Sponsored 14 March 2019
As a business, you're always looking out for new opportunities to grow. Most of these come from identifying gaps in the market and the one that executes their plan.
With these tips, you can identify potential revenue avenues hidden in the form of gaps in society.
- Are You up to the Task?
Yes, you may identify a gap in the market but are you up to the task? Do you have what it takes in terms of knowledge to take advantage of the gap? Therefore, before you can go in for the kill, take the time to analyze yourself and explore your strengths and weaknesses.
What activity makes you happy? Take a look at your past experiences including performance reviews to guide you through the process. You can also take a professional aptitude test to get an honest opinion about your strengths.
In addition, ask your colleagues about your strengths and weaknesses which may be a crucial pointer when taking on the new challenge.
Focus on Your Market
One of the biggest mistakes small business owners make is to look at broad markets during the initial stages of the business or when experiencing growth. With divided attention, it's easy to lose direction and this can lead to a collapse of the business.
However, when doing so, you also want to choose a niche market which can sustain growth. How does the customer base look like? Is there enough demand for the product you intend on introducing?
As such, it's important to focus on a specific niche and perfect it. This allows you to target a specific market with ease. The best way to go about this is by outsourcing some services through a PEO. If you are looking for the best North Carolina PEO options checkout digitalexits.com
Solve a Problem in the Society
Many large companies have grown to such heights by solving various problems in society. This way, you don't even have to market your products as much because the product or service will sell itself.
One of the easiest ways to identify problems in society is by asking your customers about what they want. What is missing in the market? This you can do by carrying out a survey.
In other cases, there might be a company trying to solve the problem but they aren't doing it in the right way. This gives you a chance at doing it better.
In addition, by focusing on a market gap, you avoid ending up in inflated markets which may spell doom for your business since it'll require twice or thrice the effort to breakthrough.
Over to You
After going through these informative tips on how to identify gaps in the market to elevate your business, you now have a blueprint to guide you through the process. However, the bottom line remains to stick to your niche market and become an authority before exploring other sectors.
Going through adolescence and puberty can take its toll. As we try and navigate the changes that are happening and settle into adulthood, it's easy to be unaware of something that might be a reason for concern, or we may rely on old traditional methods of support that aren't conducive to positive long-term health.
As a society, we have accepted popular over-the-counter medicines that are used for an isolated headache or migraine to be the only line of defense to treat period pain. We have allowed old treatments and information to remain stagnant and thus have failed to evolve with the times. In order for change to be possible, we need to modify our approach and take advantage of and source new information, products, and research while pushing the conversation forward to normalize discussions around menstruation to better support the health of people who menstruate.
As a society, we have accepted popular over-the-counter medicines that are used for an isolated headache or migraine to be the only line of defense to treat period pain.
Between growing up with three sisters and a dad who is a double-board certified OB/GYN and infertility specialist, vaginal wellness has always taken center stage in my house. Through this, I had a lens into a world that overtime became more obviously outdated and slow to establish new tools to help combat the unpleasantries that are associated with menstruation. In my own family, I was able to see how different getting your period could be, how diverse symptoms were, and the importance of quality female wellness.
One of my sisters had the unfortunate experience of dealing with an ulcer related to excessive use of over-the-counter medication. This medicine was the only available option to help ease the pain throughout her cycle, which is a direct example of just how damaging the lack of quality menstrual-pain products can be and the toll it takes on our bodies.
It was hard not to wonder why period companies weren't as equally diverse as its customers. Or perhaps another question is, where is the effort to even have open discussions about what more could be done? As you could imagine, growing up with a doctor in the family lends itself to immediate access to health information, but this is a luxury that most people do not have. So where are the resources to help educate women and other people with vaginas on their bodies or symptoms they should look out for to help maintain positive reproductive health?
Through these observations, it became apparent just how much more could be done to support, aid, and educate women or other people with vagins on reproductive wellness. As someone who took to the trend of CBD to help with my own menstrual cycle symptoms, it had dawned on me that I was already nurturing a solution. I had been sharing my experience with CBD for menstrual relief with my sisters and girlfriends, so why not the rest of our community?
Enter, Maxine + Morgan, the CBD based wellness brand dedicated to using natural ingredients to alleviate menstrual cycle symptoms that I created with my dad Dr. Allen Morgan. When my family and I learned that people who menstruate sacrifice approximately 23 days a year on average worth of productivity because of period-related symptoms, we knew our products could improve that. We created capsules that are GMO free, gluten free, and vegan; all of which are made up using only six ingredients. Turmeric, ginger, cramp bark, valerian root, and fennel coupled with the healing qualities of CBD make up our unique formula that has been scientifically shown to reduce PMS symptoms and cramping. In addition to our CBD-based products, we also have a wellness line of options that are CBD free, which are also undergoing a clinical study to determine overall effectiveness.
In my own family, I was able to see how different getting your period could be, how diverse symptoms were, and the importance of quality vaginal wellness.
We decided early on that we would focus on providing high-quality supplements that fostered an uninterrupted lifestyle while simultaneously investing time and resources to new research and information. Having only been established for a few years now, we have coordinated the first ever clinical study to compare the effectiveness of CBD to popular over-the-counter medicine. We have also created an initiative with the non-profit organization, Period.org to donate funds to help support their amazing cause.
As a program that prioritizes access to information, hygiene products, and resources, we couldn't think of a better group to join forces with to leverage change within the industry. Especially now in the pandemic era, there has been an influx of women who are facing the harsh reality of period poverty. This refers to women who need feminine hygiene products but cannot afford them, which often leads to using toilet paper, rags, socks, or not using anything at all. This is completely unacceptable. Maxine+Morgan is vowing to bring awareness to period poverty and sourcing solutions that help all women feel comfortable, healthy, and strong. Through strategic partnerships, influencing open conversations, and raising money for non-profit organizations we can create a new dynamic and standard.
Maxine+Morgan is vowing to bring awareness to period poverty and sourcing solutions that help all menstruating people feel comfortable, healthy, and strong.
We have set high standards for the quality and effectiveness of our products, but also for who we are as a company. We are dedicated to being allies to the female community in order to foster change, create support, and reinvent how we talk about period health. More times than not, we only discuss our experience around our period when we're forced to cancel plans because our cramps are too painful to leave the house. We have no problem talking about our new skincare routine but shy away from talking about our flow, or what's going on down there. Within the next five years, we're setting our sights on not only being readily available in all major retail platforms that carry your other female wellness products, but creating a new dialogue filled with updated information and dismantling the stigma behind open discussion on menstruation and painful period symptoms.
We're with you, we feel you, we are you.