You do not come across a million-dollar business opportunity every day. No one does. But it’s important to recognize when you find one. This article highlights interesting market opportunity examples to help you understand the potential of striking gold in a competitive business ecosystem.
Read on to be inspired by stories of entrepreneurs who found opportunities and went on to launch successful businesses.
What are market opportunities & how to find them?
Market opportunities are macro-level trends, situations, and experiences that open up a new category or lead to an increase in demand for a new product. For example, the rising popularity of social media led to a rise in demand for social media scheduling tools.
Market opportunities are not just limited to new product opportunities. It can be anything that has the potential to increase demand for a product. Take the following post as an example:
The CNBC article listing Revenue Intelligence as the #1 job in the US was a market opportunity for Clari — a revenue intelligence platform. They turned it into a chance to market their brand using content, leading to an increase in demo signups for their SaaS.
Early identification of market opportunities helps you position yourself well, open a new product segment, stay relevant, and stay ahead of the competition.
Read More: How to Find Business Opportunities
Hot market opportunity examples.
Peter Druker, the famous management consultant, had a beautiful take on entrepreneurship and market opportunities.
Market opportunities are everywhere — from problems you face in everyday life to changing consumer trends. Great entrepreneurs discover and harness opportunities to build successful businesses. Here are some examples of market opportunities from the real world:
Increase in remote work & launch of remote collab tools — Zoom, Slack, & more…
Pandemic-related memories are still fresh in our heads — lockdown restrictions, the rise in remote work culture, and endless Zoom calls to collaborate. Interestingly, the black swan event resulted in a ripe market opportunity for remote collaboration and video calling tools.
If you observe the Google Trends graph above, you will see how the search for remote work grew almost instantly (around the time of COVID outbreak). Many tech entrepreneurs leveraged the opportunity to launch their remote tools. Zoom also witnessed massive demand and growth throughout the lockdown period. In 2023, you see most remote tools still positioning themselves as the ‘future of remote work’.
While the pandemic was sad for many businesses, some saw this as a market opportunity to build their online businesses.
GDPR & the launch of privacy-focused analytics tools — Plausible Analytics.
In an ideal world, forecasting works really well. But we are far from living in an ideal world. Sometimes, situations arise spontaneously. Similar was the case of the ‘privacy debate’ in the last decade. Every country started talking about the privacy rights of its citizens.
Some, like Europe, moved a step ahead by announcing privacy laws like GDPR, which made tracking and storing user data harder. Mammoths like Google faced a crackdown and have been subject to massive fines in European nations.
GPDR came into effect in May 2018, promoting a privacy-first and transparent environment for Europeans when it comes to online tracking and analytics.
Interestingly, many saw this as a market opportunity as there was a sudden rise in demand for privacy-first analytics tools. Plausible Analytics was one such tool that grabbed this market opportunity.
They knew data privacy laws would make users shift from Google Analytics and presented a ‘plausible’ alternative at the right time. Since then, thousands of ‘privacy-first’ analytics tools have been launched for online businesses.
Growing need for entertaining group activities for adults — Wine & Design.
Sometimes, a short break from routine can open up a sea of insight for an entrepreneur. This may lead to the discovery of a pain point, an untapped market opportunity, or a new market segment altogether.
Similar was the case with Wine and Design — a niche paint and wine business. The founder, Harriet Mills, was on a weekend beach trip when she found an engaging way to hang out with her friends — a paint-and-sip studio.
She realized that there is a need for such ‘entertaining’ group activities for adults like her in urban America. While there’s a lot to do in a resort, people often face the problem of ‘not having anything to do’ in their daily life apart from food and drinks. This untapped market opportunity and the personal pain point led her to Start Wine & Design — her own brand that arranges fun activities for adults.
The business soon became a hit, launched its franchise, and now runs multiple franchisees all over the US. So much with just a single insight, lots of hard work, and cracking the right market opportunity. Right?
Building a gateway to China in the early internet days — Alibaba.com.
Most of you would have heard about Alibaba — the famous dropshipping heaven that connects US businesses to suppliers in China. But did you know that was probably one of the first examples of the market opportunity in the internet era?
The startup story is interesting. Incidentally, Jack Ma used to run a translation company in China and came to the US in 1995. He had just heard of the internet back then, and when he first used it, he couldn’t find any info on China on the internet.
Jack suddenly realized the immense growth potential in grabbing the market opportunity of connecting the Chinese market to English-speaking nations like the US. He launched several websites after his trip to the United States, and one of them — chinapages.com, sold for USD 800,000.
After that, he started creating English websites for Chinese businesses to get inquiries, which later shaped the famous Chinese marketplace — Alibaba.com.
The rise of the creator economy & generative AI.
By now, you would definitely have used ChatGPT at least once, if not more. Well, the release of ChatGPT (and subsequent virality) is a result of grabbing a ripe market opportunity — assisting the creator economy.
The thing is — creating content — visual, textual, or in any other form is traditionally hard. It takes hours of creative insight, sometimes weeks, to create a masterpiece.
But with the rise of social media trends, influencer culture, and constant need for ‘fresh content’ every few hours, the old approach was not enough for an ‘aspiring creator’. In a world where millions of content creators are fighting hard for user attention (and aiming for virality), creators want fast solutions.
Enter generative AI — a revolutionary technology that allows people to generate new content through inputs known as prompts. ChatGPT is an example of a conversational generative AI, and Jasper, a content creation AI tool, is another example.
All such tools discovered a massive gap in the booming $104.2 billion creator economy and grabbed the market opportunity to launch generative AI content creation tools.
Almost every AI tool that promises creators a fast way to shell out content is on a growth curve. The whole industry is brimming with a lot of activity with the massive popularity of ChatGPT.
According to Jim Louderback, the Author of Inside the Creator Economy, “Generative AI will turn creators into super-heroes and augment areas where they aren’t as strong. Think of it more as a creator co-pilot, rather than a creator replacement.”
All the generative AI tools ride on the market opportunity of growing demand for online content, and the results are starting to show, already. Many unicorns are being built every day in this space.
Find the next market opportunity using GapScout.
Peter Druker recommended entrepreneurs search for opportunities and grab them whenever they can.
Well, it would have taken months, if not more, to look for opportunities earlier. Thankfully, technology can bring deep insights into future market opportunities in a lot less. So, why not start looking for opportunities right away?
GapScout scans online public reviews about your products and your competitor’s products and brings you fresh insights every day. Automate the process of finding opportunities with a full-proof ‘opportunity discovery’ solution today.
You may also like:
Ready to Automate Your Market Research?
Get exclusive access to GapScout prior to release!