Finding Gaps in the Existing Market.
The gap in the market is a specific area where you can dominate. Many companies want to find the gap in the market. An area where there are small possibilities for someone else to exceed your domination. If you succeed to find a niche where you are the only one, then it is great for your entrepreneurial career. Also, it is great to find a space where you will be the unique player in an established market. The market where competition is low.
It is very difficult to find remarkable business. If you analyze a specific market, you can see that most of the businesses are like other businesses. A business that create and offer something different from others on the market.
So, you will need to prepare yourself to be able to see something in your entrepreneurial career. Something that you can provide on the market. Something that no one else provide until now. It doesn’t matter if it is a product or service, your total offer, or extraordinary customer experience. You will need to differ from other players on the market. Here are four things that you can do to find the gap in an established market:
Your strength is based in your competence, knowledge, skills and experience. It is something that you like to do, and when you are doing it, the output is amazing. Strengthen yourself by taking the following steps:
- Create a list with your most important strengths.
- Describe all the strengths you have listed in the previous step.
- List the things you can do depending on those strengths.
- Relate your strengths and things you can do with possible problems. Problems that you can solve for other people.
- In such a way you will know what you can do with the biggest strengths that you own.
You need to find a niche on existing market where unsolved problems are related to your own strengths. How can you find the niche in existing market that has a gap which you can dominate?
- Start with the market on which you want to focus your research to find the specific niche.
- The best markets that are worth your focus will need to have:
- When you choose the existing market where you want to find the gap, you will need to take following action steps:
- Look again at your strengths and interests. Try to find a relation with the market and problems that companies solve on that market.
- High demand for the solution of the problems.
- Many existing products and services solving such problems.
- Lots of easy to find customers.
- Competition that you can easily beat.
- Make a list with the specific problems that aren’t currently solved and you can solve them.
- Make a list the specific Improvements of current problem-solving processes.
- Test your conclusions from previous steps. Ensure that you test with potential customers on the market you choose.
Use this approach to find endless possible niche ideas. The niche ideas are possible places where you find the gap in an established market. If you start from your strengths, and get positive feedback from potential customers, you are on the right way to dominate the niche in the market.
If you want to find great gaps, you will have to do deeper research in a specific area. While you are researching, try to find as much as possible things that are not so obvious to other people. Research the trends related to marketing, sales, suppliers, material and manufacturing processes. All these subjects probably have some gaps ready to be filled by you.
You can find amazing gaps in established market researching different trends there. We are moving rapidly forward. The same is true for all established markets. The technological and economic forces are changing over time. You need to take this into account.
It doesn’t matter if you don’t have knowledge about the market or industry. In this way, you will escape possible preconceptions. I have always emphasised on the importance of having a good website for your company. A poorly designed website can repulse people from your business and can cause you to lose customers before you even have them. Get in touch with HyperEffects to work on creating, enhancing and making the website of your company more user-friendly.