Uncovering Growth Opportunities Through White Space Analysis // A Guide for Mid-Size Fashion Retailers
Over-Reliance on Internal Data
Internal data is essential, but it can be limiting. Without external insights, you may miss out on opportunities that lie beyond your current customer base or market understanding.
Ignoring Market Signals
If your competitors aren’t offering a particular product or service, there might be a reason. It’s essential to validate any new opportunity with thorough market research to avoid investing in a product that won’t sell.
Failing to Adapt
The market is constantly changing, and what works today may not work tomorrow. Regularly revisiting your white space analysis and adjusting your strategy is crucial to staying ahead of the curve.