💡 Opportunity #1 - A Paid Ads Analysis Tool
🗂 Overview:
There are over 10m active advertisers on Meta (Facebook/Instagram), annually they spend over $110b annually on ads. And that’s just Meta, that’s not even including what people spend on TikTok, Pinterest, Twitter, LinkedIn and Snapchat.
This is a massive market and one that is always looking to optimise spend and improve performance. So these tools can help advertisers save/make millions.
There are a few companies out there that already do this such as Foreplay.co & MagicBrief but considering the size of this market, there’s still plenty of room to come in and create an improved product. Even a 0.1% market share is still over 10,000 customers.
The idea:
📈 Trends:
📊 Stats:
Meta (Facebook/Instagram) generated over $113b in advertising revenue in 2022. (source)
TikTok generated $9.9b in advertising revenue in 2022. (source)
Meta has over 10m active advertisers. (source)
About 72% of overall marketing budgets are directed towards digital marketing channels. (source)
Digital ad spending worldwide is estimated at $441 billion in 2022 and is projected to reach $485 billion in 2023. (source)
⭐️ Examples:
Foreplay.co has over 2000 users according to a recent job posting - assuming all 2000 of those customers are on their lowest tier that’s $100,000/m. They’ve partnered with some of the leading influencers in the paid social advertising space.
MagicBrief has had over $2m in pre-seed investment. They are similar to Foreplay but focus more on the ad creation workflow vs creative inspiration although they are very similar products and offer most of the same features.
👎 Problems:
Here are some problems these tools solve for advertisers:
Competitive Analysis: They provide insights into competitors' ad strategies, showing what's working for others in the industry.
Creative Inspiration: Advertisers can draw inspiration from successful ads, helping in brainstorming and generating new ideas.
Trend Identification: They help identify current trends in ad content and design, which is crucial for staying relevant.
Time Efficiency: Sifting through countless ads manually is time-consuming. These tools streamline the process, saving valuable time.
Budget Optimization: By recognizing effective ad elements, advertisers can potentially improve ROI, avoiding spending on ineffective strategies.
Learning from Mistakes: Analyzing why certain ads fail can be as important as understanding why others succeed.
Here are some problems with existing tools and some potential opportunities/features:
None of them include Twitter, Pinterest or Snapchat ad analysis
Existing tools don’t give estimates of performance. MagicBrief has ad score but it’s quite vague.
Foreplay and Magic brief don’t include likes/comments etc.
None of them include Google/YouTube ads. Although this does seem very complex to integrate. But a massive opportunity is done right as Google make over $220b a year from advertising. It looks like Foreplay are working on a way to integrate this.
AI integration is mostly for brief writing not for analysis. AI could be used to spot creative trends and determine top-performing ads.
You could also use AI to clone graphic ads or have a library or cloneable graphic ads like creativeos.io
🚀 How to Build/Grow:
How to Build:
Determine your value proposition (USP): Talk to advertisers and competitor’s customers, read reviews, look at feature requests, etc. We gave some ideas above but do your own research as well.
Use platform APIs: All social media platforms have APIs you should be able to use for this.
Create an MVP: Start with a basic version that includes core functionalities like ad scraping, basic analytics, and a user-friendly interface.
UI/UX Design: Design an intuitive and easy-to-navigate UI and ensure the presentation of data is understandable and actionable.
Beta Testing and Feedback: Invite a small group of users to test your MVP. Collect and incorporate feedback for improvements.
Monetization Strategy: Decide on pricing models: subscription-based, freemium, or one-time purchase.
How to Grow:
Partner with Influencers: Foreplay grew very quickly by partnering with influencers and experts in the space. People with large YouTube and Twitter followings in the DTC/Paid Social advertising space.
Branded Shareable Assets: Both MagicBrief and Foreplay let users share ads, boards and swipe files with a branded dashboard - like this. So when users share these with their network/audience they get eyeballs on their brand.
Reports & Events: Share regular industry reports, infographics and blogs. Once you gain popularity you can run events like Foreplay’s “Ad Creative Max”
Build a Course: Create a free course on creating high-performing ads, as well as platform-specific courses for Meta, TikTok, Snapchat, Pinterest, LinkedIn, Twitter, etc. This will help improve credibility but also increase the market size by creating more paid social advertisers - who are now all in your funnel. Make these courses short and focus on quality over quantity. You want people to finish the courses so they can action the content.
Paid Social Ads: Using the learnings from your own platform, create ads for paid social platforms and get in front of your desired target market.
Agency Sales: Sell to agencies that work with these paid social platforms or make creative for them. This could be via cold emailing and/or LinkedIn outbound. Offer free demos and a free trial period.
Newsletter: Create a newsletter sharing breakdowns of the best-paid ads you’ve found that week like Niceads. This will not only help build an audience but will build a relationship and ensure you’re getting in front of an engaged audience every single week.
💡 Opportunity #2 - Shopify App Consolidation
🗂 Overview:
Many Shopify store owners face hefty bills due to the accumulation of various app subscriptions, which are essential for different functionalities in their e-commerce operations.
The idea here is to tackle the issue of high costs associated with Shopify apps by consolidating multiple Shopify app functionalities into a single, more affordable app.
There’s no reason that some of these apps should be costing $1500 a month or a percentage of your revenue. In some cases, people are paying more for Shopify apps than they’re paying for Shopify.
The idea: Create a bundle of high-quality, affordable Shopify apps that compete with popular, more expensive apps for one set monthly fee.
Why Shopify Apps:
Access to a Large Market: Shopify is one of the largest e-commerce platforms, with millions of active users worldwide. This provides a substantial potential customer base for your app.
Shopify's Ecosystem Support: Shopify supports developers with extensive documentation, development tools, and a marketplace for apps. This ecosystem makes it easier to develop, market, and sell your app.
Recurring Revenue Model: Shopify apps typically use a subscription model, providing a steady stream of recurring revenue. Once users integrate your app into their workflow, they're likely to continue using (and paying for) it as long as it remains useful.
Solving Specific Needs: Many Shopify store owners have unique needs or face specific challenges that aren't fully addressed by Shopify's core features. Developing an app that solves these problems can be highly valuable.
📈 Trends:
📊 Stats:
As of 2023, there are approximately 4.88 million live websites powered by Shopify. (source)
Shopify has shown significant growth, with a 200% increase in store numbers since 2020, adding over 2.5 million new stores in just two years. (source)
Shopify is the third-largest online retailer in the US, following Amazon and eBay. (source)
Shopify has generated over $812 billion in sales during its 17 years of operation. (source)
Shopify possesses 10% of the global e-commerce platform market. (source)
More than 80% of Shopify retailers use third-party apps, with over 25.8 million apps installed. (source)
There are around 8,500 apps available on Shopify's App Store as of 2023. (source)
⭐️ Examples:
Recharge is one of the biggest apps for managing subscriptions on Shopify but not only do they charge between $99-$499/m, they also take a percentage of revenue and 19c per transaction. This can definitely be done without the subscription fee.
AfterSell offers a few different upselling apps such as CartDrawer which can cost up to $200/m whilst their post-purchase upsell app can cost up to $800/m - some competitors also take a % of revenue.
👎 Problems:
Shopify Apps are vital for most Shopify store owners to increase revenue and improve site functionality/performance.
The cost of these apps can skyrocket and cost more than using the Shopify platform itself.
Many of these apps provide basic functionality you’d expect from an e-commerce site, such as popups, upsells, reviews, pre-orders, and subscriptions.
Not all apps are created equal in terms of reliability and support. Some might have bugs or issues that are not promptly addressed, affecting the store's operations and sales. Having them all in one can streamline support.
🚀 How to Build/Grow:
How to Build:
Market Research: Identify key needs and pain points of Shopify store owners.
Bundle Offering: Decide on essential features to include in the bundle.
Development Approach: Choose between in-house development or partnering with existing app developers.
Integration and Testing: Ensure smooth integration and comprehensive testing of the bundled apps.
Pricing Strategy: Develop a competitive pricing model offering better value than individual apps.
How to Grow:
Content Marketing: Create SEO-optimized content about e-commerce challenges and solutions.
Social Media Marketing: Engage with Shopify store owners on platforms like Facebook, Instagram, and LinkedIn.
Email Marketing: Send newsletters and personalized emails to a segmented audience list.
Partnerships: Collaborate with e-commerce influencers and agencies for wider reach.
Referral Programs: Implement incentives for current users to refer new customers.
Paid Advertising: Use targeted ads on Google and social media platforms.
Free Trials and Demos: Offer free trial periods and conduct live demonstrations of your app.
Shopify App Store Optimization: Optimize your app store listing for better visibility and conversions.
Customer Support: Provide excellent customer service and incorporate feedback for continuous improvement.
👍 Tips:
Understand the Shopify Ecosystem: Familiarize yourself with Shopify's platform, its limitations, and the common needs of its users.
Focus on User Experience: Ensure that the bundle is easy to use and integrates seamlessly into Shopify's platform. A good user experience will increase adoption rates and customer satisfaction.
Develop a Unique Value Proposition: Your app bundle should offer something that individual apps or other bundles do not. This could be unique features, better integration, superior user experience, or more competitive pricing.
Prioritize Customer Feedback: Regularly collect and analyze customer feedback to continuously improve your app bundle based on user experiences and needs.
💡 Opportunity #3 - Faceless YouTube Channels
🗂 Overview:
Faceless YouTube channels are a growing trend where content creators produce videos without showing their faces. This approach offers several advantages, making it an appealing business model, especially for those who value privacy or lack on-camera skills.
AI has made it faster and easier to create these channels from script writing, voiceovers, and images.
The most successful channels provide valuable, educational and entertaining content.
These 3 Faceless YouTube Channels Didn't Even Exist Last Christmas & still made their owners Rich in 2023.
The Power of owning faceless YouTube channels 101:
A thread.🧵 twitter.com/i/web/status/1…
— #Jan | YouTube Faceless (#@jansousek1)
11:09 AM • Dec 28, 2023
📈 Trends:
📊 Stats:
YouTube has over 2.5 billion users, making up almost one-third of the entire internet. The platform receives over 1 billion mobile views per day. (source)
YouTube is most popular with those aged 15-25 and 26-35, with 77% of each demographic using the platform. (source)
India has the largest YouTube audience at about 467 million, followed by the United States with 240 million. (source)
In 2023, YouTube Shorts achieved over 50 billion daily views. (source)
⭐️ Examples:
TheAIGRID:
Niche: AI News
Views: 19,200,000
Revenue: $150k-$300k
Retire Rich:
Niche: Personal Finance
Views: 5,300,000
Revenue: $50k-$80k
Mr Anime:
Niche: Anime Recaps
Views: 18,000,000
Revenue: $80k-$130k
💡 Channel Ideas:
History (niche history is even better like World Wars, Roman Empire, Egypt, etc)
Crime/Murder Mysteries
Horror Stories
Investing/Crypto
Languages
Facts
Movies
Coding
Book summaries
🚀 How to Build/Grow:
How to Build:
Select a Niche: Identify a topic or area that you're passionate about or have expertise in.
Generate Content Ideas: Use AI tools like ChatGPT to brainstorm and generate ideas for your videos. For example, ask for video topic suggestions within your chosen niche.
Scriptwriting: Again, leverage AI for scriptwriting. ChatGPT can assist in creating detailed scripts for your videos. Ensure the scripts are engaging, informative, and suitable for your target audience.
AI-Driven Video Creation:
Use AI video creation tools like InVideo. These tools allow you to create videos by inputting your script. They automatically suggest and add relevant visuals, animations, and even background music.
Choose appropriate settings for your video, such as length, style, tone, and music genre. This can be directed by the theme of your content.
Voiceover: If you’re not using your voice, utilize text-to-speech AI services for voiceovers. Choose a voice that fits your channel's tone and style. Elevenlabs is the best option for this.
Create Thumbnails and Descriptions: Use graphic design AI tools (like Canva) to create compelling thumbnails. AI content generators can also help craft engaging video descriptions.
Editing and Finalizing Your Video: After generating your video with InVideo, you can further edit it to add or remove elements. Ensure the final product is polished and aligns with your channel's theme.
How to Grow:
Consistent and Quality Content: Regularly upload high-quality videos. Consistency helps in building a loyal audience. Ensure the content is well-researched, informative, or entertaining depending on your niche.
SEO Optimization: Use tools like VidIQ or TubeBuddy for keyword research. Optimize your video titles, descriptions, and tags with relevant keywords to improve visibility in YouTube search results.
Engaging Thumbnails and Titles: Create compelling thumbnails and titles that grab attention. Use tools like Canva for thumbnail design. Your titles should be catchy yet clear about the video's content.
Leverage YouTube Shorts: Take advantage of YouTube Shorts to gain visibility. Shorts can be a great way to attract viewers to your main content.
Collaborations and Networking: Collaborate with other YouTubers in your niche. This can help you reach a new audience and gain credibility.
Utilize Social Media: Promote your videos on social media platforms. Share snippets or teasers of your content on platforms like Instagram, Twitter, and Facebook to drive traffic to your YouTube channel.
Engage with Your Audience: Although faceless, engage with your audience through comments, community posts, or even Q&A sessions. This interaction can help build a community around your channel.
Analyze Your Performance: Regularly check your YouTube Analytics to understand your audience better and see what works. Adjust your content strategy based on this data.
Use Playlists: Organize your videos into playlists. This encourages viewers to watch more of your content in a sequence, increasing your overall watch time.
Incorporate Calls to Action: Encourage viewers to like, comment, and subscribe. You can also direct them to other videos at the end of each video.
Content Diversification: Experiment with different types of content within your niche to see what resonates with your audience the most.
Monetization and Sponsorships: Once you have a substantial following, explore monetization options like YouTube ads, sponsorships, or affiliate marketing. This not only provides income but also can increase the credibility of your channel.
Create Trending Content: Keep an eye on trending topics in your niche and create content that aligns with these trends. This can increase the chances of your videos being discovered by new audiences.
Email Marketing: Consider building an email list to notify subscribers about new videos or exclusive content.
Community Building: Foster a sense of community among your viewers. This can be through engaging topics, community challenges, or highlighting viewer comments and suggestions.
👍 Tips:
Quality Content is Key: Ensure your content is engaging, well-researched, and offers value to your audience. High-quality content is more likely to be shared and recommended.
Consistency in Posting: Establish and maintain a regular posting schedule. Consistency helps in building a loyal audience and improves your channel's ranking on YouTube.
Promote Across Platforms: Share your videos on social media, forums, and relevant online communities. This can drive traffic to your YouTube channel.
Use Calls to Action: Encourage viewers to subscribe, like, or comment on your videos. Calls to action can significantly increase viewer engagement and channel growth.
Be Patient and Persistent: Growth on YouTube often takes time. Stay patient, consistently improve your content, and adapt your strategies as needed.
