How to Avoid the GAP-TRAP in Marketing
Not every business opportunity is a market gap. One of the primary reasons for conducting extra study into marketing gaps is that you may realize that the actual gap does not always indicate to a successful market.
While it may be true that there is a gap in the market, it could be also true that the gap exists because it may not be worth the work and investment it takes to serve the gaps profitably. Some market gaps do not represent enough business to warrant the effort taken to viably serve it.
Different factors can impact market gap viability. Perhaps there may be too few consumers in the gap or likely customers are not willing to pay for whatever solution you may be offering to resolve the market gap.
Another factor that could undermine your market gap potential is that market gap could also be a poor fit for your brand positioning and thus threaten your business health. In other words, your foray into serving the market gap could also be the very thing that threatens your current competitive advantage.
The key to identifying market gaps worth exploiting is in identifying a sustainable niche that you can position your brand in. Market research is the key to not only identifying these gaps but also evaluating how sustainable they can potentially be in the short, medium and long term.