How to find gaps in the market: 8 important steps

New products are constantly being launched to consumers, and often we find ourselves wondering: who really needed that? Some innovations might seem unnecessary, but they highlight an essential lesson about finding gaps in the market.

Brands often look at the market from their own perspective, seeing uncharted territory as a chance for first-mover advantage, without figuring out if there’s a real demand. This approach can lead to unnecessary products that fail to meet consumer needs.

Identifying gaps in the market should always focus on the consumer’s perspective. Understanding what your target customers genuinely need, rather than just aiming to be first, ensures you create a viable business that meets real market demands.

Here we’ll explore how to find a market gap that’s worth filling. From analyzing industry trends to decoding consumer behavior, we’ll show you how to develop a brand-new product that taps into the unmet needs of your customers.

How to identify market gaps

Let’s talk about market spotting before we jump in. If you want to identify opportunities for your business and fill a potential gap in the market, there are a couple of things to keep in mind.

First of all: why is there a gap in the market in the first place? If it were worth it to tap into it, why is nobody taking advantage of it yet?

This question isn’t an answer in itself: sometimes other businesses may have spotted the gap, but simply lack the resources to stay ahead.

Second of all: is filling this gap in line with something your business is already good at? Aka: do you need to make any major changes to jump into this new market, and is that viable – and worth it?

Once you’ve looked at these two elements, you can start taking a closer look at the gap in the market you’re interested in.

Here are some important steps to follow:

1️⃣ Conduct a complete competitor analysis
2️⃣ Analyze your own business and consumer feedback
3️⃣ Tune into consumer trends
4️⃣ Get feedback from your target audience
5️⃣ Monitor consumer sentiment on social media
6️⃣ Keep track of industry laws and compliance
7️⃣ Consider international market expansion
8️⃣ Attend industry events and webinars
9️⃣ Validate your ideas through research and concept testing

1. Conduct a complete competitor analysis

Goal: Understand where your competitors fall short so you can identify opportunities that actually matter to buyers.

Start by mapping how your closest competitors operate. Consider their:

• positioning
• core features
• pricing
• messaging
• commercial model

Then stress-test it: Where are they strong, where are they under-serving, and which segments are they ignoring?

A structured SWOT analysis makes this faster, but keep it grounded in buyer reality, not what’s technically possible. “We could build this” is not the same as “people need this”.

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Look for patterns: Consistently low G2 sentiment in a specific feature area, slow response times on support, hidden pricing, or confusing UX.

These give you directional signals on where value is missing, and where your product could create a real point of difference next.

💡Pro-tip: If you want to hit the ground running, start with our market analysis template and make it your own.

2. Analyze your own business and consumer feedback

Goal: Find internal blindspots that might be creating missed value for the customers you already have.

The gap is not always in the market itself. Sometimes, it’s in your business.

Start by doing a thorough market analysis of your business performance through the lens of your buyers: What do customers consistently praise, complain about, or request more of? Where are you overserving? Where are you underdelivering?

Then, compare this with commercial outcomes like usage data, churn drivers, NPS themes and support tickets to see if perception aligns with behaviour.

💡Pro-tip: Using top market research services can provide valuable insights into what your existing customers need to help you to identify potential market gaps that can be addressed with deliberate improvements.

3. Tune into consumer trends

Goal: Stay close to how demand is shifting so you can spot opportunity before competitors do.

Don’t just start looking for gaps in the market when business is slow, or you feel like a new product would boost revenue.

Constantly staying updated with the latest market trends is essential if you want to stay ahead. Make sure you always have a toolbox on hand that enables you to quickly recognize trends, and act on it.

Platforms like Attest’s help you monitor trends in your industry and in consumer behavior.

By examining what your target audience is talking about, what your competitors are doing and how your customers feel about your current offering, you’ll be the first one to know if there are any gaps in the market that your existing products or new features can address.

💡Pro-tip: Want a quick start? Check out our industry report on 2025 consumer trends.

Practical tips for tuning into trends

There are, of course, countless trends out there. Some will stick around, but a lot are just fleeting. So how do you determine from your data whether something is a viable commercial opportunity?

Lean into AI and machine learning

• Use advanced analytics to predict trends based on large datasets.
• This approach helps you identify subtle shifts in consumer preferences early on and look into the future, rather than just focusing on what’s happening now.

Combine multiple data sources

• Integrate and cross-check data from different tools and reports to get a comprehensive view of market trends to make sure you’re not missing any critical insights or misinterpreting any data.
• And make sure to use a mixture of primary and secondary data—not just secondary data—using primary data that is tailored to your objectives will make it exponentially more valuable to you.

4. Get feedback from your target audience

Goal: Turn real customer input into product decisions that actually land in the market.

Often, the best ideas for features and product improvements come straight from your customers. Make them an active part of your innovation process.

Use tools like Attest to regularly gather fresh sentiment and understand what your buyers care about right now. Their perspective gives you real clarity on what creates value and what does not.

As a best practice, use a combination of direct interactions, surveys and focus groups to get the best insights.

In those interactions, focus on what your target audience really wants, so you can design products that truly resonate with them, and turn customer feedback into a roadmap for success.

💡Pro-tip: Looking for inspiration? Check out these examples of consumer research done right.

5. Monitor consumer sentiment on social media

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Goal: Surface unprompted signals that reveal frustrations and emerging needs before they show up in formal research.

Social platforms are an extremely useful source of raw, unfiltered feedback. People talk about products, experiences and problems in ways they would not always share in a survey or a structured interview.

Social listening tools help you monitor these conversations at scale and spot early signals that point to unmet needs, emotional drivers or pain points that competitors have not solved.

Use these signals as a starting point rather than a conclusion. When you see a pattern in complaints or curiosity on social platforms, take that theme into structured research.

Follow up with market research surveys and interviews so you can validate whether those observations hold true across a wider audience.

6. Keep track of industry laws and compliance

Goal: Spot opportunities that emerge when regulation shifts and creates new needs that are not yet being solved.

It’s often overlooked because it’s not necessarily the most exciting type of market research, but sometimes the law is simply the best place to start looking for gaps in the market.

If you monitor legal news and are the first to know if any new legislation is coming up, you can ensure compliance by preparing your products quickly.

Make sure your team stays updated with industry knowledge, federal legislation, and pending legislation to spot opportunities for innovative solutions.

7. Consider international market expansion

Goal: Find out if the gap you are looking for exists in another country even if it does not exist in your home market.

If there’s no gap in your current market, have a look at expanding into international markets. You could deliver your existing product to fill a gap abroad to meet new customer needs and expanding your customer base.

When you take your brand abroad, make sure you fully understand the nuances of international markets.

This allows you to spot market gaps that might not be evident in domestic markets, and could make your product a viable business on a global scale.

💡Pro-tip: Check out our guide on international market analysis to start it off on the right foot.

8. Keep an eye on industry events, webinars and online communities

Goal: Learn what other experts are thinking about so you can spot gaps being surfaced in real conversations.

Talking to other people in your industry is often a great way to find out what gaps are being explored by others.

Industry events, webinars and online communities are great for keeping up with market trends and spotting new business opportunities.

Networking with industry professionals can give you fresh ideas and insights into potential gaps in the market. Do make sure to validate your findings with solid market research, and don’t just act on hearsay.

9. Validate your ideas through research and concept testing

Goal: Confirm that your idea actually solves a real problem before you invest in building it.

Before launching a new product or feature, validate your ideas through thorough research and concept testing. This ensures that your solutions meet market demands and are set up for success.

Creative testing helps you refine your product ideas and gather feedback from potential customers, making sure that your new features are well-received by your target market.

💡Pro-tip: Ready to get started ? Try out our product research survey template.

Examples of gaps in the market you might find

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When looking for a market gap, keep your eyes open to the different types of gaps that can exist.

They might not always seem super obvious, and people tend to go into this type of market research with some bias or assumptions. Knowing that there are different types of opportunities to look out for gives you a competitive edge. Here are some to consider.

1. Simplified versions of complex products

It’s not your lack of skills: tech products are getting increasingly complicated. Which also means there’s a growing demand for simplified versions. Consumers often look for products that strip away unnecessary features and focus on core functionality.

For instance, some users might want a smartwatch that only tracks steps and doesn’t include advanced health metrics like heart rate or stress levels.

Another example could be clothing items, where customers prefer a simple design without extra frills or complicated elements.

Filling this type of gap addresses user pain points and offers a straightforward, user-friendly alternative to over-engineered products.

2. Sustainable alternatives

With the increasing focus on sustainability, there’s a significant opportunity to create eco-friendly versions of products that are traditionally seen as unsustainable.

Or in some cases: products or services that people are just finding out are harmful to the environment.

For instance, a green web hosting service caters to businesses and individuals looking to reduce their carbon footprint. Other examples include biodegradable phone cases or eco-friendly office supplies.

These sustainable alternatives meet customer demand for greener products and enhance your brand’s image as environmentally conscious.

3. Business versions of consumer products (and vice versa)

Sometimes, there’s a clear gap for a business-oriented version of a consumer product, or a consumer version of a traditionally B2B product.

For example, project management software often designed for businesses could be simplified and marketed for personal use, helping individuals manage their tasks and schedules more effectively.

Conversely, a consumer product like a smart home security system could be adapted for small business use, offering features tailored to business security needs.

Identifying these cross-market opportunities can open up new customer bases and increase your market reach.

4. Products for emerging demographics

As demographics shift, new market gaps emerge, and so do new target customers.

Products designed specifically for the needs of aging populations, such as user-friendly tech gadgets for seniors, or products aimed at the growing market of young urban professionals, like compact, space-saving furniture, can meet specific needs.

5. Customizable and personalized solutions

There’s an increasing demand for products that offer customization and personalization.

Consumers want products that can be tailored to their preferences, such as customizable meal plans in subscription boxes or personalized skincare products based on individual skin types.

Take a look at products you use daily and think about what personalization would

Find a market gap with the right tools

Finding a gap in the market is the first step to business success. The second one is validating it with consumer research for a new product.

With Attest, you get access to the tools that help you do just that, plus a dedicated research expert to turn your project into a success. Curious to see where market research can lead your business? Get in touch today.