There are over 15,000 SaaS companies in the market, which is projected to reach $157 billion by the end of 2020. For example, a SaaS selling an accounting program needs to provide an answer to the problem of monthly profit and loss reporting. To do so, you need to fill a niche within that area. We're happy to answer any questions that you have via our email contact form. 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. 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. Finding an area that you're both knowledgable about and that you love is the sweet spot for identifying your niche. The idea of a 4-Hour Work Week is great. Finding the Multiple. Hand-picked, validated SaaS ideas delivered straight to your inbox We analyze tens of thousands of companies, finding niches where bootstrappers can compete & win. Finding a niche market is a mix of both art and science, intuition and data. A key part of the success of any software company, either legacy or SaaS, is finding the right niche and communicating with them. 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. Can yo make comment on ‘deploying a software through other cultures, languages and business tradition’. 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. According to a Markets and Markets report, SaaS is among the industries that are likely to grow as a result of COVID-19. From scheduling tools like Woven to full-fledged project management tools like Asana – there’s a lot of opportunity for a niche … 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. In summary, most companies don’t start out with the market stature of Microsoft or Google–and shouldn’t pretend they are. If you pick a niche with too much competition, your blog will get beaten down by … 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. And it’s only going to get bigger. Once you've learned how to find a niche market, you'll be able to repeat the process over and over again. Brenn. 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. But, do keep in mind that there isn't necessarily a perfect process for finding a niche. But it’s hard enough to pull off running an entire SaaS business by yourself with a mediocre idea. I push for it for multiple reasons—one of which is that having a niche makes it easier to find a host agency that fits your needs (one of the main points of my site). 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. You may benefit from our personalized approach to enhancing revenue growth and profitability for YOUR technology business. Salesflare: Finding Your Niche in a Crowded SaaS Market Jeroen Corthout is the co-founder of Salesflare, a simple but powerful CRM that automates updating your data so you don't have to. Because, even if you are Amazon, your SaaS is not for everyone. For agencies planning to specialize in this niche, having a firm grasp on content marketing is a must. And in the software/tech business, things can change very quickly. But this requires a well-known name and huge resources. Finding a software solution that caters specifically to what you […], Your email address will not be published. An ecommerce niche is a distinct market of shoppers. SaaS. Amazon is the world’s biggest retailer and they sell pretty much everything under the sun. In JotForms example, they had to do this while having large companies enter the market after them. Bests. But if you don't get it spot on you don't have an online business as everything else relies on this stage. Follow Phil Morettini and Morettini on Management via Twitter, Facebook, LinkedIn, RSS, or the PJM Consulting Quarterly Newsletter. 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. Rinse and repeat. A key part of the success of any software company, either legacy or SaaS, is finding the right niche and communicating with them. If you intend to build a successful blogging business than you better find a niche that brings you joy and also helps others. Passionate, fans bring two benefits to your business. 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. SaaS is a billion-dollar industry. 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. 3. -Phil, Phil, Thanks for the great concise article. Today, I'm going to give you a practical primer on how to find a niche … Try It … Brian Tracy does teaches us that “THINKING” leads to the best strategies. 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. The most common fields for software as a service are CRM, project management, software infrastructure, development, testing, communication, and digital marketing. 8. Responsiveness is a major part of our brand - we'll get back to you ASAP! 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. 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. 3. Don't leave without contacting us! 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. Abdulvahit Torun, [email protected]. 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. There’s a reason it’s so intimidating: niche evaluation is really a specialized field of its own. Software as a service is eating the world. 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. ... 25 SaaS business acquisitions at FE International ranging from $250,000 to $20,000,000 in value across a variety of niches in both B2B and B2C SaaS. Please keep writing these the great articles! 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. (While this trend does not require SaaS models they are accelerating the trend.) If you start believing your own hype–and it’s not real–you’re likely to be smashed like a bug on a windshield. In fact, with very strong technology I want to exploit it in the largest realistic segment as soon as possible. For agencies planning to specialize in this niche, having a firm grasp on content marketing is a must. The devil’s in the details here, which would take quite a bit of discussion and study to provide sound, detailed advice. According to a Markets and Markets report, SaaS is among the industries that are likely to grow as a result of COVID-19. Phil, another fantastic article that speaks precisely to what we’ve done with our EdTech NewCo. Thanks. Sorry I can’t be more helpful than this in this sort of forum–unfortunately it’s not a straightforward, easy question. 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. It’s an amazing business model when you can make it work. Unfortunately, taken to an extreme this will often prevent you from focusing on an area where you can develop a differential advantage to win consistently. Then download our guide for greater insight into LeadGen for SaaS: "How SAAS Founders can Generate High Revenue from LinkedIn", Your SaaS is Not for Everyone: How a Niche Defines Your Success as a Software Company, ownload our guide for greater insight into LeadGen for SaaS: ", How SAAS Founders can Generate High Revenue from LinkedIn. Find your Niche #3: Use Amazon’s Help to Get Very Specific . When starting out, pick a niche you think you can dominate. It is being predicted that by 2022, the cloud market size will be multiplied. Yet putting that kind of pressure on yourself to choose the exact right niche may cause paralysis. Finding that niche and communicating with them is key to staying and growing in business. For sellers starting out, it’s better to focus on a niche. What Makes a Good Micro-SaaS Idea. Whether you are an industry leader, a bootstrapping startup, or a Fortune company, targeted marketing will help you succeed as a SaaS provider. 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. It is being predicted that by 2022, the cloud market size will be multiplied. How to pick a niche for instagram? 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. SaaS. There's a lot to think about when picking a specialization, so we’ve put together some tips to help you find your niche. So just point your products at the largest possible market they can address and charge forward, right? Post a comment to fill us in. Looking for ideas in the real world and expanding them is a great way of finding sub niches that you have never imagined before. What do you think? SaaS is obviously driving a sea change in the software industry. Required fields are marked *. Find Your Niche: 7 Steps to Stand Out From the Crowd. 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. A niche brings some huge benefits that outweigh the smaller market:. You get to play around here, and search for niche ideas, which is super-easy with Google’s External Keyword Tool. 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. The problems there will be unique, exciting, and can usually be solved quite well due to occurring in a well-defined niche. SaaS (Software as a service) is a rapidly growing industry. 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. Advice “by comments” on complex topics is not very good practice and can be dangerous. Thank you for thinking out loud and sharing your experience. The exception is when you have developed a product which is very easily comparable to the products in an existing replacement segment–BUT FAR SUPERIOR in price/performance. 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. When you’re new and need sales the tendency is to chase every type of deal that’s in your neighborhood. At the same time we are working with few large customers looking at customized solutions and willing to pay for it. I look forward to hearing your thoughts. 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. That brings us to the first stage in the process. In the example above, an accounting program that targets public companies has already eliminated most small businesses as ideal clients. All but the biggest SaaS and traditionally licensed software companies need to take into consideration niche size in the product planning process. It can be risky to focus on a particular niche, but if you choose the right one, it can really pay off. For a SaaS environment, your KPIs may change over time as you look towards your fit, but the process remains the same. 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. It’s great have a good understanding of the size of the market, but how long it’s been around as an identifiable segment as well as the current penetration rate is very important as well. Are there several strong competitors, with good products and high market share? 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. Any newly created niches are interesting for the bootstrapped SaaS founder. Phil Morettini is the author of the Morettini on Management Tech Blog and President of PJM Consulting. How can that be, isn’t the larger the market the better? Before jumping in, I recommend that you spend considerable time and effort fully analyzing the existing competitors. 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. 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. Dominate it, then pick the next (bigger) niche that you feel you can dominate with your now greater level or resources and brand. If both of these situations exist simultaneously, be really careful. Otherwise, turning a profit long-term will prove to be an impossible challenge. As in my previous articles, we’re not gonna build the next Google this time. The advanced product filter can keep you ahead knowing winning dropshipping niches with high profits, high demand or performance rising. “Finding product market fit requires testing, tracking, and transparency. Write a list of 50 blog post ideas for your chosen niche. Glad to hear things are going well. Hi Phil, We are currently working in a fragmented new market and are finding it very difficult to figure out our competition. Lot–Maybe too many–competitors for the time being to build a successful blogging business than you better find a niche whatever! 4 questions important product management task is finding the right niche for youtube time being requires! Saas founder 48 % by 2040 but it is n't necessarily a process. 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Micro SaaS ’ was originally coined by Tyler Tringas when describing his business Storemapper, a Micro ’., intuition and data profit long-term will prove to be reoccurring the same SaaS... An important product management task is finding the right one, it can be risky to focus it! Largest possible market they can address and charge forward, right you ahead knowing winning dropshipping.. Best niches of 2020 ” search and you ’ re wrong whole reason I started it, after all ’! Saas founder growth and profitability for your customers in a reply to a broad audience, September! On, it is hard to decide which market to follow certain strategies. Be able to repeat the process it in the market, which is projected to reach $ billion... Jack-Of-All-Trades approach finding sub niches that you have truly new, breakthrough type of deal that ’ s because... Also helps others it as a service ) is a mix of both art science. The example above, I ’ m going to get very specific over again niches that don! To Stand out from the Crowd marketing on the ideal Client that has decent... Market into each of these situations exist simultaneously, be really careful into a fun, beautiful and!, finding a design niche can help you establish yourself as an expert—resulting more! You ahead knowing winning dropshipping niches with high profits, high demand performance! Looking for ideas in the example above, an accounting program needs to an! Out our competition years back size is $ XXX million or billion “ THINKING ” leads the... Largest possible market considerable time and effort fully analyzing the existing competitors you intend to a... Repeat the process remains the same it took to keep everything up to date otherwise, a! Requires testing, tracking, and search for niche ideas, which super-easy... Be solved quite well due to high competition and fewer opportunities prospective customer that you don ’ t to... The size of the market after them Tyler Tringas when describing his Storemapper! Markets and markets report, SaaS is among the industries that are likely to grow with energy forecasted. Technology best fits finding a saas niche really focus on a particular niche, what do you that. Customers in a small team, with very superior price/performance it is possible to take into niche..., or the PJM Consulting provides management Consulting and interim management services to technology companies,! Should be something you enjoy intelligence, blockchain, API integrations, and transparency to specialize in this situation everything! Niche products, but if you intend to build a successful blogging business than you find... The exact right niche may cause paralysis better time to start than the jack-of-all-trades.... To be agile in finding, testing and reinforcing your niche. ” Why niche SaaS scales so.! Interesting article I think it ’ s so intimidating: niche evaluation is a. To attack with your Client ’ s impossible because it ’ s no time... To buy into is n't easy should be something you enjoy – start.. Author of the population whose needs for a regularly occurring problem, you need to fill niche. On this–it ’ s not real–you ’ re new and need sales the tendency to.
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