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💡 Opportunity #1 - Put a Twist on Existing Products
🗂 Overview:
You don’t need to reinvent the wheel to start a business, you just need to do one thing better/different than your competitors - you need a unique selling point (USP).
Taking everyday “boring” items and adding a novel/innovative twist is one of the easiest ways to do this.
⭐️ Examples:
Good Squish sell giant scrunchies.
Follow Your Legend sells plush animal toys and donates some profits to support and rescue the real animal versions.
Bite turned toothpaste into pills without the plastic tubes or harsh chemicals.
Harry’s created a more affordable razor brand by offering DTC subscriptions.
Manscaped turned beard trimmers into ball trimmers with a few adjustments.
👎 Problems:
These types of products can solve a variety of problems such as:
Enhanced Functionality: Offers better efficiency or enjoyment in everyday tasks.
Personalization: Tailored to individual preferences and needs.
Sustainability: Appeals to eco-conscious consumers aiming to reduce their ecological footprint.
Technology Integration: Attracts tech-savvy individuals seeking tech-enhanced lifestyles.
Health and Wellness: Promotes a healthier lifestyle and well-being.
Convenience: Simplifies daily routines and saves time.
Unique Experience: Provides novelty and new ways of engagement.
Social Responsibility: Supports making a positive impact with purchases.
Status and Trendiness: Serves as a symbol of being ahead in trends.
Safety and Security: Enhances personal safety and security.
🧐 Opportunities:
Self-Cleaning Water Bottles: Utilize UV-C light technology to automatically sanitize the water and the bottle interior.
Smart Planters: Incorporate sensors to monitor soil moisture, sunlight, and nutrient levels, with an app to guide care.
Augmented Reality Toys: Toys that interact with an app to provide immersive learning experiences.
Fitness Mats with Virtual Trainer: Embedded sensors and a connected app provide feedback on posture and performance during workouts.
Interactive Cookbooks: Digital or physical cookbooks that come with an app offering video tutorials, customization, and dietary adjustments.
AI-Powered Fitness Equipment: Equipment that adapts workouts based on your progress and goals.
Smart Toothbrushes: Analyze brushing habits and provide feedback for improved dental care.
Virtual Reality Exercise Bikes: Combine fitness with immersive gaming experiences.
Health-Monitoring Wearables for Pets: Track your pet's activity, sleep, and nutrition.
Customizable Perfumes: Create your own scent profiles with modular kits or online platforms.
🛠 How to Build:
Identify a Niche: Find a gap or a need in the market.
Example: Rocketbook identified a need for reusable notebooks in the digital age.
Develop a Unique Value Proposition (UVP): What makes your product stand out?
Example: Peloton combined high-end fitness equipment with live-streaming classes.
Prototype and Test: Create prototypes, then test and refine based on feedback.
Example: Dyson created over 5,000 prototypes before finalizing their first vacuum design.
Secure Funding: Through savings, loans, crowdfunding, or investors.
Example: Oculus Rift used Kickstarter to fund their VR headset development.
Build a Strong Brand: Create a memorable brand identity and story.
Example: TOMS Shoes built its brand around the One for One donation model.
Establish an Online Presence: Through a website and social media.
Example: Warby Parker leveraged social media to grow its direct-to-consumer eyewear brand.
🚀 How to Grow:
Content Marketing: Share valuable content related to your niche.
Example: GoPro shares user-generated content showcasing their cameras in action.
Influencer Partnerships: Collaborate with influencers to reach target audiences.
Example: Daniel Wellington grew through strategic influencer partnerships on Instagram.
Social Media Advertising: Use targeted ads to reach potential customers.
Example: Casper used Instagram and Facebook ads to reach people interested in home decor and wellness.
Email Marketing: Build and nurture a relationship with your audience.
Example: Beardbrand uses email newsletters to share grooming tips and product recommendations.
SEO: Optimize your website and content to rank higher in search engine results.
Example: Moz offers SEO tools and resources, using high-quality content to drive traffic.
Customer Reviews and Testimonials: Leverage social proof to build trust.
Example: Amazon emphasizes user reviews, directly influencing purchasing decisions.
Referral Programs: Encourage word-of-mouth marketing through incentives.
Example: Dropbox offered additional storage space for referring new users.
Participate in Trade Shows and Events: Showcase your product to a wider audience.
Example: Tesla has historically used auto shows to reveal new models and innovations.
