Find a Market Niche

If you find a market niche, this is a great business opportunity. Growing within a niche is often easier because you can better target your customers.

Ways to Find a Market Niche

  • Pain Spotting: Find the problems/difficulties of a particular group
  • Digitization: Find process steps of business that can be digitized
  • Copy Cat: Copy successful ideas and twist them:
    • Look for services or products that work in other countries
    • Or which work in other business branches
  • Customer Journey: Look closely at the whole journey of a customer with a product or service. Where can the process be optimized?
    • For example, Airbnb optimized parts of the process of finding accommodations
  • Meta Layer: Can you add an additional level/layer? Examples:
    • Combine the results from different search engines or APIs
    • Compare portals that make comparisons:
      • Individual hotel websites β†’ Portals for finding hotels (e.g., β†’ Site which compares different hotel portal sides

Start With the Best Markets and Niche Down

Markets for which people always spend money:

  • Wealth
  • Relationship
  • Health

Niche it down several times, for example:

  • Wealth β†’ Travel β†’ Long-distance travel β†’ Vacations on the Maldives (example service: Custom recommendation for islands based on individual preferences)

Find a List of Niches to Get Inspired

For example, for SaaS: Micro Saas Idea Archive

What’s Next?

Check out further methods: πŸ“šTeach Me The Top Methods

Last updated: June 10, 2024Β·Published in Business Ideas