Apple launched the iPhone. It is an expensive product and people need to protect it. Some businesses found a gap in the market, they started manufacturing protective covers for iPhone. THis is just one example. As a business, you can conduct market research to identify potential gaps or opportunities in the market. When you are able to identify the gap, you will be able to create products that have high chances of selling.
Identifying potential gaps or opportunities in the market
- Thread starter nomad
- Start date
I agree. Identifying potential gaps is a way of generating business ideas. You can come up with an innovative product which helps to solve nagging little problems. They can be drawer organizer, portable steamer etc.
You can identify a potential gap by looking at the demographic which existing offerings do not cater for. You can then provide tailor made offering for this demographic and you would make money.
One way of knowing a gap to exploit in a particular industry is to understand the current pain points of already existing customers. You can get to know this by meticulously listening to the common complains of customers of that industry.
Someone who is always on the look out for problems to solve, no Matter how little it maybe, that person can never go broke, because you are adding value to humanity thereby making life much more easier for human, so that person must be rewarded handsomely.
Look at common pain points that has people worried, create a solution for them and you would have made a business out of a problem.
