Which industries are Niche-nado ready? What should you do to make the most out of the opportunities they present? In today's episode, Christopher Lochhead discusses three things that have come up since the release of Niche Down.
"Today's solutions are tomorrow's problems." - Christopher Lochhead
Places of Opportunity
Opportunities to design or redesign new categories may exist in any industry. They can be found in places that have been dominated by complacent, giant companies.
Such bureaucracies tend to gravitate towards established systems instead of creativity. They tend to be blind to different aspects.
Few industries to consider are consulting, financial services, and content/media. Author of Superconsumers Eddie Yoon thinks that there is a lot of opportunities in industries with intellectual capital. His success as a consulting guru is already a prime example of a niched-down business.
When it comes to the financial services industry, millennials have had enough of the banks' incremental gouging. According to Gallup research, only 30% of them are engaged with a retail bank. Apparently, more compelling and innovative options are yet to be implemented.
Designing a Niche in Content/Media
Nowadays, ads are popping almost everywhere. But, there are also a lot of micro-niche opportunities that come with them. An example is the July Holiday activity on the Hallmark Channel.
Unique forms of content/media have also appeared, such as podcasts and Korean dramas. Ben Thompson's Stratechery newsletter is also a very good example of a refreshingly innovative form of content.
Listen and download the episode now to hear more!