Finding gaps in the market where features and messaging are not fulfilling or communicating your ideal buyer’s wants or needs is key to setting yourself apart from the competition.
The clearest way to identify these gaps is to complete:
Brand, offer, and content audits for your company
Competitor analysis
Prospect and customer research
Gaps in the market are like big ol’ flashing neon signs that read, “Opportunity Ahead!”
Filling gaps doesn’t always include shipping new features or creating a new offer. Sometimes, all you have to do is change the way you communicate features, benefits, and the outcomes your buyers can expect.
Why review the competition?
Rarely do we find any one company in a market doing everything right. Look at your competitors collectively and you often find gaps in the market.
You find where your buyers’ needs are not being met. By anyone. Then, you fill that gap.
This may sound more like market research and not voice of customer or copywriting research. And, it is to a certain degree. But, this same type of research is valuable in finding where the messaging is falling short as well.
Outdated messaging that no longer matches what is important to your buyers will stand out.
Your product features might not have changed, but your buyers’ needs or their perceptions of their needs may have changed.
With the ACTIVATE™ Framework, we gather and analyze data that will identify these gaps before we ever write a single word.
Analyzing data to identify gaps in the market involves a variety of data sources to uncover areas where customer needs are not being met or where opportunities for innovation and differentiation exist.
Here’s the process you can use to identify gaps in the market:
Gather data from a variety of sources, including market research reports, industry publications, customer feedback, surveys, social media discussions, competitor analysis, and sales data.
Clearly define the criteria you’ll use to assess the market. These criteria could include factors such as unmet customer needs, emerging trends, underserved demographics, and gaps in product offerings.
Study market trends to identify shifts in consumer preferences, emerging technologies, and changes in regulations that could create gaps in the market. Keep an eye on innovations in your industry.
Analyze customer reviews, comments on social media, and feedback from customer service interactions. Look for common themes, pain points, and suggestions for improvements that are not currently addressed by existing products or services.
Study your competitors’ products, services, and marketing strategies. Identify areas where their offerings fall short or where they may not fully meet customer needs.
Examine how your target market is currently segmented. Are there specific groups that are not being well-served by existing solutions? Could you create a more tailored product or service for a particular segment?
Consider innovative technologies, processes, or business models that could disrupt the market or provide a unique value proposition to customers.
Look for niche markets that may be underserved by larger players in the industry. These markets might have specialized needs that larger competitors aren’t addressing.
Analyze quantitative data such as sales figures, market share, and growth rates to identify areas where demand is growing faster than supply.
Revisit your customer personas and evaluate whether there are unmet needs or desires that align with your business’s strengths.
Seek insights from industry experts, consultants, and thought leaders who have a deep understanding of the market. They may provide perspectives that you haven’t considered.
Organize brainstorming sessions with your team to generate creative ideas for addressing the identified gaps. Encourage out-of-the-box thinking.
Identifying gaps in the market requires a combination of data analysis, creativity, and a deep understanding of customer needs. It’s an iterative process that involves refining your understanding as you gather more insights and test potential solutions.