The quest for space

 

The quest for white space

Finding available market space in a sea of complexity and clutter is a difficult skill to acquire. We’re programmed to see what’s there, not what isn’t – unlike, say, artists, who are trained to see and appreciate positive and negative space at the same time.

Business people need to think in the same way when looking at their markets. A new market or ‘white’ space is the key to growing your business. Going head to head with competitors and fighting over the same turf is not, unless you have a killer competitive advantage.

In Blue Ocean Strategy the authors refer to this as uncontested market space – finding a segment of the market that is new or different and tailoring an offer to fill it. Dell did it with direct- to-customer computers and Amazon with books.

What offerings are missing from your market? A good idea is to look at the market and see what people are doing and then design a product or service to help them – so-called needs-based innovation. Most businesses start with a product or idea and then hope to find a market for it. Some ideas are brilliant but never sell.

Instead, find out what your customers want and give it to them.

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