Where are market opportunities for a new product or service? An unmet gap in a category or industry is an inadequately served space. You notice s these gaps if you are paying close attention, listen to consumers and are hyper mindful of what is going on around you.
An unmet gap is those narrow openings where entrepreneurs often stumble upon where they witness an unmet market need.
Business schools teach elaborate and complex techniques for mapping out those opportunities using 2 X 2 diagrams. But so often, it is in the daydreaming and wandering about that savvy individuals see opportunities. For example:
- Seeing how inconvenient it is to get a taxi. (Uber/Lyft)
- Having a spare room in your house that you could rent. (AirBnB)
- Restaurants who sell exclusively through delivery who could share a common ghost kitchens. (Cloud Kitchens)
A gap usually happens at an intersection between two different markets or because a need isn’t adequately filled.
Gaps happen at the connecting point between toys and learning games, where a new product fills a need for both fun and education.
It can be by bringing new users to something that typically serves another demographic like a massage parlor exclusively for senior citizens.
How can you find these opportunities and find an unmet gap that needs filling?
Starting Point
Gaps or market needs are often right in front of us, but we don’t see it. But these unmet needs usually come at inflection points where an existing business fails to meet an essential requirement by a customer. The gap is often in a narrow segment of a company that is unattended and requires attention.
To find gaps, ask these questions:
Failing
Where is a business failing at serving its customers? Maybe they are adequate or reasonable in some business segments, but what part of their products or services fail to create delighted customers? (I wish UPS had a store and they would package what I want to ship)
Ignoring
What niche is no one paying attention to? When you google a few keywords, and nothing shows up, it may mean that no one focuses on this area, and cracks of light might emerge that quietly whisper opportunity. (I wish my dog could run free on my property as if there was an invisible fence around it)
Return to the Past
Some business categories disappeared years ago and are just awaiting someone to refresh an old idea. Think of Pie Shops or Shoe Repair Stores. Gaps from the past might provide glimpses into a new need. (I’d love to shop at an old fashioned neighborhood hardware store instead of those gigantic big box stores)
Listen to the complaints
Do you ever ask friends and acquaintances what they wish someone could do for them to make life easier? Social media allows for many listening opportunities, but sometimes, when you hear a repeated complaining pattern, something isn’t being satisfied. (I wish my grocery store would deliver for me because I hate to shop)
Charity Water and Sweet Alexis
A company in Australia is selling bottled water for charity. Charity: Water is a non-profit that saw a gap in the market. How can you connect our obsession with bottled water with the market to help impoverished communities get clean drinking water? With a little bit of insight and inspiration, they are quenching a need.
Sweet Alexis is a company that saw an unmet gap. The founder realized a need for allergy-free cookies and baked goods. With over 12 million people suffering from allergies, no one filled this gap to focus on this segment. This company was founded by a woman whose daughter had severe allergic reactions to products from birth, and the unmet need was her own. Where could she find products to support her daughter?
A Close Shave
The Shave is a high-end barbershop where they specialize in custom shaves for men. This luxury end of the market was an unserved segment that an entrepreneur decided to clip. They offer memberships as if this was a club, so this gap is at an intersection between a barbershop and a men’s country club. This is a niche that noone was filling as it was a response to the idea that someone could own this moment in the day.
Openings
Not everybody sees the same opening and unmet gaps in the market. We might get so worried about HOW we will do something that we lose sight of WHY’s important reason. Finding market needs isn’t purely left or right brain in nature. It is often blurry and unclear. Yet at its core should be the combination of your enthusiasm plus a few clear data points that illustrated the opening is real.
Open your eyes. Notice. Listen.
Now – go fill a gap.
Need help finding or taking advantage of an unmet gap?
I can help. You can set up a time chat with me about your marketing challenges using my calendar. Our initial conver?sation is free. You talk, I listen. Email me jeffslater@themarketingsage.com or call me. 919 720 0995. Visit my website at www.themarketingsage.com. Let’s explore working together today.
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