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4 Comments

How to find the gap in the market?

Hi all

So I started my journey recently. And, my first milestone is to find a gap in the market that is worth a shot. I don't really care about the industry (marketing, human resource, payments, ...)

I tried to find a gap in the market by checking out a powerful library/service (GPT-3 to be precise) and try to come up with possible solutions that solve a problem. E.g. using GPT-3, it is possible to create a Twitter Bot that replies to Tweets of influencers automatically to be visible in the Twitter space (and by being visible, to gain followers).

Anyway, that's just one example of many. But, because my background is in software development I approach the problem "upside down". That means, I come up with a solution and then I try to find the market. I guess that's a typical problem for people coming from a (hands on) software development background?!

Now, OK. This approach can work, but it is not ideal.

The other way is to start with the problem and then come up with solutions. I guess that's the entrepreneur mindset?! One example I have in mind is a solution to ease the creation of end-user focused software documentation. Everybody who ever created software knows that this is basically always an after-thought.

OK, cool. I get this point of view and I'm happy to give it a shot.
(Because, it is closer to the customer/target group/potential users.)

What kind of strategies do you use to identify problems that the end-user is facing? How do you get into the shoes of an end-user to identify problems? Especially end-users of an industry you do not have a relation to?

on June 28, 2022
  1. 1

    I recommend picking an audience first and then identify their pain points by hanging out where they do (eg online communities), reading negative reviews of competitors (as Honeysyed mentioned) and talking with them (eg cold email, LinkedIn, forums). I think only then can you come up with a solution that has a high probability of success

  2. 1

    Micro SaaS Ideas solves this problem to some extent with a little bit of research on what niches/markets are working around profitable Micro SaaS products. We also have a community attached for our Pro subscribers at Micro SaaS HQ

  3. 1

    Find direct/indirect competitors.

    Check their 1,2 and 3-star reviews on G2, Capterra, and Trustpilot.

    I have shown the whole process in this post: https://honeysyed.com/how-to-build-a-hunter-io-alternative/

  4. 1

    Right now, this is my situation exactly (I am a software developer and also affected by the "upside down" approach). I recently started looking into building a product that I can monetise. I don't even have a segment I want to focus-on, to approach it using the "ask your target customer segment" method. 😐