This presents even a bigger problem for a new entrant. Not ready to talk? 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. Simply sign up for your free account and start selling products through your blog or site. To do so, you need to fill a niche within that area. Your email address will not be published. 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. Find Your Niche: 7 Steps to Stand Out From the Crowd. Ultimately, a Micro SaaS business comprises of a small team, with small costs, and a small dedicated user base. But don’t let your “eyes be bigger than your stomach”, or you may really stunt your company’s development by entering a market segment it’s not yet ready to handle. I’ve moved into many markets where I previously had no experience or contacts with great success. This is the really fun part when it comes to finding your niche! In that case it may be a segment to steer clear of for the time being. 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. So just point your products at the largest possible market they can address and charge forward, right? 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. Instead, let’s try and dive into a fun, beautiful, and modestly profitable niche. “Finding product market fit requires testing, tracking, and transparency. 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. Phil, What an extraordinary and insightful article. For a SaaS software to work, you ideally need a problem that has a periodicity of at least one interval per month. Don't leave without contacting us! -Phil. 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. Abdulvahit Torun, [email protected]. Dominate it, then pick the next (bigger) niche that you feel you can dominate with your now greater level or resources and brand. You don’t have to cover all four of these categories, but keep them in mind when selecting your niche product. The second thing I’d look at is the competition level in your target segment. FindNiche gives you a list of 20 best winning dropshipping niches. Micro-SaaS is a niche within a niche. After all I’ve said above, I’m going to contradict it–a bit. Hand-picked, validated SaaS ideas delivered straight to your inbox We analyze tens of thousands of companies, finding niches where bootstrappers can compete & win. ; The energy software market continues to grow with energy demand forecasted to rise by 48% by 2040. 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! For a SaaS environment, your KPIs may change over time as you look towards your fit, but the process remains the same. Some big companies, like Walmart for example, sell a wide range of items to a broad audience. Find your Niche #3: Use Amazon’s Help to Get Very Specific . For a company to really get traction and become nicely profitable, they almost always need to define a market segment in which they can be a  major player–if not dominant in. Do that long enough and maybe you WILL someday be picking the largest market segment possible for your products. Mr. Morettini has an extensive C-level software and hardware company executive background. I’m not sure if you would agree, but as the enterprise software is increasingly implemented more quickly, with less customization it becomes easier for companies to consider change for better cost and service. An ecommerce niche is a distinct market of shoppers. 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. Understanding your target market defines your ability to succeed and truly defines your success as a software company. 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. The more specific your target customers are, the more niche your market becomes. Any newly created niches are interesting for the bootstrapped SaaS founder. I am a moderately successful programmer with a decent job, and I absolutely love what I do. 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. Creating a value proposition that investors and customers are likely to buy into isn't easy. These niches were created by our powerful AI algorithm. Do a Google search of keywords related to 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. If you think that’s impossible because it’s SaaS/some-magic-thing-here, you’re WRONG. As in my previous articles, we’re not gonna build the next Google this time. Don’t wait for the perfect niche – start now. (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). SaaS. 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. Whether it’s payment processing, website building, or restaurant managing software, there’s a SaaS tool out there that handles it. 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. Therefore, there will always be segments of the population whose needs for a particular product or services are unmet. 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. Fortunately, you can remove the likelihood of overexerting your emotional reservoir by finding your niche. You want to look for a topic that is popular enough online and in search engines that you know plenty of customers will find you. Glad to hear things are going well. Conclusion. Try It … I can’t do it justice in a reply to a comment, so feel free to search the blog for other articles. Thanks. Find Your Niche. 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. Because, even if you are Amazon, your SaaS … It’s an amazing business model when you can make it work. According to a Markets and Markets report, SaaS is among the industries that are likely to grow as a result of COVID-19. For example, a SaaS selling an accounting program needs to provide an answer to the problem of monthly profit and loss reporting. But if you don't get it spot on you don't have an online business as everything else relies on this stage. But it’s hard enough to pull off running an entire SaaS business by yourself with a mediocre idea. -Phil, Phil, Thanks for the great concise article. Idiots guide to finding your business niche. A SaaS business targeting a niche market, run by one person or a small team, with small costs, a narrow focus, a small but dedicated user base and no outside funding. 8. Are there a lot–maybe too many–competitors for the size of the segment?. Thanks. One area I would like to agree and extend your comments on is the consideration of entering mature markets. The first step of SaaS development is to define your SaaS niche. And it’s only going to get bigger. We suggest a few things for your consideration here. I realize that’s easier said than done. Artificial intelligence , blockchain , API integrations, and mobile SaaS products are helping vertical SaaS businesses to dominate their respective niche markets. It’s the million dollar question: how do you break into a profitable niche as a newbie? 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