How to find the gap in an established market
By Dragan Sutevski |
(Entrepreneurship in a box) Use these four things to find the gap in an established market to become a dominant market player
If you find the gap in an established market you are on a half way of your long-lasting business success. This the key success factor in business world.
Why You Need to Find the Gap in an Established Market
Many
companies want to find the gap in the market. The gap in the market is a
specific area. An area where you can dominate. An area where 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. But, also it is great if you can find a
space where you
will be the unique player in an established market. The
market where competition is low.
If you analyze a specific market,
you can see that most of the businesses are like other businesses. It
is very difficult to find remarkable business. 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
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.
How You Can Find the Gap in an Established Market?
Here are four things that you can do to find the gap in an established market:
1. Start with your strengths
Your strengths
are based on your competence, or knowledge, skills and experience. It
is something that you like to do, and when you are doing it, the outputs
are amazing comparing with other people. Prepare yourself 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.
2. Find a niche on existing market where are unsolved problems
You
need to find a niche on existing market where unsolved problems are
related to your own strengths. How you can find the niche on existing
market with unsolved problems that you can dominate while solving them?
You need to 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:
- 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.
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.
- 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.
Using
this approach, you will come up with endless possible niche ideas. This
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
this niche in the market.
3. Copy and improve
Something that can help you to find
the gap in established market is to copy someone else. The idea is to
copy something that exists, and offer better, improved solution.
You
will need to research what other businesses are doing on the market at
different locations. Ask yourself following questions:
- Is there some gap that with your competences and strengths can be filled?
- What will be extra value for customers if you fill those gaps?
- Are customers from this market ready for improvements you will provide? Can they afford what you will offer to them?
- Is it hard to copy your gap fulfillment from other companies?
If your answers to these questions are positive, you have something worth for you.
4. Research the trends on established market
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.
If you want to find
great gaps, you will need 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.
It doesn’t matter if you don’t
have any knowledge about the market or industry. Even, it is better.
In such a way you will escape any possible preconceptions.
Simply,
research the trends related to marketing, sales, suppliers, materials,
manufacturing processes… All these subjects probably have some gaps
ready to be filled by you.
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