How to Identify Untapped Markets

mind mappingRegardless of the business you are involved in, it is very important to evaluate your market and its potential competitors. That is the same thing I did when venturing into pressure washing business. To make it in business, you need to identify segments that may be your potential competitors have missed, or just untapped opportunities that might have been challenging to conquer. To achieve the best market research, you need to assemble a team of employees who work in different departments or sectors and subject them to a set of interview questions to gather data.

Mind Mapping

You need to get a team that is able to think about various uses of your product, and write these uses down. Once they come up with an initial list of what you need done, expound it to list even more specific uses of the product. This means during the evaluation stage, you are probably going to come up with a niche sector that you can dominate with ease. When you have the segments you want to venture in, you have to conduct research to see how good and profitable they can be.

Analysis of Value Propositions

You need to determine who your competitor’s customers are, then create customer profiles according to aspects such as geographic, demographic, behavioral and psychological characteristics. After this, you need to write down the value proposition of your competitors according to cost, technology and service. Then, you have to look at your own value proposition according the similar categories. Evaluate if your value proposition address the needs of your customers.

Pre selling

Pre selling is simply selling before the sale. Making pre sales can be very important as it helps in determining the demand of your product in a narrow niche. You need to create custom branded items or even discount coupons that are tied to a large niche. Pre selling can be very important of you are venturing in a market that you are not sure of customers.

Branding

You need to get everyone shouting your brand as this is the only assured way to grow fast. The first thing to getting branding right is to ensure you choose the right name, elements and logo for your business. Your business caption should be easy to remember and captivating. Get your team to rally behind you to ensure that they promote the components of your brand.

Listen to Potential Customers

It is always very important to listen to what your customers want. The needs and wants of your customers can help you in determining what services you need to offer to them. Clients want service providers to tackle their pain and offer them solutions that release the burden they suffer. When a potential customer gives you insights, you are better placed to understand what to offer for your business. You need to understand that no product is 100 percent ready at initial launch. Work with what you have and improve it. When your business is picking well, think about ways to scale it up.

 

 

 

 

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