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💡 Opportunity #1 - Running
🗂 Overview:
I don’t know what’s going on recently but everyone has started running. In London, where I live, it feels like more people are running than walking.
Running clubs have become the new dating apps.
And being a runner is expensive - in a 2020 survey, they found that the average American runner spends $1000 a year on the sport. This varies for males & females with females spending $1132 vs males at $997.
#running on TikTok has had 386m views in the last 7 days alone - 30B in total - see for yourself. Likewise, #runtok has had 56m views and #marathon has had 28m.
Looking at the search trends as well it’s crazy how something already so popular is becoming even more popular:
11% might not seem massive but that’s over 1m searches
Here are some stats on running from Runner’s World:
Read more stats on running here.
⭐️ Examples:
Supersonic (saw this on Insanely Cool Tools today, go check them out) is designed to build habits in running and make it more fun.
Everyrun connects runners and race organizers - everything you need to organise a fun run, park run or other community race - all in one place.
Runna gives the support you need as a runner with tailored running plans to achieve your goals, from training for a faster 5k to completing your first marathon.
Stepn is a Web3 running app that gives you tokens the more you run and do outdoor exercises.
👎 Problems:
Running garners popularity for several reasons, each adding a unique perspective on the appeal of this accessible sport:
Regaining Motivation: A short daily run is a feasible goal, promoting regular activity without consuming much time.
Mood Boosting: The release of endorphins during exercise can improve mood and reduce stress.
Life Span Extension: Running, even once a week, can reduce the risk of several health issues and potentially extend life.
Muscle Strength: Downhill running, in particular, can strengthen leg muscles without damaging knee joints, if done correctly.
Concentration Improvement: A brief run can sharpen focus and provide a break for workers, especially beneficial for remote workers.
Sedentary Time Reduction: Short daily runs help break up long periods of inactivity, contributing to overall health.
Lung Function: High-intensity running can improve lung and heart efficiency, which is increasingly important for health.
Fitness for Sports: High-intensity running prepares the body for sports requiring quick sprints and short recovery times.
Self-Image Improvement: Regular running can boost self-esteem, and contribute to muscle gain, and fat loss.
🧐 Opportunities:
Here are some opportunities worth exploring:
Recovery and wellness products tailored for runners
Smart insoles like this for real-time feedback on running form
Location-based running challenges and scavenger hunts (some people find running in a new city is a great way to explore)
Training retreats and travel packages for destination races
Personal safety apps and gear for night runners
🛠 How to Build:
Identify a Unique Value Proposition (UVP): Understand what sets your running business apart. This could be an innovation in running gear, a unique app feature, or an unexplored market segment.
Market Research: Conduct thorough research to identify your target audience's needs, preferences, and pain points related to running.
Choose Your Business Model: Decide whether you're offering a product, service, or platform. This could range from physical goods like running apparel to digital services like training apps.
Develop a Minimum Viable Product (MVP): Create a simplified version of your product or service to gather feedback early on from your target market. Side note: I’ve written a couple of newsletters about what makes a good MVP and how to make an MVP with no code.
Establish an Online Presence: Build a professional website and create profiles on social media platforms relevant to your target audience.
Launch Beta Testing: Before full-scale launch, conduct beta tests or early access programs to refine your offerings based on real user feedback.
🚀 How to Grow:
Content Marketing: Create valuable content for runners, such as training tips, nutritional advice, and gear reviews. Utilize SEO strategies to increase visibility.
Social Media Engagement: Use platforms like Instagram, TikTok, Twitter, YouTube and even Strava to engage with the running community. Share inspirational stories, customer testimonials, and user-generated content.
Email Marketing: Build an email list to send out newsletters, training programs, and exclusive deals. Personalize content to increase engagement.
Influencer Partnerships: Collaborate with running influencers and coaches to reach a broader audience. Choose partners aligned with your brand's values and target demographic.
Referral Programs: Encourage word-of-mouth marketing by offering incentives for customers who refer new users to your products or services.
Community Building: Host virtual or local running events, challenges, and meetups to build a loyal community around your brand.
Paid Advertising: Invest in targeted ads on social media and Google to reach potential customers actively searching for running-related products or services.
Cross-Promotions: Partner with non-competing businesses in the fitness industry, such as gyms, health food stores, or cycling brands, to promote each other's offerings.
Feedback Loop: Regularly solicit feedback from your customers to continuously improve your products or services. Use surveys, social media polls, and direct conversations.
Leverage Technology: Stay ahead of the competition by incorporating the latest technologies, such as AR, VR, or AI, into your products or services to enhance the user experience.
All Premium Subscriptions Will End Next Week
Firstly, thank you all for subscribing to the premium tier - I truly appreciate you supporting this newsletter, it means the world to me.
However, I’ve decided to end the premium subscription offer as the effort in writing 3 very detailed business idea breakdowns a week outweighed the reward.
I’ll be launching a one-time payment offer soon, that I hope will provide even more value to you - everyone who was a premium subscriber (you) will get this for free when it’s launched as a thank you.
