#MarketResearch #NicheMarket #BusinessOpportunity
Have you ever had a genius idea for a business but wondered if it was worth pursuing? I know the feeling! 🤔 I recently had a lightbulb moment for a company idea, and it seems like there’s a gap in the market just waiting to be filled. But how can you really tell if you’ve stumbled upon a golden opportunity?
It’s tough to gauge if your idea is truly unique and profitable, especially when there are a few similar ventures out there. Take my situation for example – there are a few like my idea, but none of them have really taken off except for one with 500k downloads on an app version. 📱So, how can you separate a flop from a success?
Market research is key! Dive deep into understanding your target audience, competition, and potential demand. Look for unique insights and data that could indicate the market is ripe for your idea. 💡Pay attention to customer feedback, industry trends, and even social media buzz.
Think about what sets your idea apart – is it solving a problem in a new way, offering a better solution, or tapping into an underserved niche? 🌟If you can identify a clear USP (unique selling proposition) and see potential for growth, you may have just hit the jackpot.
But remember, success doesn’t come easy – it takes hard work, dedication, and a bit of luck. So before you dive headfirst into your new venture, make sure to test the waters, gather feedback, and iterate on your idea. 💪
So, how can you tell if you’ve found a niche gap in the market worth pursuing? Let’s explore together and uncover the hidden gems waiting to be discovered! 💎 Drop a comment below with your thoughts and let’s spark some brainstorming sessions together! 🚀 #BusinessIdeas #CreativeThinking #Entrepreneurship
Start a waitlist. Drive traffic to it.
Oh. Damn.
First cause of calamity is saying to oneself, “Why aren’t there coffee-pods …for juice!” Because that is not a market-demand-niche. It is a supply-only — fuck customers — mirage niche.
People aren’t looking for niches. They want any lame-ass excuse to launch. There may be important differences in outcome between those two approaches.
[Squeezed out: widely mocked startup Juicero is shutting down](https://www.theguardian.com/technology/2017/sep/01/juicero-silicon-valley-shutting-down) Sure everyone needs a machine to kick their own ass — just try to sell one when the capitalism fairy hands ass-kicking out for free.
Figure out how much to build an MVP. if you can take that number put it in the middle of the floor and burn it and not be ruined build the MVP and see if it gains traction.
Reality is u can spend one billion on research and it might or might not work, or a competition might do the same thing three years later than u, it might work perfectly for them
Jump in my friend, take a leap of faith, what do u have to loose,
Make a Judgment
I don’t have a SAAS project but from my experience of marketing I would say it is mostly about the size of audience. If the audience is small then it is usually not worth it. Let’s say an app for pregnant dog owners that smoke cigarettes
Test it and fimd out.
Who is the end customer?
Who is buying what you’re offering?
Is what you’ve designed a nice-to-have or a need-to-have?
What are they willing to pay? And how often?
What process or feeling/set of emotions is it capitalising on?
It’s all about going out there and talk to your target customers. What they think about your product/service. Do they find it useful? Will they use it?
Then figure out if they are willing to PAY for it. Finding a product useful and willing to pay for it are 2 different things.
You can search for the case study of Buffer, how the founder validated his idea using a simple landing page.
>There are a few like it but none of them are remotely successful except for one with 500k downloads on an app version and that’s pretty much it.
Have you identified why that is?
1- Find out the easiest way to provide the service (even if manually)
2- Try to sell it to one costumer
3- Did you sell it? Was it easy?
waiting list may help you find the right audience and identity the TAM as well
* Research online
* Establish target market/customer avatar
* Go to (online) places where your target audience is
* Ask them if they are interested in a product that would solve that particular problem the product is solving.
try a beta test… market for the product even though it doesn’t exist yet and see if you get any leads.
When I was thinking of starting a business I spent $1K on EDDM (Every Door Direct Mail) postcards advertising that service with a simple webpage and phone number. I got a TON of inbound leads with potential customers… I did nothing with those leads. Just put them on a list.. I went back to the drawing board and built the company/services and then went back to those people 5 months later offering that service
How you find out is by offering a product to that niche and seeing if someone will actually pay you money for it.
You make it. That’s it.
Three Letters.
MVP.