What lies ahead in untapped markets? The potential to identify new markets is vast but knowing where there are holes and how you can fill them is key.
I watched a video about the potential of untapped markets which demonstrated how two brothers saw an opportunity in a new market. One of the brothers, Bertrand explained how they moved from Mexico to the USA. In doing so they also moved from a paper based money society to one that predominately worked with electronic cash. From personal experience he saw the need and demand first hand of needing a way to pay for things but not having the means to do so.
A lot of immigrants did not have bank accounts or have the ability to use alternate financial services. Their idea was simple. It allowed users to pay their bills using reload able prepaid debit cards. This idea gave flight to a concept and company called Netspend. It allowed consumers with the prepaid cards to make purchases online, over-the-counter, and a way to manage their money.
When looking at the hole in the market Bertrand also looked at what the consumers needed and begun to ask whether it should be done and why hasn't it been done before? Something that so many people would benefit from, there had to be a catch as to why there wasn't something like that available already. He answered each of these questions, saw that there was a demand and made a case to push forward with the idea.
Because Bertrand was out of his comfort zone he was forced to look at alternatives for him personally. He saw this as an opportunity to help others in a similar situation. He saw value in serving the under served which led him to thinking outside of the box and putting his thoughts into action. Moving from a one culture to another is hard and this initiative is more than helpful to help ease the transition.
No matter the idea you should always question and find solutions. Is there something that would make life easier, that would make your life easier? Is it such a simple idea that no one has even considered and that could be put into action. Look at all the options and how to best fill the market gap. Determine the need and cater to the consumers. You can learn from your own experiences. Having that first hand knowledge and understanding of what is required can help uncover a market that hasn't been identified before. Knowledge is power.
RM.
A lot of immigrants did not have bank accounts or have the ability to use alternate financial services. Their idea was simple. It allowed users to pay their bills using reload able prepaid debit cards. This idea gave flight to a concept and company called Netspend. It allowed consumers with the prepaid cards to make purchases online, over-the-counter, and a way to manage their money.
When looking at the hole in the market Bertrand also looked at what the consumers needed and begun to ask whether it should be done and why hasn't it been done before? Something that so many people would benefit from, there had to be a catch as to why there wasn't something like that available already. He answered each of these questions, saw that there was a demand and made a case to push forward with the idea.
Because Bertrand was out of his comfort zone he was forced to look at alternatives for him personally. He saw this as an opportunity to help others in a similar situation. He saw value in serving the under served which led him to thinking outside of the box and putting his thoughts into action. Moving from a one culture to another is hard and this initiative is more than helpful to help ease the transition.
No matter the idea you should always question and find solutions. Is there something that would make life easier, that would make your life easier? Is it such a simple idea that no one has even considered and that could be put into action. Look at all the options and how to best fill the market gap. Determine the need and cater to the consumers. You can learn from your own experiences. Having that first hand knowledge and understanding of what is required can help uncover a market that hasn't been identified before. Knowledge is power.
RM.
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