You recently saw Elon Musk’s tweet of him giving away free bitcoins and feel that what is it exactly that he’s doing to be this successful. You fire up your laptop and start researching and congratulations! You have just been motivated to become the next successful billionaire, but as you go down that road, you begin to think as to what exactly you can do to achieve this dream of yours, and feel lost….
Well, this is where we come into the picture. You see, many businesses fail to prove to be a breakthrough due to a lack of proper market analysis of the business plan. You want your business idea or plan to be the next big thing but to do that, you need to identify the gap between the markets. Now the next question you might ask is….
What is a market gap?
A gap in the market is a business opportunity. It’s when you’ve identified something that customers need, but isn’t currently available. This could be unique, an improvement on an existing idea or a way to introduce something to a different market.
Now you would ask yourselves how you could identify such gaps, and how you could capitalize on these opportunities. Below you would find ways to a proper market analysis of the business plan by identifying these gaps and integrating them into your business ideas.
Charity Begins at Home
In order to successfully identify the gaps and enforce a proper market analysis of the business plan, you need to first analyze your own current situation as to what you feel is lacking that could be made readily available to you and the people around you. It could be something for which you might have to travel a great distance to get. Or something that would make your daily life a little bit easier. It doesn’t need to be a new and unique idea, just an ease of access also could reduce the gap helping you earn and succeed.
The Customer is always Right!
It is never easy to accept criticism or to accept when things are going wrong, but sometimes, it is necessary to just listen to the ugly truth. Now it could seem a bit hasty to question your steps and methods but remember, you are not the end user of your product. You need to factor in the opinions of the consumers and the general public to improve your product every now and then to stay competitive and relevant. You can see that large corporations often pour in millions of dollars into rebranding their product as “new and improved” in order to stay at the top of the game by having a proper market analysis of their business plan. Therefore, identifying the gaps through market research and public opinion is a key element to reduce the gap and have a successful business.
It’s No Shame to ask for Help
Being a lone wolf sounds great in movies but in the business world, you need people! You need a team of people to help you grow and expand. Although team work makes dream work sounds cliche, it is actually essential for enhancing a proper market analysis of the business plan. It is clear that no business can be self-sufficient, and it would cost time and money to learn new skills and to train yourself. Many technical skills now are readily available at cost-effective rates which could actually boost your business and would help in reduction of the identified gaps. Outsourcing has now really helped businesses focus on their core areas rather than technical. Search for areas you can outsource at a cost effective rate as this will be a major way to incorporate a proper market analysis of the business plan.
Being ahead of the game is mandatory these days as there are amazing inventions being poured out into the market on a daily basis. Therefore having a proper market analysis of the business plan and how to successfully incorporate it can only be done through identifying the right market gaps.
Very informative blog