• Home
  • Blog
    • Business Partner Magazine Archive
  • Resources
  • About Us
    • Cookie Policy
    • Disclosure Policy
    • Privacy Policy
    • Terms of Website Use
  • Contacts

Business Partner Magazine

Tips and advice for entrepreneurs, start-ups and SMEs

  • Business Success
  • Marketing
  • Finance
  • Employees
  • Technology
  • Start-up
  • Productivity
  • Communication

How to Identify a Gap in your Market

April 12, 2018 by Guest Post

Click here to get this post in PDF

Too long to read? Enter your email to download this post as a PDF. We will also send you our best business tips every 2 weeks in our newsletter. You can unsubscribe anytime.

Enter your NameEnter your Email Address

business man drawing pie chart

Spotting a gap in the market gives budding entrepreneurs the opportunity to be innovative, which is necessary for business success and growth. Unfortunately, one great business idea isn’t enough to rival the competition, and so companies are forced to continue innovating to adapt in fast-paced industries.

When identifying a potential business idea, it’s beneficial to explore foreign markets to see what types of business models are thriving overseas. Looking beyond your own surroundings and learning about alternative industries, that perhaps haven’t emerged in your area yet can spark inspiration and creativity.  A great example of how manipulating external markets can fuel a great business idea is a price comparison website Compare and Choose.

The company’s founder, Alan Lynch, launched the website whilst living in Australia, after noticing an uplift in comparison sites in the UK. He tells us:

“Whilst the comparison market was not mature in Australia when I set up Compare & Choose, I was initially planning on focusing on car hire, however, I knew that this industry was saturated. Identifying this, I realised that confining the company to one niche would limit the market, so I set out to compare everything from campervan hire prices to insurance policies. Since the launch of Compare and Choose 4 years ago, it has grown to operate on a global scale. 12 months ago, we set up the UK site which is already impacting the market.”

Launching the site in a less-competitive market and gradually expanding into populated locations, like the UK, has ensured continuous growth. Whilst Compare and Choose doesn’t operate with an entirely unique business model, by placing a slight tweak on an already strong market, the company’s founder has successfully answered the demand for a ‘one-stop-shop’ comparison site. Whilst Compare and Choose is still in its infancy, the business is seeing consistent growth and continues to break into new industries, having most recently added a hotel comparison to their rising bank of tools.

Many companies respond to what’s trending to fuel new ventures, as keeping an eye on what’s relevant is key to innovation. If you approach a new market, whilst it’s fresh, you have the potential to reach out to customers at the right time, which is likely to improve engagement and brand loyalty – a critical part of business growth.

Answering to the demand of the market is something that young entrepreneur Stuart Bramley knows all too well. When working in a gym, whilst studying, Stu noticed an overwhelming lack of style amongst members. With a goal to bridge the gap between workout-wear and leisure-wear, UP Clothing was born. Stuart says:

“When I first set-up UP Clothing, I designed contemporary ‘street style’ clothing at a lower price point. However, after receiving customer reviews, it was apparent that this was not in keeping with our consumer values. Taking this on board, we rebranded the company to reflect the ideals of the market. We now offer contemporary designs using high-quality materials and put performance at the forefront.”

UP Clothing offers a perfect example of how companies must continue to adapt to the needs of the consumer, even after pin-pointing a first-class business idea. Listening to customer feedback can help you to better your product or service offering. And what’s more this feedback can often help you to develop new business ideas, to expand your company. Regardless of whether you are looking to launch a new business, or to grow your current venture, identifying a gap in the market is essential to ensure success.

You may also like: Top 5 Tips for Setting Up Your Own Business

Filed Under: Business Success, Data Tagged With: analysis, business growth, business success, customer feedback, Customer Service, USP

Trackbacks

  1. Times Square Vs Piccadilly Circus: The Billboard Capitals of the World - Infographic - Business Partner Magazine says:
    July 9, 2018 at 4:16 pm

    […] You may also like: How to Identify a Gap in your Market […]

  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • Twitter
  • YouTube

Disclosure

We earn commissions if you shop through the links on this page.

Recent Posts

  • What is Correx Board Printing by Banner World?
  • What are Haemotologic Malignancies?
  • While AI makes writing code easier than ever, CodeAnt AI secures $2M to make it easy to review
  • What Are Plant Biology Reagents?
  • Testsigma announces autonomous testing capabilities – ushering in the era of agentic AI

Categories

Archives

Tags

Accounting bitcoin brand business growth business skills business success communication cryptocurrency Customer Service Data design Digital marketing ecommerce Efficiency employees Featured Article finance finances Health and Safety infographic insurance Investing investment legal legal services legal tips Management Marketing marketing strategy Outsourcing productivity property Real estate sales security SEO Social Media software starting a business startup Technology Trading Training website workplace

Innovation in Business MarTech Awards – Best SME Business Support Platform 2024 – UK

Innovation in Business MarTech Awards 2024 UK

CorporateLivewire: Innovation & Excellence Awards – Business Publication of the Year

CorporateLivewire: Innovation & Excellence Awards - Business Publication of the Year

Disclosure

We earn commissions if you shop through the links on this page.

Digital Marketing Agency

ReachMore Banner

Business Partner Magazine

Business Partner Magazine provides business tips for small business owners (SME). We are your business partner helping you on your road to business success.

Have a look around the site to discover a wealth of business-focused content.

Here’s to your business success!

Copyright © 2025 - Business Partner Magazine·

x