Finding the gap in your marketing

Robert Gerrish

At a recent networking event, I was disappointed to find a number of small businesses struggling to find a lucrative market for their product or service.

More concerning still, was the fact that in a couple of cases the struggle had been for the life of the business, not just since the downturn.

Such challenges, while clearly very worrying, suggest to me a lack of pre-preparation prior to the inception of trading.

In our businesses, we have to find the gap for our product or service before we attempt to fill it (or at least have a very convincing indication that the gap really does exist). This is basic stuff, but the truth is when you're all fired-up with enthusiasm, passion and outrageous optimism, you're probably not doing enough looking and listening.

I worry that too many start-ups attach an unreasonable importance to the need to be totally unique and original.

Clearly such a position can do much to get attention and create a buzz, but that does not necessarily translate to sales.

In our business we need to create viability as speedily as possible. Once secure, we certainly become more adventurous and daring.

What we need at the outset is adequate Research and Development (R&D).

R&D is not reserved for the big guys, it's essential for small business and it need not be too difficult.

In a moment we'll explore some tips, but first up let's have a playful look at what R&D isn't:

Research and Development is not about getting support from your family and friends ('Yeah thanks, I know it's a great idea'); nor is it having a line of credit signed off ('Hey, the Bank are behind me on this one!').

R&D isn't you succeeding in getting some free PR ('Wow. This thing is really flying!') and it isn't about getting swarms of people to your launch.

These alone are about as meaningful as a celebrity wedding.

R&D is when we undertake effective research and what we do with what we learn (the development bit). Here are 5 basic Research and Development steps to get things moving:

1. Source, buy and read all the publications that cover your market. Get a grip on what's going on.

2. Look at what others are up to and see if and where your product or service takes things further.

3. Attend all the relevant trade shows, exhibitions and networking events that cover your market.

4. Talk to people. Be very inquisitive. Learn as much as you can about other people's businesses.

5. Don't be afraid to share your ideas and intentions with others, at least in outline. Being frozen by fear that someone will pinch your great idea means you'll be doing zero research. Every failed entrepreneur has a filing cabinet full of great, top secret ideas and the World is still waiting.

Finally and most importantly, be very suspicious if there's nothing like your product or service on the market.  Ask yourself this question and think deeply before answering:

"Is it really because I'm a total genius or could it possibly be because there simply is not a lucrative market?"

Most small businesses succeed by doing what others do, but by doing it better.

Find the gap in the offerings of your competitors and you'll have the best chance of success.

 

More advice

• Read more practical advice on starting a business.

 

• Important information
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