Right now, your marketplace has unmet needs. That may not sound particularly exciting.
But it should.
Why?
Because when you provide what they need, you gain a powerful advantage over all of your competitors.
It’s easier than most small business owners think
Unmet needs are usually easy to find. That’s because your clients or customers will tell you what they are.
Here’s a quick example.
I met with the owner of a successful, small accountancy practice. She focused on serving independent, local retailers. During our first ever meeting, I asked if any of her clients had requested something that her practice did not currently provide. She said that clients would occasionally complain that they wished accountants opened earlier. Her practice, and all the others in her area, opened no earlier than 8:45am. Her clients explained that even if they got the earliest meeting slot, they would have to open their store an hour late. That costs them valuable trading time and money.
I suggested the accountant trialled opening her practice an hour earlier, 2 days a week, for 8 weeks. Then, we would measure the results. She agreed, and had 4 of her team available from 7:45am. It became apparent almost immediately that the new opening times were extremely popular. These early slots were always the first to get booked. After 4 or 5 weeks the accountant started getting new clients from referrals; when her clients told other retailers about the earlier opening times. After the trial period, the early opening was made permanent and extended to 3 days a week.
By the time her competitors figured out what was happening, my client already owned the retailer-friendly chunk of her marketplace.
Is it always as easy as that?
No. Sometimes it’s even easier and sometimes it’s a little trickier. But it’s never particularly difficult.
The challenge is figuring out how to provide the unmet need. You have to find a way that’s both effective and sustainable for you.
Is it worth a try?
Yes, definitely. The upside when you get this right can be huge.