Gaps in the market are opportunities for you if you have a small business or you are just starting a new business. Technically a gap is an area or a place where the business is not serving. for example, if we take the example of Netflix and amazon prime initially, they provided movie on rent, but later on, they filled the gap of live streaming and now you can watch movies and series through live streaming. Another example is of whole foods it filled the gap when customers and people demanded to have organic fruits and vegetables in one place so they did it they found this gaps in the market and filled the gap by getting all organic and natural products at one place from where the people can buy easily and later on they became successful in business. Today whoever is successful in their business by only finding gaps in the market and in other words, we can say it an opportunity for them.
Finding Gaps in the Market for Market Growth
If you are starting a small business and you are looking for success and growth opportunities, then gaps in the market are the best of inspiration for your next business idea if you are having any.
1) Find your strength –
It is not about only the right idea. You must find out the right person with the right idea. It will not give you any benefit to only find the gaps in the market from which you can’t take any advantages.so it very important to know your strength before you start looking for market gaps. You can know your strength by using any of your experience like in which business you will be good at, what are the products that have demand in the market .you can take the help of your friends and colleagues for proper feedback which will help in knowing your strength. If you are able to find your strength then check whether you can use it in your business.
2) Consider doing niche markets-
Owners of small businesses think very widely about the markets. But it will better if you think small if you want to find gaps in the market. If you are specific about the gap, then you can target it more effectively. First, you should be sure about the market is big to sustain growth. There will be many products that are already present in the market from which you can know what the demand for the product is. Then you can easily know who all your potential customers are. Without all this information market niche will not be able to support the small business.it is also a place where you can copy gaps in the market.
For example, – we can take an example of women’s clothing. If a certain design has been a success in a women’s clothing, then try to apply it on children’s clothing if it became a hit on the market, then your business will be a success.
3) Follow proper legislation –
Many times industries and businesses have to go through many changes due to various legal reasons. In these changes, many federal and state legislation can create different gaps in the market. They can change the entire process of setting up a business. Fortunately, if you can identify this type of situation coming or can forecast it then you can identify numbers of gaps in the market very easily and can grab a business opportunity and take full advantage of the situation. You should be well updated about the legal laws to set up a business. You can also create alerts in Google where you can receive emails regarding changes happening in the rules of setting up a small business.
4) You can find out unsolved problems-
If you are trying to find out the gaps in the market because you have a proper business plan, then it’s obvious that the problem persists in the market, and it’s not solved yet.so solving the problem with your new business will give you more customers and if you are getting more customers, then your product will automatically sell in the market.
Customers can help you to find gaps in the market
The best and straightforward to find gaps in the market is to ask the customers. What are the facilities they are missing in the market, what are facilities that should be there in the market which will be helpful? In other words, we can customer will help you to create a successful business. You can also do it by yourself by researching the industry in which you are going to start your business. You can also go through customer feedback and the reviews online about the product that will give a brief idea about what are the facilities or the things that your competitors are not providing and it will give you a chance to provide that facility to the people or customers. Market gaps also alert you about a saturated market. It will keep you away from this. A saturated market is often called for business, so you shouldn’t enter in that business that has already been saturated.
Do some research on established markets.
You can find several gaps in the market which have already been established by researching various ways. As we all know that economic forces and technology is changing rapidly. If you want to find gaps, then you should do research deeper and deeper in a specific area. While you are doing research, just try to find out things that are very small but very much important to customers, which is not there in the market. You should worry that you don’t know how to research the market. You can take it in a positive way like it will reduce your preconceptions. You just have to do a simple research in sales and marketing, manufacturing process, and suppliers. You will surely find a gap in these things.
How can you make Small Business More Successful?
If you want to make your small business more successful, then you have to take care of certain things which are very important. You should remember one thing that if you are investing in a business, then it should be for the long term.
1) Provide proper customer service-
Customer services very important if you have a small business or you have just started your business. According to research, 50 percent of customers will not do business with that company if they got bad service response.it takes many positive customer service responses to make your business successful while it will take one negative review to stop the growth of the business. You should provide customer service better than your competitor if you do this, it will be growth opportunities for your business. Responding to emails and voice mails promptly from the customers is an important factor. You should make a certain improvement in return policy, which is not there in the market.
2) You should make the proper word of mouth –
If you are doing business in a big urban area or in a small community here, the most important factor is doing word of mouth. Many customers and people do online research about the reviews of the business before they go shopping. So you should build your reputation accordingly to get success in business. You can do it by doing charity and also by supporting various social causes in the locality where your business is established.it helps in creating a name for your business and also help in business growth.
3) Marketing is an important way to be successful-
If your marketing strategy is good, then it helps you with the increase in your sales. There are many ways to do marketing where you don’t have to spend much.
- You can create and use a promotional kit that will not be that expensive.
- While giving an invoice, you can make a promotion on that.
- If you are opening a business, then you invite the media and also people from the charity which will be a good boost for your new business.
- You can provide free classes and workshops on the products and services you are giving.
- You can do cross-promotion and also develop a partnership with your complimentary business.
- You can provide free samples of your product to customers, and you can also use the strategy of cold calling.
4) You should have an online presence in the market –
As we know that today digital work on an online basis. So before you start a business, you should build a website that should be professional and the website should open quickly and should be easy to navigate. The website should include what your business deals with how to contact you. These things are very important for small businesses.
Your website should include –
- The logo of your company
- We should have details information about the product and services you provide.
- The location of your company.