Framework for Generating Low-Competition SaaS Ideas
, Community Leader
Aug 8, 2024
3 minutes
In the fast-moving world of Software as a Service (SaaS), competition can get pretty intense. But there’s a smart way to find low-competition SaaS ideas that tap into emerging platforms. This framework gives you a simple, step-by-step guide to spot and make the most of these opportunities.
Step 1: Find a Platform That is Growing Massively
The first step in this process is to identify platforms experiencing explosive growth. One valuable tool for this is Exploding Topics. By tracking increases in Google search volume, this site highlights topics that are gaining traction and poised to go mainstream.
How to Use Exploding Topics
To find relevant platforms, focus on the 'business', 'startup', or 'technology' filters. Spend a few minutes researching each topic on Google to gain a better understanding of what it is, what people are saying about its future, and its current traction, funding, or revenue.
Step 2: Explore Tools for More Established and Comparable Platforms
This is the heart of your strategy. The aim is to discover effective tools linked to established platforms that can be replicated for the new platform you spotted in step one. You're on the lookout for a combo with minimal competition.
Where to Find Inspiration:
Product Hunt: Discover popular tools and apps.
App Stores/Marketplaces: Check out established ones like Shopify and niche ones like HubSpot or Monday.
Industry Blogs: These often highlight new tools and trends.
Review Sites: Platforms like G2 can provide insights into what’s working well in established markets.
Step 3: Build an Equivalent Tool for the New Platform
Now that you have your idea, it's time to build it. Choose an idea you can develop within 1-2 months to validate it with real users quickly.
Development Tips
When working on a project, it's beneficial to utilize a tech stack comprised of technologies you are already familiar with to expedite the process. If you’re not a developer, consider leveraging no-code tools to bring your idea to life; platforms like Bubble, Webflow, and Zapier can be game changers in this regard.
Step 4: Profit from Limited Competition
By focusing on a low-competition area, you can score an early mover advantage. With fewer options available, your potential customers are more likely to go with your solution. Your aim now should be how to get your first 100 customers.
Steps to Monetize:
Outreach: To gain visibility for your tool, consider reaching out to industry bloggers to feature it. Engage with potential users on LinkedIn to build connections and awareness, and launch on platforms like Product Hunt to further enhance your exposure.
Early Customers: To validate your idea, concentrate on acquiring a few initial customers and gather their feedback to refine and enhance your product.
Scaling Marketing: To enhance your marketing strategy, focus on scalable channels like SEO, YouTube, and social media. Additionally, maintain regular communication with your users to ensure that your features stay competitive and ahead of any emerging competitors.
Conclusion
In the competitive SaaS landscape, finding success means spotting and taking advantage of low-competition niches. By using this approach, SaaS entrepreneurs, startup founders, and tech innovators can uncover unique opportunities, whip up solutions quickly, and cash in on their first-mover advantage.
