Find A Gap In The Market. That’s How It Works!

Gap In The Market (1)

In the world of founders, one is constantly confronted with the phenomenon of the market gap. After all, a business idea only works if there is a market for the product or service. But what is the exact definition of the term, and which strategies can help find such a gap in the market and close it in the same step? You can find the answers here.

What Is The Gap In The Market?

To find a niche in the market, one should be familiar with the definition of the term. When talking about finding a niche in the market, what is meant is that there is a need for specific unavailability of a particular commodity or type of commodity. So if you discover a gap in the market and can fill it, there is a higher probability of high sales.

That sounds very easy, in theory. In practice, however, things are a bit more complicated. Since it has to be found where there is an existing demand in the economy for which there is not yet a corresponding supply, this project requires a detailed market analysis. With the right strategies, however, it is by no means impossible to find a gap in the market.

Strategies For Finding a Gap In The Market

There are numerous ways and means to find and close a gap in the market. A mind map can often be used for this purpose. In many cases, brainstorming is also a suitable first opportunity to identify gaping gaps in the market. Certain creativity strategies can also be helpful in the search. In addition, however, there are specific strategies that are particularly suitable for finding a gap in the market. These strategies will be explained further below.

The Copy-Cat Strategy

The first strategy is known as the copycat strategy. At first, it seems strange to copy something to find a niche in the market. However, this strategy is by no means unsuccessful. Especially on professional or private trips in other cultural and economic circles, one quickly comes across business ideas and models that can work in the domestic market but have not yet been discovered. International business ideas should, therefore, by no means be ruled out from the outset. The disadvantage of the copycat strategy is that it is controversial, especially in the startup scene, as it is not based on true innovation but on observing and copying. On the other hand, it is also useful and has previously proven successful since, in this case, it is already clear that the business concept of the given idea may well work. 

Planes potting

The second strategy is plane spotting. This strategy is one of the most popular for finding a niche in the market, as it has proven to be the most effective, and the respective business ideas arose from an actual lack. It is often said: you want to solve a problem? Then found a startup! This is exactly where this strategy comes in. Please pay attention to what annoys you, where a certain product is missing or where a certain service has certain flaws, and find a solution for it. Combining this solution with the appropriate industry know-how and an existing target group, you have already found your market niche. It can also help to survey customers and set up an analysis,

The Positioning Cross

The positioning cross is the third strategy to help find a market gap. As the name suggests, this method creates a cross that defines the performance characteristics of the market in question. Once this step has been taken, it is a matter of sorting the existing products into the respective areas of the cross. The orderly positioning of the products can then be used to successfully see where there may be a gap in the market. An advantage of this strategy is that you can keep an eye on the existing product range in the same step and immediately position yourself compared to other competitors.

Die Blue-Ocean-Strategies

Last but not least: The Blue Ocean strategy. What is striking about this strategy is that, in contrast to the other strategies, you avoid the competition and, in this way, develop a corresponding demand. However, creating a market that no customer knows about is difficult. Nonetheless, this strategy is one of the most popular as it relies on true innovation and creativity. In addition, however, small components of existing products can also be modified. Changes that might not have been profitable at a different time when the market might have looked different.

Also read: 5 Formats For Successful Content Marketing

Leave a Reply

Your email address will not be published. Required fields are marked *