Uncovering Hidden Opportunities: The Guide to Untapped Markets for AEs and SDRs
A framework to find untapped markets, for both job searching and prospecting
I was speaking with a friend who was slightly frustrated with his current role at a startup company. Mind you, the startup is well funded and in AI/ML space. They have good product market fit and the team has been doing well in landing quality enterprise logos.
Not too shabby.
Nevertheless, he was thinking of leaving yet wasn’t quite sure where to go next. His strategy was to reach out to VC firms along with networking. He also had a few inbound opportunities come his way. One company in particular is in the web3 space.
“Have you set up a time to talk?”
“No, Web3 just isn’t a good sector to be in right now.”
“Interesting, what makes you say that?
“Well, crypto is taking a beating, funding for Web3 just isn’t there, and I think it’s better to just follow the money, no?”
“Fair point, but have you seen the surge in projects that are happening in the web3 space right now? The projected size of the market in 5 years? The number of well known brands who are running web3 projects?”
This isn’t to spark debate about Web3, one way or the other. The company provides infrastructure for web3 projects. Given the fact that builders are building and he has an opportunity to be at a company that’s selling the blocks, It doesn’t take much to conclude that is a solid bet.
Initially, he wasn’t even going to entertain a conversation. Below you’ll see what we spoke about to verify whether or not he should explore more and what ended up happening with the opportunity.
Shiny Object Syndrome
As humans, we typically go after the “hottest” or “sexiest” things. Whatever is “in” right now is where the masses follow. For sales people those are the companies in the hottest sectors, or the most prominent logos. In my friend’s story, the underlying data said otherwise.
He would have missed out on a great opportunity with that logic, despite the fact that it was staring him right in the face.
So today, we’re going to cover some ways to find the needles in the haystack and find ways to ask great questions to find the opportunities that no one is looking for.
Look at the data, not the news
Ask questions other people aren’t asking
Go talk to people to verify
Look at the data, not the news
It’s important to keep your ear to the ground when it comes to understanding recent events. But always filter for the hype, whether it’s good or bad. Look at trends in the marketplace. It’s as simple as using ChatGPT or Bard. In this scenario I used Bard in order to drum up some quick research (using my friend as an example):
Or try doing “CB Insights web3 landscape”
Ask Questions People Aren’t Asking
Most people will quickly assume that an industry isn’t attractive because there is a stigma attached to it. Take supply chain for example. Is it sexy? Hell no. Are people talking about it? Not really.
Does it mean that there isn’t money in it? Absolutely not.
Here’s a recent trend that I found from Sapphire Ventures Report:
You’ll notice that supply chain is one of the top priorities for SaaS buyers in 2023. Added to the fact that supply chain is mission critical for A LOT of companies. Which means there is a large TAM (Total Addressable Market).
In the example with my friend, it’s easy to see web3 is not on this list. But, there is utility for Web3 in supply chain. In fact, it can be applied in all of those scenarios that SaaS buyers are prioritizing in 2023.
This is key. You can apply this to your prospecting along with job searching. Whether you’re on the market or are considering your next move. Find trends and draw conclusions on where you can go that other people aren’t thinking about.
With that, you can start validating your hypothesis. Dig into the industries, look up thought leaders. See how one company compares to others. If it makes sense to dig further or investigate do it. If not, disqualify and move on. Once you find that the numbers make sense in a given market, and it’s compelling enough for you, then GO talk to someone.
Go talk to people to verify
I’ve spoken about this a little bit in How to Land a SaaS Job Part II, but talking to people accomplishes two things:
Verifies your hypotheses
Gets you intros to people who can get you in the door
Look up on LinkedIn companies you’re interested in and reach out to people who are in your network and ask for intros. If that doesn’t work, reach out cold. You can reach out to:
AEs who are at a company in the space
CUSTOMERS who might buy your product
Some will respond. I’ve done this myself. You’ll gain valuable insight into whether or not this is a green light for you. My friend did the exact same thing after our chat.
He ended up receiving an offer and taking the job. Initially, he wasn’t even going to entertain a conversation.
This could have easily been a case where it went the other way, that’s okay. But if he didn’t, he could have missed a great opportunity staring him right in the face all because his gut reaction was aligned with “what everyone else thinks”.
If you have questions or need help on this topic, reach out. This can be applied for a new role or even prospecting. Long story short, ask the unconventional questions, you’ll never know where it might lead.
As always, thank you for reading and see you next week.
-Andrew Kobylarz