How can you identify untapped markets for your Industrial Design portfolio?

2 Research existing markets and trends

The second step to finding untapped markets is to research existing markets and trends. You can use various sources and methods to gather information and insights about different industries, segments, niches, and customer groups. For example, you can use online platforms like Google Trends, Product Hunt, Kickstarter, and Amazon to see what products and services are popular, emerging, or missing in the market. You can also use social media, blogs, podcasts, magazines, and books to learn about the pain points, preferences, and aspirations of your target audience.

3 Generate and test ideas

The third step to finding untapped markets is to generate and test ideas. Once you have a general sense of the market landscape and the customer needs, you can start brainstorming ideas for potential products and services that can fill the gaps or create new value. You can use tools like mind maps, sketching, prototyping, and storyboarding to visualize and communicate your ideas. You can also use tools like surveys, interviews, feedback sessions, and landing pages to test and validate your ideas with real or potential customers. This way, you can refine your ideas and ensure that they are feasible, desirable, and viable.

4 Evaluate and select markets

The fourth step to finding untapped markets is to evaluate and select markets. After generating and testing ideas, you need to analyze and compare the different markets that you have identified and explored. You can use criteria like market size, growth potential, competition, profitability, accessibility, and alignment with your strengths and passions to rank and prioritize the markets. You can also use tools like SWOT analysis, Porter's five forces, and value proposition canvas to assess the strengths and weaknesses of your ideas and the opportunities and threats of the markets.