The gap for innovative hardware product shrinks every day as the competition for the mass consumer products is extremely high. Big brands are battling it out on a daily basis for the mass markets attention.
There will be two types of people developing products:
The big hitters that have lots of money, multiple resources, a large team and a network that will help them get their product out there faster than you can drink your morning coffee. Competing with these big brands requires immense resources and a highly dedicated team.
The second are normally experts that have a deep understanding of a particular industry. They have found a pain point, problem, or an outdated product that they want to explore and design within that industry they know so well. From here they craft their idea into a product they can sell.
New industries are showing themselves every day and evolving into potential marketplaces. People are expanding their interests; people have more money and easier access to products. If you live and breathe a niche market, focussing on that niche can be the easiest, most rewarding method to developing a product.
Individuals and small businesses make successes of developing for their chosen niche every year. Their goal is not to build an empire. They want to build a small to medium sized business that provides value to their audience.
<h3>Let’s look at Grandma, she’s lost function in her left hand, she loves knitting and doesn’t want to stop knitting her grandkids onesies. She can’t find a solution that works well for her. So, she comes up with her own product and technique. </h3>
Within a few months she has a blog up spreading the word through the community and a lovely product that seals the deal. Everyone wanting to knit with one hand is joining Grandma’s blog and buying her product so they can also knit with one hand.
Grandma’s product is not going to effect the mass consumer market, but it’s going to make a small amount of people, extremely happy. You don’t need to solve the entire world’s problems to find success in a product. The world is big enough for you to solve a very niche problem, make a difference, and create a successful business.
Focussing on the niche and primary target market is beneficial for you the business surrounding the idea. It will help with marketing, branding, and sales.
The brand, market, and messaging all will relate to your indented audience. If your market is on handed knitting.
When a potential customer in your market searches for ‘one handed knitting’, chances are your product will pop up if that’s what you’re all about.
But, you’ve been thinking, your product actually could be used with two handed knitters as well. So, you decide to enlarge your market and include two handed knitting in your marketing and approach. You are now servicing a much bigger market which includes your primary market. What do people do when they have a question these days? They search for it online.
So now we have one of your primary target market customers searching for ‘one handed knitting’. It’s only mentioned a few times on your website because you’re included all the other types of knitters and their techniques. Your website doesn’t rank high enough as there’s not enough information on one handed knitting and you lose that customer.
Go after your primary target market first. Get all of them. The world is big enough to try. Once things start spilling over into other markets, you’ve gained momentum, you’ve sold products and made money.