Too often, entrepreneurs ignore small markets. While the market size should be appropriate for your business ambitions, the opportunity of a specific niche is not limited to the size of the market. For example, if a product category has relatively few active customers, but the price of the products is quite high and regular purchases are required, it is still an attractive opportunity. This is called targeting a niche market. Entrepreneurs focused on market size may miss out.
That said, customer acquisition costs are quite high middle east mobile number list right now. The markets that represent the best opportunities are those where you can encourage repeat purchases, whether in the form of a subscription or by (eventually) upselling or cross -selling complementary products. All of these points can be developed later, but keep them in mind as you do your preliminary work.
Recommended reading: How to find a profitable niche, explanations and examples .
Is this a trend, a passing fad or a growing market?
The future development of a market is more important seo program than its current state. If you want to build a sustainable business, you must not only understand current demand, but also be able to predict its future development. Is your product or niche a temporary fad, a trend, a stable market or a booming sector?
Fad. A fad gains popularity very quickly over a short period of time, then disappears just as quickly as it appeared. A fad like this can be very lucrative if you enter the market at just the right time, and exit in time, but timing is very difficult to predict.
Trend. A trend is a longer-term market direction deb directory for a product. It does not grow as quickly as a fad, lasts longer, and usually does not fall as suddenly.
Stable. A stable market is immune to sudden changes. It does not experience major increases or decreases, and remains constant over long periods of time.
In full expansion. A market in full expansion experiences steady growth and shows signs of permanent or long-term development.
What is the competitive landscape?
Who are the competitors in your market? How many are there? If there are many companies competing, it is a sign that the market is well established and that there is a strong demand. However, it also means that you will need to find a way to stand out from the competition (to a certain extent) in order to attract customer attention and secure market share
