A market gap is essentially an area that your business doesn’t cater to, but is still desired for by customers. What this means is that a market gap makes for an excellent source of inspiration if you’re looking to take your services or products up a notch because they’re voids in need of filling. If you manage to identify the gaps in your market and make use of it, then you’ll find yourself rising above competitors, bringing in more sales and thus making more profits. Here are some ways you can identify the market gaps that your business can be serving right now.
It’s not just about matching any old idea with your business. You need to find ideas that match with your strengths and avoid those that coincide with your weaknesses. This way, you can deliver without fail to your customers. As an entrepreneur, you will realize that your business will certainly excel in some areas. Figure out what those are by going through your past experiences, performance reviews, getting feedback from colleagues etc. This will also help you realize your weaknesses so you’re essentially doing some much needed reflective thinking. When tackling a market gap, you need to first know that you can handle it and not flop because this will have a lot of media backlash on your company, so make sure it’s something that will play to your strengths.
You’ll want to stop thinking so broadly in terms of your customer base and identify a niche market that you can cater to. By thinking so broadly, you significantly reduce the amount of gaps you’re likely to both notice and serve. But by thinking in terms of niche markets, you can apply a solution for one specific target audience to another in the same broad field. This may sound confusing but let’s use an example. Consider clothing. If you serve a market gap in women’s apparel, there’s a chance you can identify a similar gap in tween clothing and likewise come up with a similar solution. You’re getting more work done in the same period of time.
One of the best ways to identify gaps is to talk to the customers themselves. By doing your research, you can get a broad perspective on what the market is lacking right now. Customer surveys can give you more large scale input, but requires more of an effort- the end result will be quite worth it however. You can also put in more research into your competitors- go through some of the worst reviews put up by customers. See if your products are also vulnerable to a review like that and gain inspiration on how you can improve. Once you identify the gap, you can get unsecured business loans from one of Australia’s leading providers and work on bettering your services.
Identifying market gaps is crucial for the long term success of your business. It keeps you relevant in an innovative world where there are always new products popping up at every hour.