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Starting, Research and Validation

Market Research for Small Businesses

Market research has a reputation for being expensive, slow and academic. None of that is true for a small business. This eBook gives you a working method you can run in a week, with nothing more than a browser, a notebook and a willingness to read carefully and ask a few good questions.

Members ebook7 chapters 35 minute read
Chapter 6

Finding a Real Gap in the Market

How to spot a genuine gap by combining demand, competitor and customer signals - and how to tell the real gaps from the imagined ones.


Most owners want to find a gap in the market. The phrase has been worn smooth from overuse, but the underlying idea is right. A real gap is where decent demand exists, current competitors are not serving it well and a small business of your shape could realistically step into the space. Finding one is harder than it sounds, partly because gaps that look big in your head often turn out to be tiny in the real world, and partly because gaps that look obvious to everyone usually aren't gaps at all.

By the time you reach this chapter, you've gathered the four ingredients: demand signals, competitor patterns, review language and direct customer conversations. This chapter is about pulling them together to find the genuine gaps and dismiss the imagined ones.

By the end you'll have a shortlist of two or three candidate gaps, each one tested against a simple checklist, and a clear sense of which one is worth pursuing first. You'll also know how to spot the kinds of false gaps that have cost a lot of small businesses a lot of money over the years.

The full chapter covers the gap-finding method, the four-question test for whether a gap is real and the three most common false gaps to walk away from.

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