Market Gap or Opportunity
Probably you have heard someone saying he/she has spotted a gap/opportunity in the market and exploited it, and that’s how they made it big beyond your imagination.
Well they are simple referring to the difference between the supply and demand for that product in the market.
A gap/opportunity in the market is an opportunity to make and sell something that consumer-need that supply has not yet met successfully e.g. its not available yet or partial available.
Many gaps are not obvious to anyone but industry insiders.
Identifying potential demand that your business can satisfy with your skills and resources is the first step you should take.
All businesses bridges the gaps in the market, and the following are basic gaps market you’re most likely to bridge.
Market Quantity Gap Opportunity
Consumers want to buy small amounts of products due to limited storage space and funds.
However producers/wholesalers sell cheapest in bulk thus Quantity Gap opportunity exist to perform ‘break-in-bulk’ activities for consumers.
There is opportunity for home delivery, convenient store e.g. Spaza Shop.
Technology is king a here – apps, website delivery bookings, delivery vehicles.
Market Time Gap Opportunity
Your proposed market offering, is something that you can offer instantly or within short lead-time than current suppliers?
E.g. if you’re supplying décor accessories – would it shorten lead-time if you bring your manufacture operation close to your biggest market?
If the answer is YES, you can use the time gap to your own advantage and capture large share of market, even better you might push your competitor out of the market.
Market Information Gap Opportunity
E.g. Information gap activity may exist where learners are missing the information they need to complete a homework task and need to talk to each other to find it – Solution: Online platform/App.
Such information platform/app may include the digital text books, live demo videos and capability of communicating with each other instantly or live.
Market Ownership Gap Opportunity
Gap Opportunity & Solution: Home & Car Ownership, you can position your business and use your specific Industry to bridge the gap and make possible to make an informed decision when it comes to these big ticket items.
Market Value Gap Opportunity
A value tells prospects why they should do business with you rather than your competitors.
It makes the benefits of your products or services crystal clear from the outset.
When a product is sold to a consumer, the seller determines the value of the product in monetary terms and communicates the perceived value to the consumer.
This means that the price that the consumer will pay for the product must be aligned to the value that the consumer believes the product is worth.
The seller and the buyer’s perceived value of the product must be equal if not that create value gap.
Gap Opportunity & Solution: property developers mostly offer standard kitchen product, but customers want specific and unique product that they value highly and can pay higher price e.g. you can offer custom made kitchen features and products according customer specification and needs.
Gap Opportunity & Solution: Ride hailing (Uber/Bolt) offer value through timely pick up and better experience than local taxi operators.
Market Space Gap Opportunity
Simple put - exist because the product and consumption of products are most likely to take place in different geographical locations e.g. product made in China but Consumed in South Africa.
Gap Opportunity & Solution: online and catalogue shopping then order and deliver.
Gap Opportunity & Solution: stocking products inadvance & warehousing and deliver on demand.
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