This Gap you insight into what your competitors are not doing right and give you the opportunity to do better. By focusing on market gaps, you avoid jumping into an already saturated market can also do. After all, new businesses often come to a standstill when the market becomes saturated.
A Gap is a business opportunity. That's when you've identified something your customers need that isn't currently available. This could be something completely unique, an improvement on an existing idea, or a way to introduce something to another market.
A product opportunity gap is when there is a gap between what is on the market and the potential for new products due to emerging trends. An entrepreneur can determine if there is a POG by considering the three factors such as social trends, economic strength, and technological progress.
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Finding gaps in the market is important.
This gives you insight into what your competitors are not doing right and gives you an opportunity to improve. Focusing on market gaps can also help you avoid jumping into an already saturated market. After all, a saturated market is often a dead end for new ventures.
Niche is a business opportunity. When you've identified something your customers need that isn't currently available. This could be something completely unique, an improvement on an existing idea, or a way to introduce something to another market.
How do you perceive gaps in the market? Here are six ways to identify gaps.
Monitor trends in your specialty. ...
Getting feedback from customers (and listening to it!) ...
Evaluate your competitors' products and set yourself apart.
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