How to Uncover Untapped Markets Before Your Competition Does

Most salespeople waste their careers fighting over the same crowded prospects. Meanwhile, untapped markets are sitting in plain sight. These are the industries, segments, and territories your competitors don’t take seriously—or don’t even notice. They’re wide open, and they reward the salespeople willing to do the work. On the Sales Gravy Podcast, I spoke with Nicholas Lalla, an economic development expert who helped bring more than $200 million of investment into a market everyone else had written off. His blueprint for revitalizing a forgotten city is the same framework you can use to uncover and dominate untapped markets in sales. Why Untapped Markets Are Goldmines The best markets are often the ones no one is talking about. When the crowd decides a territory is “too small,” “too tough,” or “not worth the time,” they leave the door wide open. That’s where the opportunity lives. And let’s be clear: An untapped market doesn’t have to mean a new zip code. It could be a niche industry your competitors dismiss, a customer population they ignore, or a vertical nobody’s paying attention to yet. If you don’t know much about a market, chances are your competitors don’t either. That ignorance is your advantage—if you’re willing to dig in. The Data-Driven Discovery Method Most salespeople gamble on gut instinct when picking new markets. That’s why they waste time chasing “big name” logos that never buy, or avoiding prospects who look difficult but actually have massive potential. Top performers take a different path. They go where the data points. Before committing to a market, study the numbers your competition ignores: Industry growth rates – Expanding sectors often fly under the radar. Investment flows – Follow where capital is going before sales catch up. Labor market trends – Job growth exposes emerging business needs. Government spending – Public dollars usually spark private demand. Data doesn’t close deals. But it stacks the odds in your favor and ensures you’re hunting where opportunity actually exists. The 100-Conversation Rule Numbers tell you where to look. Conversations tell you what’s real. Don't just study demographics—talk to 100 people tied to the market. Customers. Ex-customers. Prospects who should buy from you but don’t. Even suppliers and partners. Ask them about their challenges, their frustrations, and the gaps they see. Don’t pitch—listen. By the time you’ve had 100 conversations, you’ll know more about that market than your competitors ever will. And you’ll have built a network of early relationships that pay off down the line. Look for Adjacent Opportunities The breakthrough comes when you stop looking for completely new industries and start examining adjacencies. Instead of jumping into foreign markets, identify prospects that connect to your existing expertise. If you sell to manufacturing, explore adjacent industries like logistics or supply chain management. If you work in healthcare, consider medical device companies or pharmaceutical services. Adjacent markets let you leverage existing knowledge while expanding into less competitive territory. The Focus Formula  Most market expansion strategies fall apart because of a lack of focus. Salespeople chase every shiny opportunity and end up spread too thin. The result? Lots of motion, zero momentum. Domination beats diversification. Pick three or four high-potential segments and go all-in. Pour your time, energy, and relationship capital into saturating those markets. That density builds brand recognition, referrals, and trust. Scattershot prospecting creates exhaustion. Focused prospecting creates dominance. Building on Legacy Assets: The Hidden Accelerator Don't ignore what already exists—leverage it. The most counterintuitive insight about untapped markets is that the best ones build on foundations you already have. Your "legacy assets" might include: