Finding gaps in the market 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.
Whether you start a small business or are looking for opportunities for growth in your current business, market gaps can be tremendous sources of inspiration for your next big idea
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 utilize.
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 be 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.
The fifth thing to do is to:
To replicate the business gap of someone else
The easiest way to imitate someone else is to find the gap in the market.
The original US Netflix was replicated by LoveFilm, and Gumtree copied Craigslist and moved both business models from the US to the UK.
You should study what other people are doing in different countries (or other cities in the United Kingdom) to figure out what void you could fill in where you are. Ideally, you want to do this before something you’re copying is commonly written about, otherwise you’ll find a bunch of other people all doing the same thing, all releasing at the same time as you, and all targeting the same gap in the market.
The sixth thing to do is :
BRING HOME THE WORLD
You may be visiting a country and finding something amazing that you absolutely can not get back to your home country. This could be real Italian gelato, so you decide to start a business selling that particular ice cream and importing it from Italy.
To get inspired, you need to look beyond your town / country etc. and see how the rest of the world operates. You can travel and study what companies in different parts of the world are doing especially well, and find out why. You can then look at starting a similar business and see if that business is going to operate in your climate.
Gumtree replicating Craigslist is a brilliant example of taking an idea from outside and making a company out of it in your home country. Craigslist is a US-based advertising website, Gumtree is basically the same company, but it is based and operates in the United Kingdom
The seventh thing to do is:
BRING IN A TWIST
For reinvent your business you don’t have to come up with original ideas, you can draw on existing ideas and put a spin on them to make them your own and exclusive. Uber is one of the biggest companies that had taken an idea and made it their own. This company took the transport providing model (taxi) and put a unique twist to it, which is possibly why the business was so popular.
Uber allows the customer to order a taxi through an app while allowing customers to monitor their driver and the time it takes to reach the customer. The innovative company is multinational and the leader in its industry, because Uber’s ceo, Travis Kalanick, found the perfect gap in the market.