Explore wealth in untapped markets

drive to discover big opportunities is strong in most of us and people often search for such prospects in already flooded markets.

But the most promising paths usually do not lie in saturated marketplaces but in hidden and untapped places. In the past week, I came across a lot of enquiries on how to start a successful business and what kind of initiatives to consider.

The truth is, I also wanted to gain more insights into the same issue, hence I engaged some successful women and men for guidance.

I also read the recently published book by entrepreneur Dr Divine Ndhlukula titled “Entrepreneurial Success: Insights on Growing Business in a Fluid Economy!”

I am going to put everything together and summarise what I learnt from these experts.Looking for unmet needs and undiscovered potential requires intense research, which many people are not interested in.

Some people view market research as a waste of time.

One of the famous statements attributed to renowned car manufacturer Henry Ford is: “If I’d asked customers what they wanted, they would have told me, a faster horse.”

This remark shows that people do not know what they want until you show it to them. That is why market research is not the only option to rely on.

Our task is to read things that are not yet on the page. Many people fail to understand that the process of reading things that are not yet on the page is another way of conducting market research.

There is power in proper market research, whether it has been done directly or indirectly.

One of the ways of identifying and navigating uncharted territories is to seek unmet needs. Thrive on unaddressed pain points. Look beyond existing solutions and ask questions like: What frustrations do people face every day in life? Also check if there are emerging trends that may be creating new needs.

Do something different. Sometimes it is not really about thinking big; it may simply be about thinking differently. Focus, instead, on the niche markets with specific needs.

For instance, think about old citizens with tech anxiety needing user-friendly devices, or rural communities lacking access to specialised services.

Go beyond demographics. While information like age, income and location is a helpful starting point, try to delve deeper and do some exploration.

Consider other areas like psychographics, where you look at values, interests and lifestyle, just to mention a few.

Also consider looking at behaviour patterns, online activity, purchasing habits and media consumption.

You may also need to look at communities of interest to identify social groups, online forums or common events.

Leverage on data, as this can be your treasure map. Make use of market research reports and industry analyses.

Consumer feedback and focus groups can also be helpful. Embrace excellence by being flexible and innovative.

Experiment with new products and services following your market research.

Adapt your marketing and communication strategies to suit different groups.

Build trust with your audience and educate them regarding the products and services on offer. Balance between pioneer challenges and first-mover advantages, because being the first to introduce something also has its pros and cons.

The same applies with being a follower. Either way, you need to learn to balance between your advantages and drawbacks. Collaborating with like-minded people is also key.It is not about winning; it is about being successful.

Consider partnering with experts in the chosen market for insights and guidance. Build a strong community around your brand to foster loyalty and advocacy. You do not need to be greedy.

Yes, alone you may go faster but with others you get far.

Organisational status

Expert mentality tends to kill collaboration in many organisations. This is because some team members push to be experts or to be the best. In the process of becoming specialists, many of them tend to sideline others without realising that a tree trunk without branches and leaves remains a trunk, not a tree. What makes a tree is the combination of different parts.

I would like to urge management to consider rewarding team achievements compared to individual accomplishments in order to promote unity, harmony and teamwork. Finding wealth in untapped markets requires vision, dedication and willingness to explore the uncharted areas.

With the right approach, the untapped market can be your springboard to success. Embrace the challenge and start unearthing the hidden wealth wanting to be discovered.

Rutendo Gwatidzo is the managing consultant at The Consultancy. She is HUB HR a multi-award-winning leader, consultant, speaker and coach. She is also the author of two books, “Born to Fight” and “Breaking the Silence”. Contact detail: 0714575805/ winningstrategy.2020@gmail.com / Rutendo Gwatidzo_Official Facebook public page