January 23, 2016

Gaps in The Market

Business and Entrepreneurship, Daily Writing Blog, How to's and Tutorials for Writers

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I woke up yesterday and had a business idea that would probably make lots of money. What’s more, it was relevant to my education, so it might justify the amount I wasted spent on the expensive certificates on my wall.
I was pretty thrilled… but to include it would probably derail my plans. I was already making 2016 my busiest year.

This morning I woke up with a completely different business idea. This one wasn’t particularly novel, but there’s a gap in the market where I could slot myself.

Here’s the thing…

When you get deep into copywriting, you begin to see things that you wouldn’t have seen before.

  • A terrible website.
  • A company that hasn’t paid for a copywriter.
  • A broken sales funnel.
  • A book writing opportunity.
  • Terrible Customer Service.
  • Over-priced Information Products.
  • Web Searches With No Competition.

Every single one of those is an opportunity. You can offer to help companies or you can build a site and compete against them. You can read a book like I did yesterday and think, “I could do this much better.”

Or, you can just realise ideas that you’ve probably had all your life.
For instance, you might have wanted to be an artist when you were younger. The problem practically all artists have is that they have no business sense and nobody wants to pay money for their work.

If an artist learned how to write copy – and we’re not talking the “making money online” or “diet pills” niches here – they could both sell their work and develop what I’m talking about; the ability to see gaps in the market.

I’m not someone who can paint pictures or do photography to a professional standard. I have a camera, and I can use photography in my work. I’ve got a reasonable ability in Photoshop. But I’m not an artist.

I can identify loads of gaps in the market because there are so many things I can’t do.
Sure, drawing portraits of your teen girlfriends won’t buy you a house in Central London, but you can make loads of money from art. Here are three things I’ve wasted my time on this week that an artist could have done easily:

  • Landing Page /Website Designs.
  • Book Cover Designs.
  • Build a Stock Image Library.

That’s just art in the very narrow “What artistic services does a copywriter need?” niche.

When you learn copywriting, a whole world of ideas opens up across all spectrums.

Closing Thoughts

Another rambling post almost done, but I’ve got to recommend you take action before you go.
Write a sales letter every day.

As I’ve said before, it doesn’t matter what the product is.

You are going to see gaps in every market before long.

Write the pros and cons of everything you look at. There’ll be a lot of cons. Those are the gaps in the market.

When you find a brilliant product, look the company up. Does it have a great website? Do they have a mailing list? Do they do any social media? Could any of those things be better?

Gaps in the market are everywhere.

P.S. Sometimes, the amount of gaps in the market can be frustrating. Check back for tomorrow’s post and I’ll tell you why noticing too many errors can ruin your productivity.

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