How can companies identify untapped market opportunities?

A key strategy is to understand consumer habits and opinions.

Understanding consumer behavior will allow companies to discover valuable white space opportunities or areas where consumer needs are unmet, according to Euromonitor International.

Data from its Voice of the Consumer: Lifestyles Survey 2024 highlights a shift toward greater emphasis on personal enjoyment. This requires companies to explore what personal enjoyment means for their target consumers in terms of lifestyle and product needs.

Once lifestyle changes are identified, businesses should employ structured frameworks to translate these insights into actionable strategies. 

Effective frameworks include consumer profiling, which involves understanding the target consumer’s characteristics and habits within a specific product or service category; path to purchase, which analyses how consumers shop for products or services, including their information sources and purchasing processes; and usage and attitudes, which explores how consumers use products or services, including consumption occasions and unmet needs.

By leveraging these frameworks, companies can pinpoint consumer pain points and unmet needs, leading to valuable white space opportunities. For instance, a company in the vitamins and supplements sector sought to refine its product lineup by identifying key pain points and areas of consumer interest through online discussions and surveys. This approach guided future product development. Similarly, a global travel company aimed to enhance its online booking experience for families by using a consumer survey focused on the path to purchase. 

Moreover, the survey uncovered how families select travel platforms and their pain points in the booking process, enabling the company to tailor its features to better serve travelers and stand out from competitors.