The market in the narrow sense is potential and real buyers. The needs of these people need to be known in order to bring the necessary goods / services to the market that are not offered by competitors. This will help not only to stay in a competitive environment, but also to become a leader in a market niche that no one serves.
Instructions
Step 1
Define market boundaries to focus on a narrow segment. You can work for retirees or schoolchildren; for beginners or professionals; for owners of motorcycles or bicycles, etc. When defining boundaries, base yourself on the market needs that you understand today. In the process of further work, new needs may emerge that you do not expect, as a result of which the market boundaries will also shift.
Step 2
Analyze the proposals of competitors in the direction you are interested in. This is necessary to form an overall picture of the competitive landscape. Find out if competitors are aware of your tactics and if they are doing something to meet the corresponding customer needs.
Step 3
Gather a group of market representatives. For a quick study of the needs, you can contact the right people through contextual advertising to attract them to the site. It is enough to bring 100-200 people who will subscribe to the thematic mailing list.
Step 4
Ask subscribers a simple question, do it immediately after subscribing to the newsletter. The question may sound like this: "What is your biggest problem in …". Promise people to open access to the secret page of the site with valuable information if they immediately send an answer.
Step 5
Analyze the responses and identify the gap between supply and demand. Demand is what the newsletter subscribers told about. The offer is what the competitors are doing. There are unoccupied niches on the border of supply and demand. If people experience some problems, cannot find answers to questions, are dissatisfied with something, and there are no or few offers on the market, you can consider that you have identified unmet needs. But for now, this is an assumption, because you have studied a small group of people and your conclusions are subjective.
Step 6
Test these assumptions by entering the market with a new proposal and see how potential customers react. If they are curious and make test and then repeat purchases, the needs are identified correctly - the activity can be expanded.
