You may have heard of Andrew Vorster, an innovation catalyst. He has this saying, which I find so true.
He says, "Just because there is a gap in the market, doesn't mean there is a market in the gap."
The idea behind this quote is that just because there's a gap in the market, doesn't mean there will be demand for your product or service.
This is really important to realise when pitching for a business. Just because you have identified a gap in the market, doesn't mean that your product or service will sell to said gap.In order to successfully pitch your idea, it's critical to recognise whether there is an actual demand for what you're proposing.Finding a niche in the market is all well and good, but it's not enough to pitch an idea - you have to establish whether there will be demand for your product or service. Not only should you do research on other similar products or services, but also find out about what your customers want.It's also important to recognise whether money can be made from a product or service, and how it will be sold.
This will determine the size of your market, whether customers or clients are willing to pay for it and how much they'll be willing to pay.