5 Steps On How to Tap Into An Untapped Market
Picture this. A beautiful café built to look like the inside of a library. There are walls lined with literature of all genres. No televisions blaring, no cellphones ringing; just low murmuring or serene silence as people read their favorite novels, poetry or magazines and eat and drink merrily. If you want to take someone out on a date, you bring them to the café; you talk about your favorite books, and behold, the spark!
The technique of recognizing the need in a market of something which has not been discovered yet is tapping into a million dollar plan in a market which has no idea what’s about to hit it. Taking the example, for the millions of people who would rather read than watch TV, are shy and feel better discussing their favorite books, this idea would make millions. Although such an idea has been written on sites such as Tumblr and even shown a glimpse of in movies such as ‘You’ve Got Mail’, why is it that no one has thought to take the first step and dive into it?
Tapping into an untapped market is tricky because you do not know what the reaction will be, but far from taking the pessimistic approach, untapped markets can prove to be a treasure trove for businesses, providing a new customer platform and a glorious future with potential for growth and profits. Humans by nature are always unsatisfied with one aspect in their life, no matter how much is provided to them, which gives entrepreneurs a chance to try their ideas on the public and get feedback on how these ideas can be improved.
Scour the social media
Internet life means everything is online. All moments of happiness, sadness and anger; and this display of emotion provide a large database for us to search in. Daily, people post their life’s shortcomings online, about how things could be better if one thing or another was available. Although teleportation is not yet within our grasp, this need for better things has given a path for many ideas such as ordering online, be it food, clothes or even laptops.
Before social media, the whole world was moving steadily until one man named Mark Zuckerberg changed the course of media history by inventing a way of communicating which people didn’t know they wanted until then. Not only did Mark Zuckerberg give the people a new way of living, but he did so by looking around. People were chatting on AOL or MSN chat but there wasn’t one platform for all. We could not look for our relatives in other countries, make new friends or get information as quickly, but with one platform, all of this became possible.
Listen to the newly rich…
Let’s start on an individual level. When tapping into an untapped market, not only is it important to remember your ethical learning, but it is also important to give the public what they want. The great thing about the newly rich is that they have ideas which one would only dream of if they had a lot of money, and when they do, they want those dreams to come true. Scientists are now experimenting with jetpacks and hover cars, which obviously won’t appeal to a more middle class market, but for those with money to spend, it is an exciting prospect.
On the other hand, on a global scale, it is quite easy to find out who the real economic super power is. The world is changing, and as developing and developed countries beat superpowers like the United States, it is becoming clear that one should seek to cater to upcoming potential markets. The chasm between classes is widening and the new middle class is becoming wealthier as the economy fluctuates. With such a result, entrepreneurs are diving into this gulf of blue oceans.
… But don’t ignore those on a budget
With the rich becoming richer, the economy-minded are becoming more restrained. This market may not be in the mood to buy a new car or a service which requires a large fee, but it does not mean that they do not require an outlet which will help them. Although we may not see the rich on eBay, the target audience for the site is those who want to buy items which they would not be able to afford otherwise. Majority of the world’s population is in the comfortable middle class and not everyone can afford an expensive smart television or a powerful laptop.
Finesse services for the existing market
There are so many ideas, products and services cropping up all over the world everyday that the array of untapped markets ranges from useless ideas to simply ludicrous. However, many simply use ideas which exist for the public and tweak it to make it better. People think of popcorn as only something one should eat while watching a movie, or when they want to lose weight, but when chefs started using popcorn as an ingredient in chicken, meat and even soup, they discovered that the unusual taste appealed to adults around the world. Far from using a gold leaf to make it more appealing, they diversified and enhanced the taste, therefore introducing it as a delicacy. This method is also used in the world of entrepreneurship.
Explore the world, study the ages
Another aspect of finding out an untapped market is study the demographics. Sometimes, the obvious untapped market is staring at us in the face. When we visit a new country, we cannot hire a translator to walk around with us, guiding us on the correct path. Many people face difficulties when it comes to foreign languages, and due to this, apps are being developed which can scan written words and translate them for you, as well as hear the person speaking, and translate in your spoken language for easy understanding. Another example is that quick home cleaners might appeal to homemakers, but it may also appeal to teenagers or college students or even those with a tough job since they wouldn’t have the time or energy to clean the whole house in a short amount of time.
Age is a big factor for untapped markets as well. The idea of a social platform where people would be able to share ideas, artwork, videos and others is not only limited to Facebook. David Karp had the idea in mind to bring together such individuals who were sick of Facebook, and wanted a place where they could share their thoughts without the niggling feeling that our relatives might embarrass us. Thus, Tumblr was born.
Creative thinking is essential when it comes to taking on the untapped market. Along with ideas that are not only appealing but also smart, an entrepreneur also needs to know that settling in a niche market can be as beneficial as finding a market which was undisturbed. Finally, it is important to realize that only we have the power to push our idea forward and making people listen. If our idea is creative enough to garner positive attention, it will succeed.