Is there a market for your big idea?
So you’ve found a niche in a market and you’re thinking there’s a business opportunity in there that you want to pursue....
Before you get too carried away there’s one more BIG question I need you to answer.
Is there a market in the niche?
Let me explain a bit more.
If you’ve identified a gap (or a niche) in a market, you need to dig a little deeper to figure out why that gap exists.
Is there a gap in the market because others have tried to fill it and failed? And if so, have they failed because of a poor product or service? Or have they failed because there really isn’t a market in that gap you’ve identified? In other words, there was no demand.
Is the gap you’ve identified a truly new opportunity that no one else has pursued before? If so, it’s time to do some market research to discover whether there is demand for your idea.
The lesson here is that not every “gap in the market” is a business opportunity.
It’s one thing to find a niche in a market… but if there’s no market in the niche, then you have no demand and therefore no paying customers or clients for your big idea.
If, after all of this, you’re still adamant that your idea is worth pursuing, your challenge is to get very strategic and creative with your marketing to CREATE the market you require. A clear Brand Story to communicate to your desired audience why they NEED your product or service and how you can solve one of their pain points will be a great place to start.
You can learn more about discovering (and solving) your client’s Pain Points here.
By doing your homework now you’ll make sure you are launching your big idea to a market that is searching for what you have to offer.