Identify the Need Based Gap
As it’s name suggests “Need Based Gap”, it is the gap which is created by circumstances for which the people needs are not getting fulfilled. Its been compromised. If you are real serious to understand, How to Identify the Need Based Gap then you need to be in their shoes. Unless you experienced that pain you never going to fix it. So get into their shoes and experience it before your start your own venture to address that gap.
This “Need Based Gap” business model were existed in ancient times, its not at all a new concept. People were followed those practices long back, where if there is any need for certain products or services, the local owners identified that gaps and created that products to sold it to their customer. It is not always true that you one have to create product or services when there is need for it. There are many successful businesses who created the new products and based on which the market demand created. Best examples would be Apple’s iPhone, iPad. Recently newly developed “Pokemon Go” Game.
As we are discussing earlier that Identify the Need Based Gap requires lots of work and involvements, in that segment. It requires lots of research and brainstorming sessions. Before you get into this, ask yourself what is/are the pain points that you want to address or solve and who are those people? Write down each and every point that come to your mind. This data is going to help you to identify that need based gap. When there is problem, there is a solution for it. Being an entrepreneur you should have that ability to see that solution and convert it into business.
Lets talk about few examples here; how the other successful entrepreneurs identified those gaps;
Before Uber Taxi introduced into the market, we are using the taxi services as a traditional way. As per my personal experience, I had many issues with them like. Poor Services, High Price and Behavioural Attitude and many more. At that point of time we didn’t have any other alternative solutions, so we had tolerated all those pains.
Travis Kalanick and Garrett Camp, owners of Uber Cab identified those pain points (Gaps) among the people who are using the taxi services. They identified as a big gap that need to be address. So to address that issue they created the product called Uber Taxi where they addressed all the issues that people were experiencing while obtaining the cab services. Today most of the urban people have Uber App in their smart phones.
Image Source: www.ibtimes.co.uk
Alibaba.com : We all know, who Jack Ma is, owner of Alibaba.com. During this visit to United States, he was searching for “Beer” online and non of the Chinese Beer Manufacturing company turned up. It was the awkward moment for him as he knew that China is the largest producer of consumable good in world. It was a surprise moment for him and he decided to form an Internet Company, where he is going to allow all the Chinese manufacturers to list their products in his website so that people across the world can see it and order it. He created that platform called Alibaba.com for connected it to the world. Today Alibaba is known for world’s largest B2B platform for all kind of products.
Jack Ma identified that Gap and later on developed a product to fill that Need Based Gap.
Image Source: www.alibabagroup.com
So have you ever Identify the Need Based Gap that need to be addressed immediately and it has huge market potential?