Most of the top entrepreneurs and business people reached their position by finding gaps in the market. It’s all about exploiting a niche, and creating a product that fills the gap. Think about Apple finding a small gap in the market for tablet devices. They shoehorned their way in, and created an entire market that didn’t exist before!
Think about Snapchat who saw a gap in the market for self-destructing images. Both of these companies managed to find a place in a densely saturated marketplace. It’s proof that you can find a gap and exploit it, no matter what industry you work in. The only tricky part is spotting that hole in the first place.
So, how exactly do business owners discover these small pockets of opportunity? Today, we hope to shed some light on this process, and help you find them for yourself. All it takes is one lucrative niche, and you can set your business up perfectly. Here’s how the experts in business do it.
Networking – We all know that in business it’s not just what you know, it’s who you know! But networking isn’t just great for headhunting and new connections. It’s also a fantastic way to get a sense of where the industry is heading. When business people get together, they love to talk about trends and ideas. They talk about new developments and technology. All it takes is one small conversation to spark an idea in your head. You’ll learn about new opportunities or a piece of technology that will open up for you. Networking keeps your head in the game!
Actively look for problems – When entrepreneurs are looking to start a new business, they ask themselves one big question. What problem needs solving? After all, that’s the essence of entrepreneurship, and indeed business! Business owners actively go searching for problems. They look for things that need fixing. What would make your life easier or simpler? What problem stops you from working at your optimum? That’s your gap in the market. Keep your eye open for problems, and ask yourself how you would fix it.
Listen to customers – A lot of business owners get too close to their product and services. Often, they can’t see the wood for the trees. In actual fact, their customers usually know better than them. This is why a lot of companies ultimately crash. Take Blackberry as one major example. The company was unable (or unwilling) to adapt to the changing customer demand. Customers wanted touch screens and smartphones. The smartest companies saw the gap in the market and ran with it. Blackberry, on the other hand, failed to spot this gap, and paid the ultimate price. Look to your customers to see where the market is heading. Talk to them, and get feedback about your product. That’s how the biggest businesses spot the forthcoming trends and gaps.
Stay up to date with business news – The world turns at a fascinating pace. New developments are unveiled every single day. Blink, and you’ll miss the biggest opportunity of your life! Follow the breaking news cycles in your industry, and look out for lucrative new developments. By keeping your eye on the latest industry news, you’ll spot new gaps in the market. You’ll think of new ways to solve problems, and discover new technology to help you. Read trade magazines, and keep up with new technology blogs on a daily basis.
Follow trends – You might think that trends are only for the fashion or music industries. Well, the truth is that trends matter to your business! It’s really important to monitor what your customers are doing. What are they wearing? What technology are they using? What social media sites are en vogue? These trends are important to your business, because it shaped consumer ideology. It shapes how they think about you and your product. If a new trend appears, can you capitalise on it? Every new trend is a new gap in the market.
Watch your competitors – A strong business should conduct competitor research on a regular basis. It’s a good way to get a sense of the entire market. It will also allow you to spot gaps in the market. You can target any areas of business where they’re lacking. Use this as an opportunity to push the industry forward, and dominate that niche. Competitor analysis is also crucial to make sure they’re not exploiting one of your weaknesses. Don’t get left behind if they spot the gap before you!
That concludes our look at the top business strategies for today. In the meantime, browse the rest of the business category for more news and tips.