Many small businesses and startups thrive by identifying market gaps and leveraging the opportunities to beat competitors. According to Alex L.J, many companies fail to regard market gaps as opportunities that cost them and slow down their growth. The digital transformation has paved the way for more businesses to establish their services, but this has given way to saturation in the market. With everyone offering similar services, differentiation is crucial, and one of the best ways to achieve that is through identifying gaps in the market.
Alex L.J is the founder of L.J GROUP SRL, a company that started with just him and a laptop at home and has since grown into a successful and essential thriving business. Alex began his company at the height of the pandemic when everyone was struggling for survival. Alex explains that he managed to thrive because he took time to identify gaps in the market before he began working on and launching his business. L.J GROUP SRL was created by Alex L.J as a way to aid Europe in its time of need and help its government agencies receive crucial medical equipment that was in high demand but low supply. Today, the business that was created to serve an urgent niche need has developed into a highly profitable and established company that brings in close to ten million euros a month through the sale of essential protective masks, nitrile gloves, and COVID tests.
The L.J GROUP SRL distributes these indispensable items to international groups, government agencies, private companies, pharmaceutical distributors, and supermarket chains. Through this vital work, The L.J GROUP SRL has become a part of an important global industry that is constantly in high demand.
According to Alex L.J being the first to cater to an area that the current market isn’t serving will make you a pioneer and help you to gain headway over your competitors. Every successful business continuously reinvents itself by identifying gaps in the market and providing solutions to these industry issues. Alex L.J put this concept into action when he chose to step up as the pandemic was shutting down companies and conceive and provide a solution. Alex quickly identified a crucial gap within the market and filled it with his company’s previously mentioned distribution of nitrile gloves, both ffp2 and ffp3 masks, and essential covid tests.
Alex explains that the best place to start for every business looking for growth opportunities is to identify gaps that can serve as an excellent source of inspiration and the next big idea as this helps you to assess and build your strengths. To do this it is essential to start with a list of what is offered within your industry and then determine what is missing and how to fill that void.
Alex believes that once you learn how to identify and address gaps in the market, you will become unrivaled and your success will be guaranteed.
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