Many variables come into play when determining the success of your niche and product. How to know if your niche could be profitable Are there any new technologies or platforms where you can be a first mover? Read the news and technology-focused publications.Are they advertising something that you can emulate? Based on the content and service, can you guess which types of customers they are targeting? Pay close attention to the ads that you see on Facebook.You’re bound to find a feature or pricing deficiency that you can take advantage from. Ask your friends, colleagues, look into your competitors bad reviews on Amazon or Facebook, customer support forums, etc. Following the same line of thought, try identifying problems that people complain the most about.It doesn’t get any more valuable in understanding a customer segment by actually being a part of it. Are YOU currently experiencing any problems in your life? Can you think of any software or hardware tools that can make your day/work a lot easier? Do you have a passion for a specific activity or topic that you like to read a lot about? Oftentimes, building a product that solves one of your own needs can turn out to be a highly scalable solution. Here are some of my favorite ways to find such trends or needs: Even though the market as a whole might have competitors (usually big players), your niche should be relatively untapped and unexplored.Ī niche is an advantage we have by identifying emerging trends and unmet needs. You don’t want to spend all your time and resources making a business just to later find out that the number of potential buyers is small or that the competition is so high that you can hardly make any money.Ī niche is a small but profitable segment of the market in which there are needs that are not being addressed by competitors, thus presenting itself as an opportunity to create a profitable business. And in fact, our untapped niche turned out to be so profitable that within just 18 months we were able to reach customers in over 80 countries and generate over $100k/month in sales.Īlthough our marketing was crucial, finding the right niche was the first step to creating a profitable business and guided our marketing effort.īut finding the right product and the right niche can be a daunting task. But as it turned out, we were able to define and target a clear customer segment with a strong value proposition. When my company Flux Chargers was launched in the Summer of 2015, we initially struggled to break through the noise since we were selling portable chargers, a market that everyone deemed to be “saturated”.
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