How to Identify Gaps Within Your Market
4 Minute read
It is no secret that for businesses to be successful they must be constantly evolving with a focus on future success. This includes regularly analysing the state of their market in search for gaps that represent high growth potential. But, how do you identify gaps within a marketplace that have the potential to blossom into a serious revenue driver?
In order for businesses to identify these gaps, they must be constantly reviewing their capabilities and market offering then comparing this with the current and future state of the market. From there they can ask themselves, how do we make a difference and put the required processes in place.
Review your strengths
Before we look externally, we must first take a look internally. The reasoning behind this is chances are there will be a number of options available, however, they may not be right for your business at that time. Thus, we must understand what we bring to the table and what we are capable of before exploring any gaps within our market.
Start by undertaking a full-scale review of your business’ resources, capabilities and experience. This will give you a good picture of what is realistic, what is considered a risk and what is completely unattainable.
From there, you will be in the best position to turn your attention outwards and start analysing your market to find the right gaps for your business.
Consider a niche within the market
Business owners tend to be big thinkers. They often have a grand vision of how they want their business to look. However, sometimes those ideas or visions are too broad and may need to focus on smaller, more immediate targets. This is the same when identifying gaps within a market.
Identifying niche gaps within your industry is a great way to make something your own and build a solid platform to then achieve bigger things. But, how niche is too niche? Firstly, you must determine if a gap is capable of sustaining long-term growth.
Ideally, these gaps will have a few underperforming products or competitors in that space. This will demonstrate that there is a need for a solution but that the available options are not satisfactory.
Once you have identified one of these gaps, hone in on it and implement the necessary steps to cement yourself as the leading solutions provider.
Solve a problem
At the core of any gap, is the consumers need or problem that is not currently being met in a satisfactory manner. Identifying these issues and then designing a solution will make you the preferred provider to customers, and as a result, your offering will practically sell itself.
At times these problems are right in front of us, we just need to look in the right direction. The best way to discover these hidden problems is to simply ask the consumer or to stay on top of market trends.
By continuously looking around and monitoring your market, you will also avoid blindly jumping into oversaturated niches, thus, reducing the likelihood of wasting valuable resources.
It is important your business is continuously evolving and looking for gaps within your market, or closely linked markets if you wish to create sustainable success. Above are three simple processes that if undertaken on a regular basis can help you stay one step ahead of your competitors and identify potential gaps before they do.
In order to capitalise on these gaps, it is important your business is in a position to identify and then exploit a gap. However, this is hard if your business doesn’t have the resources available, due to lack of time, staff or expertise.
The best way to get around that is by building a remote team in the Philippines with Deployed, whose sole responsibility is to take care of those tasks that are holding your core staff back. This could be anything from admin support, bookkeeping, marketing or web development.
Do not let a lack of resources hold you back, we can help build a remote team capable of helping your business reach its goals. If you are interested in discussing how we can help your business succeed, we would love to hear from you. Get on touch today.