Developing Niche Markets - Opeyemi Babalola

Second talk at v1.3, the third Hackaday Hardware Lagos meetup held on the 29th of October, 2016.

Transcript

1. Developing Niche Markets
2. About me: •CEO, Webber Engineering Nig Ltd •Only boy amongst 9 children •BEngr. Mechanical (Unilorin) •MSc Subsea Engineering (University of Aberdeen) •Loves Playing music (Keyboard, Trumpet, set drum) •Basketball HEAD •Loves 3D Modelling •Worked for: Mikano Intl., Global Oceon, General Electric, OneSubsea.
3. Lets get started: What is a Niche Market? A niche market is the subset of the market on which a specific product is focused. How can you develop a Niche Market?
5. My Niche Product
6. How can you develop a Niche Market? Identify a need through research. Narrow down your search. Know your product and have passion for it. Study the Market opportunities. Never rule out your competitors (Local and Foreign {China}) What edge do you have over your competitors Identify your demographics (Target customers) and analyse the statistics. Aim to achieve Customer confidence (Automatic Referrals) Annex the power of social media. Protect your Intellectual Property. Test the Market and be attentive to feedbacks. Roll out your product. Final Note : “If it’s got to HAPPEN, its up to you to make it HAPPEN, and the time to make it HAPPEN is now!”……Opeyemi Babalola.
8. References: http://www.employmoms.com/how-to-make-money-with-niche-marketing/ https://mcer.nvrdns.com/2016/10/20/question-marks/ http://spindigitalpublishing.com/tips-for-reaching-your-niche-market/ http://seanheritage.com/blog/questions/