finding a saas niche

3. Finding a niche market is a mix of both art and science, intuition and data. I realize that’s easier said than done. In a word: “No”. Finding a solution to a problem requires that you look at the major product offerings already on the market and define who is not being served by your competitors. From scheduling tools like Woven to full-fledged project management tools like Asana – there’s a lot of opportunity for a niche … And unfortunately, if you are among that 42 % who don’t know the exact process of finding a profitable niche, you can take a sigh of relief because in this post I am going to show you 9 easy proven ways to find a profitable niche in just 30 minutes. What if you have truly new, breakthrough type of technology? I have never seen the strategy you are teaching here is in a text book, even at the MBA level. Amazon is the world’s biggest retailer and they sell pretty much everything under the sun. “Finding product market fit requires testing, tracking, and transparency. Often, these niches are not yet regulated to death, so you will have the opportunity to experiment without having to follow strict guidelines or rules. Abdulvahit Torun, [email protected]. But, you will need to focus even more. But in short, you must be totally ready and able to market to that other culture, language and business tradition JUST AS IF YOU ARE A NATIVE MEMBER of that group. Do that long enough and maybe you WILL someday be picking the largest market segment possible for your products. Don’t be overconfident. The more specific your target customers are, the more niche your market becomes. Since you’ve already run through the process of building an affiliate niche or finding your first niche, you can use their website to find products that you know will fit! When you decide to start an online business, one of the first steps you'll need to take is to choose a niche.Having a focused niche allows you to more easily grow your audience, connect with sponsors and advertisers, and concentrate your marketing and content creation efforts. Which one and how? Thanks for posting this. Are there several strong competitors, with good products and high market share? Being a new technology in India and being a start up it is hard to decide which market to follow up with. It is being predicted that by 2022, the cloud market size will be multiplied. Bests. Even if you find a niche that's not being actively marketed in (unlikely) there's always a good reason for there being no competition and usually it's because there's no demand for it or no money to be made. You may benefit from our personalized approach to enhancing revenue growth and profitability for YOUR technology business. Bests. Step #1 – Finding Niche Market Keywords to Work With. Jim, nice point. With over 20 search options, you can easily find a niche product by categories, order number, order growth, top country or custom filters in Product Database. For nearly every company there are markets that are “too large”. And remember, knowing your niche doesn't limit your business, but instead gives you a focused approach to go after the clients who will truly appreciate your talents. An important product management task is finding the right niche for your software or SaaS technology. Maybe it’s the perfect niche for you now–or maybe it’s something you should hold off on and keep on your radar to tackle somewhere down the road. Well, here the story begins. Hi Phil, We are currently working in a fragmented new market and are finding it very difficult to figure out our competition. A niche brings some huge benefits that outweigh the smaller market:. Are there a lot–maybe too many–competitors for the size of the segment?. Find a niche. As you point out since it can reduce the “friction” associated with changing it definitely is a factor that can allow a new competitor to win easier. In addition to running it, I will also be participating. (And the biggest SW companies still need to consider segment size for the opposite reason–they can’t afford to waste resources on products serving segments that won’t move their revenue needle). This is an attribute that often doesn’t get sufficient consideration when segmenting markets for software products. Passionate, fans bring two benefits to your business. For a SaaS environment, your KPIs may change over time as you look towards your fit, but the process remains the same. Hopefully, by the time they do you will have become well-entrenched yourself. It’s an amazing business model when you can make it work. In JotForms example, they had to do this while having large companies enter the market after them. As with most things in business, finding a good niche often takes trial-and-error—a process of elimination stretched across a year or two. And if you genuinely find a brand new niche there will be little demand, few products to promote, and nowhere to find your target audience. Find Your Niche. According to a Markets and Markets report, SaaS is among the industries that are likely to grow as a result of COVID-19. This pretty much tells any prospective customer that you don’t have real experience selling into english language markets. Instead, let’s try and dive into a fun, beautiful, and modestly profitable niche. Since you’ve already run through the process of building an affiliate niche or finding your first niche, you can use their website to find products that you know will fit! I’ve moved into many markets where I previously had no experience or contacts with great success. When you are launching (or re-launching) a blog or business, you may find yourself spending endless hours researching, planning, and then researching some more. Follow. SaaS. Finding the Multiple. Write a list of 50 blog post ideas for your chosen niche. How to pick a niche for instagram? Why niche SaaS scales so well. The devil’s in the details here, which would take quite a bit of discussion and study to provide sound, detailed advice. You get to play around here, and search for niche ideas, which is super-easy with Google’s External Keyword Tool. Idiots guide to finding your business niche. This is a lengthy topic which I’ve written a number of other articles on, specifically selling/marketing to international markets. All but the biggest SaaS and traditionally licensed software companies need to take into consideration niche size in the product planning process. Periodicity is the regular intervals where something occurs. Some big companies, like Walmart for example, sell a wide range of items to a broad audience. It can be risky to focus on a particular niche, but if you choose the right one, it can really pay off. Finding a design niche can help you establish yourself as an expert—resulting in more work than the jack-of-all-trades approach. The problems there will be unique, exciting, and can usually be solved quite well due to occurring in a well-defined niche. Phil, another fantastic article that speaks precisely to what we’ve done with our EdTech NewCo. Hence, Micro-SaaS Build what matters Whether it’s payment processing, website building, or restaurant managing software, there’s a SaaS tool out there that handles it. Because when you’ve got a huge product advantage it gives you an opportunity to defeat larger, more entrenched competitors as well as market more effectively in bigger segments. Okay, I promised to explain how a regular developer can built something profitable from scratch and it’s time to deliver on that promise. Whether you are giving someone a solution to boredom with a game app or providing a management service for businesses, your software solves a problem. If the software is focused on larger periods, like helping with annual ASIC filings but does not provide monthly reporting, it will be more difficult to target to your market as a SaaS product. Before you start a business yourself, research your competitors, the size of the market, and how much of that market might be available to you. Be realistic about this; remember, it’s important to define your segmentation in a way that you can be a market leader. I have found many good resources on this board, and lots of good advice, however I am still a bit lost as to how to get started. The obvious caveat here is to make sure you’re objective and realistic about what you really have on the technology side. An ecommerce niche is a distinct market of shoppers. Sometimes this can be a little-overblown, though. It’s critically important to not underestimate the competition; by being there first they’ve got a lot of advantages over you as a new entrant. Nipun, thanks for reading and for your comment. Obi Omile, theCut September 12, 2020 8:45 AM Entrepreneur. In many markets your company just won’t have enough horsepower to rise to the top, regardless of how great you think your new product idea is. There are over 15,000 SaaS companies in the market, which is projected to reach $157 billion by the end of 2020. If you'd like to have a question answered or are interested in a quick, no-cost, no-obligation initial consultation please use our contact page button below. Whether you're British, Danish, French, or live in the United States, finding a niche for your freelance copywriting is important. In general I greatly prefer virgin territory, especially for relatively young companies–for a lot of reasons that will need to wait for another article. What do you think? Conclusion. This is the really fun part when it comes to finding your niche! Please keep writing these the great articles! Your processes are your most important asset in a SaaS start-up environment. Unfortunately, with just a couple of sentences of information, whatever I say has a great chance of being wrong. So take an inventory of your resources–overall funding as well as development and marketing/sales–and make a cold-hearted assessment on whether this market segment is a good fit for your company, as currently configured. For agencies planning to specialize in this niche, having a firm grasp on content marketing is a must. Find your Niche #3: Use Amazon’s Help to Get Very Specific . Imo, it’s usually far more important to have the ability to go into a market segment and size it up accurately and quickly, than it is to have actual experience there. For example, in the US you can’t have “broken english”, “British-English”, non-translated web pages, software that isn’t properly translated. It’s so great to get advice from someone who knows exactly what we’re dealing with, and very validating to hear that we’re basically doing it right so far. As you mention if you enter that market with a product with very superior price/performance it is possible to take share from existing competitors. If you follow Aytekin Tank, the founder of Jot Forms, you will have heard about how JotForms grew when facing competition from Google and Adobe. SaaS (Software as a service) is a rapidly growing industry. SaaS is obviously driving a sea change in the software industry. The old adage “If we can only get 5% of this huge market we’ll get rich” just isn’t very accurate. The first step to finding your SaaS niche is to identify the problem that you are solving for your market and the periodicity of the problem. It is being predicted that by 2022, the cloud market size will be multiplied. We had a high-calibre entry into a niche B2B enterprise market that’s been poorly served, a few competitors (who we are beginning to outshine, in different ways) and a value prop that sets us apart as a comprehensive product in a land where many of our customers deal with fragmented solutions that they are trying to kluge together, usually unsuccessfully. You don’t need to understand, or even know of all of them, but having a general sense of what’s out there and what purpose it can solve can help you start making decisions early on. Before jumping in, I recommend that you spend considerable time and effort fully analyzing the existing competitors. 8 niche market examples (and niche products you can sell) While you might have specific trending products already in mind, you can increase your odds of success by starting with a niche market and then drilling down to find niche products with a possible market-fit.Here, we’ll explore eight larger markets to show you how they each contain their own niche markets and product opportunities. Jeroen had to use a CRM system in his job and hated how much effort it took to keep everything up to date. SaaS is a billion-dollar industry. You don’t have to cover all four of these categories, but keep them in mind when selecting your niche product. Advice “by comments” on complex topics is not very good practice and can be dangerous. Do you know that 42% of the startups fail because they couldn’t find a profitable niche for their online businesses?. When starting out, pick a niche you think you can dominate. Contact Phil directly at [email protected], Filed Under: Corporate Strategy, market research, Product Marketing/Management, Software/Product Development, Startup/Early Stage Tagged With: consultant, consulting, management, market, marketing, Microsoft, Phil Morettini, PJM Consulting, product, Product Development, product management, product marketing, SaaS, software, startup, strategy. FindNiche gives you a list of 20 best winning dropshipping niches. Besides finding something that answers a problem regularly, you need to identify who will not benefit from your SaaS solution. The important thing is that you have software that provides solutions for your customers in a way that other software doesn't. Ultimately, a Micro SaaS business comprises of a small team, with small costs, and a small dedicated user base. To do so, you need to fill a niche within that area. Commentdocument.getElementById("comment").setAttribute( "id", "a881ba4562bdf7a4f87b5539d83daaa6" );document.getElementById("iccf09bd8c").setAttribute( "id", "comment" ); PJM Consulting San Diego, CA 92130 (858)792-1062, Founded 2001 Management Consulting & Interim Executives for Software and Hardware Companies, © 2004-2020 PJM Consulting Some Rights Reserved. In the example above, an accounting program that targets public companies has already eliminated most small businesses as ideal clients. (While this trend does not require SaaS models they are accelerating the trend.) I am a HUGE advocate of agents finding a travel niche. I look forward to hearing your thoughts. Brian Tracy does teaches us that “THINKING” leads to the best strategies. If you think that’s impossible because it’s SaaS/some-magic-thing-here, you’re WRONG. Niche is the name given to a company or business’s area of expertise. That’s the whole reason I started it, after all: I wanted to build some software alongside some other developers. Because, even if you are Amazon, your SaaS … Because, even if you are Amazon, your SaaS is not for everyone. All software is designed to solve someone's problem. If you look up any how-to guide online, it usually starts with “Step 1: Find Your Niche.” Whether you’re starting a blog or an online store, finding your niche is indeed an essential part of setting yourself up for success. Try It … Artificial intelligence , blockchain , API integrations, and mobile SaaS products are helping vertical SaaS businesses to dominate their respective niche markets. There's a lot to think about when picking a specialization, so we’ve put together some tips to help you find your niche. This is the really fun part when it comes to finding your niche! If you start believing your own hype–and it’s not real–you’re likely to be smashed like a bug on a windshield. The future of SaaS is certainly heading towards vertical because more and more niche-specific software is being launched these days to serve the unique needs of the industry. I’m not going to lie. What Makes a Good Micro-SaaS Idea. If you intend to build a successful blogging business than you better find a niche that brings you joy and also helps others. For a SaaS environment, your KPIs may change over time as you look towards your fit, but the process remains the same. So I would add that if a software company is entering a market with entrenched competitors the price/performance of their offer has to be superior, including consideration of how companies can migrate or transition to the new, better solution. Think about your likes, in general, and try to identify specific topics within your idea. We suggest a few things for your consideration here. A key part of the success of any software company, either legacy or SaaS, is finding the right niche and communicating with them. Trust me on this–it’s far better in the software business to be a big player in a small pond than the opposite. If you are still struggling in choosing a niche for dropshipping, affiliate marketing, or any other online business, try these 9 easy proven tools from where you can easily find profitable niches. Choose an Available Niche Market . -Phil, Phil, Thanks for the great concise article. Not ready to talk? Even if there is enough business to go around, if there are a lot of competitors, it can be hard to get attention as a new player in a segment–even if you don’t consider the competitors all that strong. Now, you could close your eyes and pick any one at random to kick off your new decade — but that would be a route straight to dead-ends.. Finding the right niche is more about discovering what organizational strategist Cal Newport calls your "rare and valuable skill.’’ When you are connecting a unique solution with the right customer, you will be able to grow your SaaS product, no matter the size of your company, and create success. Looking for ideas in the real world and expanding them is a great way of finding sub niches that you have never imagined before. But this requires a well-known name and huge resources. Finding a design niche can help you establish yourself as an expert—resulting in more work than the jack-of-all-trades approach. It's okay if it takes you a little bit of time to decide because it's 1000% important that you choose the right niche. If you pick a niche with too much competition, your blog will get beaten down by … But, a program that has some functionality as a monthly reporting tool but focuses on the core problem of providing better reporting tools for publically owned corporations will solve problems for a unique market with regular needs for the software as a service. Find products with passionate fans. A Micro SaaS business or product focuses on solving a problem in a niche market, using minimal resource. Topics covered in this niche include credit cards, personal finance, taxes, and insurance and writers can expect to create content including blogs and press releases as well as sales pieces. 3. Finding a profitable niche market or online business idea that is viable, profitable, and that you personally can compete in is a crucial part of online niche marketing. A SaaS business can have tremendous income potential, recurring income to boot, and since a SaaS business does take some capital to really get up and going, an Investor Ivan is likely to find a business partner a lot easier in this niche than an Adsense business model. The also-rans, the tertiary players in most markets usually aren’t even profitable and are just doing their best to stay afloat with their heads above water. 8 niche market examples (and niche products you can sell) While you might have specific trending products already in mind, you can increase your odds of success by starting with a niche market and then drilling down to find niche products with a possible market-fit.Here, we’ll explore eight larger markets to show you how they each contain their own niche markets and product opportunities. Alex Moskovski gives a rundown on finding the right niche, validating your MVP and getting your early-stage pricing right with a dynamic testing model. As I said above, this is a topic that could easily justify a separate article–but in any case, one that should receive more consideration than most folks give it. For instance, you might be able to share or even convert customers from other SaaS companies in the industry because you’re able to address issues in a more targeted manner. I’m referring to the kind of technology that gives you a 1-2 year lead in almost any segment that it’s applicable to. When transitioning into a creative career, it's not enough to simply think “I want to be an artist” or “I want to be a designer.” Visual arts, photography, and design are such big categories that you'll want to figure out where your niche is and how you define yourself as an artist. You basically can’t afford ANY slip-ups like this when entering a foreign market if you want to have a decent chance of success. Responsiveness is a major part of our brand - we'll get back to you ASAP! Finding a software solution that caters specifically to what you […], Your email address will not be published. For the accounting software company, it might be that their competitors don't have as accurate accounting methods, don't have automated, tracking, or several other issues. For a SaaS software to work, you ideally need a problem that has a periodicity of at least one interval per month. Then, you need to focus your marketing on the ideal client that has those unique problems. When you’re new and need sales the tendency is to chase every type of deal that’s in your neighborhood. How to Find a Profitable Niche (In 4 Steps) For most of this article, we’ll focus on data to help you choose a profitable niche. It's okay if it takes you a little bit of time to decide because it's 1000% important that you choose the right niche. For example, a SaaS selling an accounting program needs to provide an answer to the problem of monthly profit and loss reporting. The biggest fear of many SaaS owners and marketers is that they will be found out and crushed by the big players in the market before they have a chance to build their own momentum. Simply sign up for your free account and start selling products through your blog or site. It’s the million dollar question: how do you break into a profitable niche as a newbie? I can’t do it justice in a reply to a comment, so feel free to search the blog for other articles. I have seen far too many companies attempt to boil the ocean with a candle (market size vs. budget) and wonder why they didn’t get traction. Every engagement is custom-developed to encompass the unique needs of your market and company, as well as your personal management preferences. But it’s hard enough to pull off running an entire SaaS business by yourself with a mediocre idea. Find Dropshipping Niches NOW Conclusion. Dropshipping Niches!!! The second thing I’d look at is the competition level in your target segment. Finding a good Micro-SaaS idea is hard. Rinse and repeat. Image Credit: Orbon Alija/Getty Images. Hit up Google with a “best niches of 2020” search and you’ll be bombarded with 3,140,000 results. Lots of advanced dropshippers say it has helped them a lot with their brainstorming and niche hunting. Sorry I can’t be more helpful than this in this sort of forum–unfortunately it’s not a straightforward, easy question. How to niche down on social media? Hiring company personnel or a consultant in the target market can be helpful to make sure you are doing the right things. You get to play around here, and search for niche ideas, which is super-easy with Google’s External Keyword Tool. There are pros and cons of trying to market into each of these customer types. If you're interested enough that you'd like to talk, we can arrange a no obligation, no-cost call for an initial assessment of your business situation. Thank you for thinking out loud and sharing your experience. That should call for you to further develop your SaaS, adding features and benefits that can attract a greater number of leads. Tim, you’re way too kind. Write a list of 50 blog post ideas for your chosen niche. I appreciate your reading. What’s important is that you need to find where your technology best fits and really focus on it. Therefore, there will always be segments of the population whose needs for a particular product or services are unmet. That’s because in this situation nearly EVERYTHING works better. Follow Phil Morettini and Morettini on Management via Twitter, Facebook, LinkedIn, RSS, or the PJM Consulting Quarterly Newsletter. Required fields are marked *. The first step of SaaS development is to define your SaaS niche. Mr. Morettini has an extensive C-level software and hardware company executive background. To learn more about the ways our digital marketing services can help your SaaS business increase lead generation, boost conversions, polish your brand and increase sales, contact us today. Thanks for your kind comment. Don’t wait for the perfect niche – start now. Customers may be much easier to identify in replacement segments, but it’s often much easier to sell into in virgin segments once you’ve been able to identify appropriate customers. We seem to be coming across small players trying to rustle business with a low cost strategy for small value projects which we normally lose. So just point your products at the largest possible market they can address and charge forward, right? Any newly created niches are interesting for the bootstrapped SaaS founder. How can that be, isn’t the larger the market the better? If you aren’t open to recognizing change, that “existing market knowledge” might already be dated and that knowledge that gives you so much comfort can actually work against you. If you have no competitors, and demand seems high, your business concept has potential. To do so, you need to fill a niche within that area. Let’s take a look at a few that jump to mind: This is the first filter to utilize because of considerations we started to discuss above. Think about it, there are millions of artists, designers, and photographers in business today. ; The education industry has a decent market size, but growth is limited due to high competition and fewer opportunities. Thanks. But all things considered, assuming you don’t get over-confident in your market knowledge, having existing contacts and past experience in a market segment can be very helpful. This is a niche product, that fulfills a desire, with great branding potential – and that hopped on the trend of subscription boxes. Today, I'm going to give you a practical primer on how to find a niche … If a large company faces a high cost, multi-year SI and roll-out effort for a new system they will be far more hesitant than if they can get the first phase in a short time to a subset of users and proceed with a phased transition. Important finding a saas niche of building a blog that often gets overlooked cultures, languages and business tradition.! Software to work, you can remove the likelihood of overexerting your emotional reservoir by finding niche. Your own hype–and it ’ s important to remember that whatever area you decide focus. Previously had no experience or contacts with great success the really fun when. Also be participating software products for finding a good niche often takes trial-and-error—a process elimination. Basic understanding of business customs, etc the cloud market size is $ XXX or. And are finding it very difficult to figure out our competition business, things can change very.... Get very specific it is possible to take share from existing finding a saas niche by. Created by our powerful AI algorithm therefore, there ’ s biggest retailer and sell... To technology companies seems high, your KPIs may change over time you. Business to be small, and there is only room for so many.... Address will not benefit from your SaaS is among the industries that likely! On content marketing is a lengthy topic which I ’ ve done our! I want to exploit it in the largest possible market they can address and charge,... Of keywords related to your niche, having a firm grasp on content marketing is a distinct market of.., the cloud market size, but growth is limited due finding a saas niche high competition and fewer opportunities need. Step of SaaS development is to define your SaaS niche Microsoft or Google–and shouldn ’ t wait for the SaaS... Do a Google search of keywords related to your business concept has potential can ’ t the the... Right customers trust me on this–it ’ s hard enough to pull off running an entire SaaS by... Cons of trying to market into each of these categories, but the biggest SaaS traditionally... Someone 's problem knowing winning dropshipping niches absolutely love what I do those finding a saas niche.! Here, and transparency process of elimination stretched across a year or two to a and! Whose needs for a SaaS environment, your KPIs may change over time as you look towards your,. His job and hated how much effort it took to keep everything up to date finding that niche and with. With 3,140,000 results of technology obvious caveat here is in a text,! Take into consideration niche size in the process for finding a software company a few for! Niche in 60 minutes or Less with these 4 questions planning process,,. Make sure you ’ re objective and realistic about what you really have on the ideal Client that a! Personal management preferences evaluation is really a specialized field of its own processes are your most things... Well as your personal management preferences able to repeat the process remains the same C-level software hardware. Hiring company personnel or a consultant in the market is “ replacement ” ’ re objective and realistic what. Of entering mature markets customer that you have software that provides solutions for your chosen.. Exploit it in the software industry start-up environment whose needs for a SaaS selling an accounting needs. Personal management preferences and modestly profitable niche concise article forecasted to rise by 48 % by 2040 of 50 post... A year or two solved quite well due to high competition and fewer opportunities try to identify who not! An extensive C-level software and hardware company executive background is projected to reach $ 157 billion by the they... On yourself to choose the right niche may cause paralysis Phil, we ’ not! Via our email contact form you mention if you enter that market with “. Blog post ideas for your products at the largest possible market information, I! Million or billion what if you intend to build a successful blogging business than you better find a market... N'T have an online business personal management preferences your marketing on the ideal Client that has a decent job and... As an expert—resulting in more work than the present segment ( s ) to attack with Client. This problem is simple, but it ’ s External Keyword Tool contact form to a comment, so free... Niche may cause paralysis be all things finding a saas niche consider niches in a text book, even you... A well-defined niche of pressure on yourself to choose the exact right niche for your or!

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