Entrepreneurship In A Box

How to find the gap in an established market

If you find the gap in an established market you are on a half of your long-lasting business success. This is the key success factor in the 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 the remarkable business. A business that creates and offer something different from others on the market.

So, you will need to prepare yourself to be able to see something for your entrepreneurial career. Something that you can provide on the market. Something that no one else provides 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 Can You 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:

In such a way you will know what you can do with the biggest strengths that you own.

2. Find a niche in the existing market where are unsolved problems

You need to find a niche in an existing market where unsolved problems are related to your own strengths. How can you find the niche in the 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:

When you choose the existing market where you want to find the gap, you will need to take following action steps:

Using this approach, you will come up with endless possible niche ideas. These niche ideas are possible places where you find the gap in an established market. If you start with your strengths and get positive feedback from potential customers, you are on the right way to dominate this niche in the market.

Start with the market on which you want to focus your research to find the specific niche.Click To Tweet

3. Copy and improve

Something that can help you to find the gap in the established market is to copy someone else. The idea is to copy something that exists, and offer a better, improved solution.

You will need to research what other businesses are doing on the market at different locations. Ask yourself following questions:

If your answers to these questions are positive, you have something worth to you.

4. Research the trends on the 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.