Whether an existing company or a budding business, breaking into a new niche requires a lot of homework. Thorough research of markets, customers, pre-existing problems, unattended needs, use of sales force, and knowledge of your special skills would lead to success. Here are the main aspects a company may consider to establish itself as a commercially viable business.
Effective Ways to Identify an Untapped Market for Your Business
- Customer-centric approach: Using available data on customer behavior, observing and serving the customers’ needs will turn up where one should venture to provide them with what they are looking for. Interacting with customers would provide insights into their needs; Alongside observing where companies are putting in their own money for building tools as none are available would lead you straight to the untapped niche; Look at what keywords are being searched. When the keyword or idea is common, the search is expected to return plenty of results. But when the required product or service is not around (unmet), the search will throw next to nothing, signaling potential; Relentless refining and redefining the description of the customers’ unmet needs is most desired when in the field. Minute observation and understanding of the unfulfilled needs of your customer, which may be unrelated then, could be later used to fill that void.
- Considering indirect or allied opportunities: Existing resources should be used to fill a gap in a new segment. Full use of the sales team to dig into the fields will help determine how companies are shifting their strategies to thrive in the current environment. Looking for signals like employee growth, new funding, or revenue increase will be very helpful in spotting new openings. These are clear pointers for growth opportunities. A vertically allied field will be an easy diversification and the next step in expansion. Think of a product or service that would serve as a related by-product to your present business. Think about this beforehand. For instance, consider the Singapore market carefully before a Singapore company formation.
- Monitoring problems that are complex and nagging: Analysis of the volume, market size, and problem duration and then finding a way to tackle these issues would require less work and a ready-to-plunge-in sector; Here, opting for a challenging road that looks rough will tell you that there have been fewer inroads by competitors. In a scenario like this, there is more potential to tap into a brand-new niche as it has not been dealt with in the past by any other player. This would increase the company’s probability of success.
- Trying newer ways that didn’t work before– Even if a similar approach has been tried and failed, it does not mean it wouldn’t work with a few refined edges the next time. While looking for opportunities, be honest with yourself regarding your present resources, skills, overheads, and existing capabilities. Also, asking the question, ‘is this the best opportunity for growth in the given environment?’ will benefit. Before committing yourself, find out what are the basics that may need ironing out in your current company as far as risks go;
- Finding partners– If you stick to your original business plan and modify it as you learn about your customers’ needs, refining your approach would help set a new ball rolling. Finding someone with specialized expertise to partner with would provide the edge needed to succeed. But be sure to team up with an entity that is not your competitor, and to bring on board someone who complements your skills by adding his own to the final set would be ideal. In addition, someone with a clear understanding of the new market would be a feather in the cap as the insights and experiences will benefit your overall business performance.
When in the land of opportunities, it is always suggested to explore markets, predict trends, and interact intensely with the customers. Using the keys above, setting up a new business venture in new spaces would be relatively easy for an already established business house. Moreover, the country’s laws have been termed business-friendly for new entrants, and the government officials are very cooperative and welcoming.