Is there a gap in the market for a new idea or the business just need a gap analysis?
Many companies aim to find the gap within the market.
That gap could be identified as a specific area.
An area where a business can obtain the so much sought after competitive advantage
Analyzing a specific market, we can see that most of the businesses offer and positioning within a given bracket are more or less similar.
How can the Gap in an Established Market be found?
Here are four 🔑 (key) steps to evaluate if there’s a gap for penetration in an established market:
How strong is the idea?
Strength are based on competence, knowledge, skills, and experience.
• Listing the most important strengths.
• Describe all the strengths listed in the previous step.
• List things that can be achieved depending on those strengths.
• Relate strengths and the things that can be done with possible problems that can be solved for other people.
With this exercise will be easy to highlight the goals that can be achieved with the biggest strengths that the business possess.
Finding a niche in the existing market where are unsolved problems
Finding a niche in an existing market where unsolved problems are related to the business strengths.
How can we find the niche in the existing market with unsolved problems that the organization can dominate while solving them?
Market focus on which the business wants to add value is the first step towards finding the specific niche.
The best markets that are worth focusing most likely will have:
• High demand for the solution of the problems.
• Many existing products and services solving such problems.
At the end Let’s do a gap analysis
A gap analysis is an examination and assessment of current performance for the purpose of identifying the differences between the current state of business and where it would like to be.
It can be streamlined into a few key 🔑 questions:
• Where is the business now?
• Where do wish the business were?
• How is the organization going to close the gap?
Conducting a gap analysis can help improve the business efficiency, the product, and the profitability by allowing the management to pinpoint “gaps” present in the company.
Once it’s complete, the team will be able to better focus the resources and the energy on those identified areas in order to improve them.
A gap analysis template visualizes the difference between reality and target for the organization, making it easy to show employees where there is still room to grow.