I do not allow our team to say, "We tried that, and it did not work." The team now says, “Let's try it again with the learning we obtained from the last go around.” Candidly, we have had some success by doing this in the new world. Turn over every stone as the landscape has changed. Wajid Mirza, Arthur Lawrenceįorget the rules and what did or did not work yesterday. The second calls for an innovative, R&D-based solution with a lasting edge. Volume suggests that the untapped market is large enough for you to offer an MVP without being driven into competitive wars. Define stickiness by both the volume or size of the market that has this problem and the problem length or duration. It helps to keep a radar out on sticky problems, i.e., enduring industry challenges. Similarly, make sure you’re not going after companies that no longer fit the ideal customer profile. Companies that may not have been a target market six months ago may now be in your sweet spot. Look for signals like employee growth, revenue increases or new funding. Partner with your sales ops team to look at companies who are shifting their business model to thrive in the current environment. Jorge Rodriguez, Claro Enterprise Solutions Innovation doesn’t have to be revolutionary to be successful. The question is how can your existing capabilities or assets be applied in new ways to satisfy demands in untapped markets? Think about how interstate railroads sold right-of-way to telecom companies to lay fiber optic cable and other related facilities. Identifying an indirect or tangential opportunity can be effective. Consider Indirect Or Tangential Opportunities If you can solve that problem, you may have identified a market that you can break into.
You can identify an untapped market as one in which companies are spending their own money to build tools because there isn’t anything on the market to suit their needs. There’s no substitute for conversations with your customers, and those interactions can give you access to valuable insight into their needs.
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