It may seem like the market is saturated and there’s nothing new to do. But that’s not true! In this post, we will give you three awesome niche tech ideas to explore and some tips if you want to beat the competition in an existing market. Read on!
Finding new niche tech markets
Technology has changed so many things. It’s because of the advances in technology that we are able to deal with a global pandemic while staying connected and even continuing to work from home to a large extent.
With the consistent evolution of technology, markets in all sectors are dealing with rapid disruption. Every business model is coming into question and newfangled solutions ruthlessly phase age-old ideas out via digital transformation.
As the tech sector continues to grow, so does the competition. Larger, established corporations have dominated mainstream markets for years now.
Startups and newcomers alike are having a hard time trying to compete in these markets.
However, if they hyper-focus on their offerings and choose to dominate smaller niches, they can establish themselves in brand new areas.
So, we did some digging and zeroed-in on three niche tech markets that are up-and-coming that you can explore this year:
#1 Assistive technology
Here’s something to consider: 90% of the world’s 285 million people who suffer from visual impairment live in low-income settings. The category that can afford advanced technology to improve living standards is low.
The remaining target group is price-conscious and has an affordability limit. Although this has been valid for all those years, it is worth remembering that technology is becoming more accessible and cheaper.
Startups can tap into this space using open source tech in order to create innovative solutions.
Choices are increasing, and a multitude of resources can be found. There are languages, frameworks, and protocols that more easily and cost-effectively address a specific problem.
Cloud has eased hardware scalability problems and reduced setup and maintenance costs.
#2 Meetings and events technology
Investors and developers see the technology field for virtual meetings, events, and conferences as ripe for disruption.
Nearly 400 event technologies have been invested in or launched in the last four years.
There are several factors that have led to a rising interest in emerging event technologies.
A number of new solutions have surfaced for a variety of aspects ranging from abstract management, group management, attendant monitoring, and check-ins to badge printing, customer relationship management, and marketing automation.
These approaches have automated processes that were previously done manually and, in many cases, have introduced new features that either enhanced the experience of the event participant or helped stakeholders influence the actions of participants.
It’s a promising sector to enter, particularly if you have an innovative idea to pitch.
#3 E-sports and game development
The e-sports boom has only just begun, which is why some of the world’s biggest brands are scrambling to get in.
Streaming has turned gamers into celebrities. Even Nike and Pepsi support gamers in online tournaments that are streamed and watched by millions across the world.
Game development has grown into one of the biggest entertainment industries in the world.
Within game dev, hyper-focused mobile games, hyper-casual games, and strategy-driven games can be found. The VR gaming route, however, has a long way to go in terms of progress.
We live in an era of technological advancement and markets in a variety of sectors are facing disruption. Nevertheless, focusing on smaller niche markets such as assistive technology, meetings, and events technology could be a way for startups and newcomers to establish themselves.
Starting a new tech business? Build it on a .TECH Domain!
However, if you already have a tech business but are struggling with saturation due to competition. Don’t worry, we have some awesome tips here that will help you along the way.
Differentiating yourself in saturated markets
Competitors in saturated markets battle for the commercial presence and on the basis of price. But, companies (particularly tech startups) have many ways of distinguishing themselves. So, how do you get a strategic advantage by focusing on resources and positioning?
With numerous markets that are flooded with offerings, it has become virtually impossible to distinguish between brands by product alone.
Rivals compete to offer similar features or copy innovative developments.
Despite this, it may still be possible to differentiate yourself in mature markets if you do things right. Here are a few tips to help you get started.
#1 Take a problem-solving approach
Businesses that analyze consumer pain points proactively and seek to solve issues creatively and constructively will still stand out from the crowd, and remain relevant.
The ability to discriminate by solving problems has never been more optimized with the emergence of artificial intelligence – predictive analytics, machine learning, and natural language processing.
With rich customer data, you are in an amazing position to discover prospect pain points and underlying issues and position yourself to respond adequately.
#2 Rely on strong data
It’s the era of big data, and this single technological innovation has empowered us with the ability to accumulate critical information about particular markets, demographic details, and consumer pain points.
The power of big data is linked to a successful digital transformation.
Surprisingly, a large portion of the competition isn’t using data as well as they should, which means you have a possible advantage as long as you utilize your resources wisely.
There are data analytics systems, apps, and software available to help optimize your business’s offerings.
Research and implement data extraction efforts, interpret and evaluate your findings, and develop strategies for marketing and outreach based on these findings.
#3 Pay attention to trends
Saturation literally means high demand and demand never stagnates.
Staying relevant means, you can’t stagnate either – you have to keep your finger on the pulse of trends, consider how it can affect your customers, and the services and goods you provide them with.
However, merely staying on top of trends and adapting to them might not be enough when the competition is fierce.
If you haven’t yet, start thinking about patterns and future trends.
This can be a little tricky to implement. One option would be to form a dedicated investigative team that focuses on looking at past and present trends while trying to figure out upcoming ones.
#4 Focus on digital marketing
You may be surprised to find out just how many competitors overlook the benefits of doing digital marketing as a comprehensive exercise. Social media networks, forums, content marketing, SEO, and websites/landing pages are all involved in keeping ahead of the competition.
Your digital assets are valuable forms of marketing in your arsenal, and you shouldn’t slack off on them.
Come up with consistent branding across all digital channels. Get a keyword targeted website domain name, update your social media accounts with valuable content, and reach out to prospects via LinkedIn or Instagram.
The Internet has allowed businesses to penetrate markets in creative ways and boost conversion rates at surprisingly impressive numbers. If you have the budget, hire a digital marketing team. If you don’t, learn as much about it as you can yourself and apply your findings.
Differentiating yourself in saturated markets can be vital in helping to ensure the success of your tech company. Taking a problem-solving approach, relying on strong data, looking out for trends, and focusing on a comprehensive online action plan for your company could help distinguish it from the competition.