A Guide to Spotting Gaps in the Market

The success of any business depends on the ability to spot gaps in the market and come up with a creative solution. In this blog post, we'll discuss how you can find those gaps and use your creativity to build a successful new product or service.

#1 - Listen Carefully

You can learn a lot by making a conscious decision to listen more carefully to your customers.  For example, maybe customers are complaining about the price of your product. If you listen carefully, this could be an opportunity for you to find new ways to lower costs and provide a more affordable solution without affecting the quality of your product or service.

It's also important to keep your ear to the ground when it comes to new trends and shifting expectations.  If you can anticipate changes in the market, you'll be in a much better position to capitalize on them.

#2 - Monitor the Competition

If another company is dominating in your industry, consider what they're doing right and try to find a way to do it better.  If you can give customers what they want better than the other guys, your business will be in a good position to succeed.

This is why it's important to monitor your competition closely and keep up with their marketing efforts. If they're doing something new, find out how you can do it too.

#3 - Look at Foreign Markets

If you're feeling stifled by the lack of opportunity in your current market, consider looking at foreign markets. Sometimes there are big gaps in the market that haven't been filled yet, and it's up to you to capitalise on them.

However, it's vital that you do your research first. Make sure that the cultural norms and business practices in these new  markets are something you can replicate. If it's impossible to make the product in that country, or if they don't have a big enough market for your business to thrive there, then this probably isn't the solution you're looking for.

#4 - Identify Unsolved Problems

Some of the best business ideas come from people who identify problems in their industry and create a product or service to solve them.

A great example of this is Airbnb, which identified a problem that people all around the world face: having to pay for two homes when they're only using one of them. By creating an online marketplace where homeowners can rent out their unused rooms and travellers can find affordable accommodation, this company has been able to grow quickly and expand into multiple countries.

When identifying problems in your industry, make sure to keep an open mind and look for those that affect a broad audience of people.

#5 - Work with a Consultant/Advisor

Working with the right consultant or advisor can be extremely helpful when it comes to identifying gaps in your industry and coming up with creative solutions.  It pays to have an outside perspective - especially when it's someone with a considerable degree of industry acumen.

#6 - Focus On Your Strengths

Don't be afraid to focus on your strengths when looking for gaps in the market. This is a much better strategy than simply trying to copy what other companies are doing.

When you're laser-focused on what you do well, it's easier to come up with unique solutions that will set you apart from the competition.

For example, Uber became the go-to ride hailing service in many countries, which then allowed them to expand and become one of the highest performing food delivery apps, too.

Summary

As we discussed in this article, there are a few key strategies you can use to identify gaps in the market and come up with creative solutions. In order to succeed at any business venture - from running a brick-and-mortar store to selling products online - it's vital that you stay ahead of the curve by identifying opportunities before they're gone.