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In this article, we’ll be sharing 5 ways to discover market gaps within an economy, industry, or niche that you can fill through your business. Here they are:
Replicate a Solution from Another Country
Certain products which have become a fixture in the daily lives of people in other countries may not exist in Nigeria. If those items solve a problem similar to something we have here, it might be a good idea to introduce them (or modified versions of them) to the local market. Promoting such items to Nigerians might be a challenge, but you should begin to see widespread appreciation and adoption if you get this right and keep at it.Track Market Trends
People’s tastes and preferences change over time. As a result, their demands are often dynamic. You can take advantage of evolving trends in a market and launch a product or service that catches on to them. If you’re going to nail this, you’ll need to have your eyes on the population you serve and know what they’re starting to like in an offering. When you identify trends early enough, you’ll be able to solve customers’ emerging problems as they arise and gain first mover advantage while at it.Sign up for the Connect Nigeria daily newsletter
Survey Your Customers
One of the best ways to know what your customers want is to ask them. You may do this with surveys that solicit their thoughts on their problems, the existing solutions, and what future versions of those solutions should consist of. The answers they give might provide you with valuable insights that you can act on to develop the ideal product for your customer. And, meeting their needs just as they want will put your business in a good position to succeed.Improve the Quality of Existing Products
Another way to find market gaps is to improve existing products. Perhaps the quality of what’s on offer falls short of what customers need. Maybe they’ve been longing for a step up from that. You can learn various ways to upgrade currently available solutions by engaging users, and by examining the product in question yourself. A thorough review might reveal possible enhancements that would be just right for the present market.Come Up with More Competitive Pricing
You could investigate ways to make a product at a significantly lower cost than what other producers are managing to achieve, without compromising on quality. If you discover material combinations or process efficiencies that enable this, you will be well on your way to delivering your product at a lower price than your competitors.Register to attend the CN Business Mixer
Final Words
When you get good at identifying market gaps, you’ll be better able to come up with ideas for products and businesses that can thrive. Hopefully, this article has plotted out multiple paths that you can walk to make that happen. Follow them and you should be much closer to hacking the Nigerian market.Got a suggestion? Contact us: editor@connectnigeria.com
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