Market gaps are opportunities for your small business. A gap in the market is an area that current businesses aren’t serving. It’s very simple. There is a need (problem) and you fill that need (solution). Every successful business has filled a market gap.
Opportunities and Growth Ideas
If you are looking for growth opportunities market gaps can be amazing sources of inspiration for your next big idea or your next startup business.
Know Your Strengths: It’s not just the right idea you are looking for. It doesn’t do you any good to find a gap in the market that you can’t take advantage of. So before you start to look for market gaps, it makes sense for you to know exactly your strengths.
Start by making a list of your perceived strengths. Use past experiences to guide you. Think about what you’re most happy doing. Think about what you have the most success doing.
Revisit old critiques or performance reviews to pick out anything that might give you some insight. Reach out to colleagues for honest feedback that can help you figure out what specific strengths you could use.
Niche Markets: Small business owners often think too broadly when it comes to the market. However, it is always better to think small when it comes to gaps in the market. The more specific your market, the more likely you’ll be able to target them effectively.
You need to make sure that the market is big enough to sustain growth. It should have many existing products because that shows you that there is demand in the market. There should also be a customer base. Without those things, your niche market is not big enough to support a small business.
Niches markets are also great places to copy a market gap. If you see that someone has successfully filled a gap in the market in one industry, you could recreate that success in a similar one.
Identify Unsolved Problems: Solving an existing problem you will attract more consumers, generate more sales, and your products practically sell themselves.
Customers Can Identify Market Gaps
A very effective way to find those hidden gaps is to ask your potential customers what they are missing in the current market. You can do that by researching industry trends.
Customer surveys may drive you in the right direction. You could also do some research into current customer opinion by simply going over the worst reviews of the competitors. That can give you some insight into what your competitors aren’t doing right and give you the chance to do it better.
Focusing on a market gap also helps you make sure you avoid diving into a market that is already oversaturated. A saturated market is often a dead-end for new businesses.
Make your research, read reviews about market gaps or needs, learn the new trends and tips about your target market. Create a new marketing plan and start your new awesome small business.
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