A supply or source that has not yet been used is untapped. adj usu ADJ n. Despite its poverty, Mongolia has a lot of untapped mineral and oil resources. untamed, unstated, untrained, united.

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