Gaps are opportunities in disguise. They are areas that needs to be filled up and in doing so you are making life better for the users of those areas.
Market gaps are opportunities in the market that have not been solved, they are untapped potentials in the market.
A typical example is a company who identified a gap in the Nigerian ecosystem which was the unavailability of an online hotel booking platform. The company, hotels.ng then came into the scene and filled that gap.
Entrepreneurship is pretty much about that,which is finding gap in the market system and filling them; instead of complaining they see it as an opportunity to add value to the market.
Hi everyone my name is Timileyin and in this post i will be discussing with you on how to identify gaps in your niche market for your business because no matter how big a business is,it still needs to improve on it so make sure you send your comments so as to get your feedbacks.
The first thing to look out for when identifying gaps in your market niche is to
ASSESS YOUR STRENGTHS
When trying to find gaps for your business one integral thing to check list is to make sure that the gap you are looking at lies within your area of strength.
Making a decision to harness an opportunity outside your area of strength will only lead to frustration in the long run and it doesn’t even make sense to start at first because eventually you will be wasting your time and resources
One of the first things to do is to make a list of your strengths and while doing that, you can use past experiences as a guide to identify your areas of strength and weaknesses.
You can also reach out to honest friends who can tell you more about what they observed about you in termsof your strengths and weaknesses.
Taking professional aptitude test is another good method for assessing your areas of strengths and weaknesses.
The second thing to look out for when identifying gaps in your market niche is to
CONSIDER NICHE MARKETS
Trying to solve all the problems in the market at the same time will not get you anywhere except you start small by focusing on a niche and solve the challenges there bit by bit.
Niche markets are also platforms where you can identify gaps that has been filled and harnessing it thereby recreating the success in your business.
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The third thing to look out for is to
ALWAYS FOLLOW PENDING LEGISLATION
This is when the government places a legal action on a particular business or a couple of businesses and forces them to make some decisions and to take some steps, some of those decisions and steps could lead to the creation of gaps in that market and thereby providing opportunities for entrepreneurs to utilise.
The fourth thing to look out for are
TRENDS IN THE MARKET
When trying to identify gaps in a niche especially when the niche is an established one i.e there are a lot of entrepreneurs there and most of its challenges seems to have been solved.
A more deep research has to ben done in order to find gaps in the market especially salient ones.
A more deep research into the trends in the market will also go along way into identifying the exposed gaps in that market niche.