Author Topic: Empirical method for identifying a niche market?  (Read 1223 times)

Hoosier Daddy

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Empirical method for identifying a niche market?
« on: May 22, 2015, 05:23:40 AM »
I was wondering if anyone here owns their own business and used an empirical method for finding a
Niche market to invest in. For example you can search for unique things on google trends to try and gauge interest in any given topic, but that's just an endless stream of guessing. Has anyone here found a much more straight forward and scientific approach to identifying highly profitable niche markets to invest in?

plainjane

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Re: Empirical method for identifying a niche market?
« Reply #1 on: May 22, 2015, 06:02:50 AM »
In short - no. 

Things I have seen work:
- see successful thing in other market (city, country, etc) and duplicate it in your market, perhaps with your own spin
- see successful thing in other industry, duplicate it in your industry
- see gap in your market/industry, fill it and see if people are willing to pay to have it filled (using fast fail approach)