Finding New Markets

Mitch JoelPosted by

Every entrepreneur looks for the cracks in the pavement.

There has to be a new area to fill and an opportunity to capture. The problem, of course, is that the opportunity can be both good… and terrible. There are those that find a new/interesting market gap, and those that do things to exploit the system. Both are driven by money. Both can be interesting, fascinating and gross to the outside world. Today, kids all over the world are waking up to see if they’ve been naughty or nice this year. Which list they’re on. Deep down, they all know. Can the naughty change to nice? Can the nice change to naughty?

Here’s a great example of finding a new market… one that is naughty… one that is nice (if not a little strange at first glance).

Fortnite is global gaming sensation. Just now, the local pharmacy had Fortnite action figures, stuffed llama loot plush dolls, and even these little treasure chests of Fortnite loot (no idea what was inside) flying off the shelves. When the toys hit the local pharmacy, you know that we’ve hit peak Fortnite. Kids are playing the game. They want to get better at it. They want bragging rights. So, what’s a good parent to do? Why not hire a Fortnite tutor? Yes, they exist. Yes, these Fortnirte trainers are building a decent side-hustle. Some will train their students in person, while others do it online. That’s the “nice” ones. On the other side of the spectrum, we have the Fortnite Boosters. You pay a Booster to log into the game as you, so that you can rack up kills, points and experience. Literally gaming the system. It’s easy to dismiss both side-hustles a silly little by-product of the game’s popularity. It’s more than that. This is a new and interesting market that didn’t exist before the game’s success.

If you could do one or the other, would you be a booster or a tutor?

Would you cheat and write someone’s test for them, or help them to achieve their own goals? Would you be naughty or nice? New markets are everywhere. Figuring out how to capitalize on them may be one of the easier decisions. The harder decision may be which side of the fence you want to live on. Are you playing the short game (get in, make your score and get out) or is this a long play for you? After Fortnite, some other game will come along and capture the world’s imagination, and another new market will unfold. It’s not just today. It’s not just that I’m in the holiday spirit. My goal… my brand… is spread joy as well. My hope is that the content that I create and publish will make you – and your brand – stronger. That’s the real goal. If, in turn, an investment opportunity presents it, a new business idea, a speaking opportunity or even an idea for a book brims to the surface, that’s a nice outcome for me, but it’s not the intent. My intent is always the same: To help brands see what’s now/what’s next and to decode the future. There will always be the next Fortnite around the corner. The bigger idea is how can your brand find a new market – either within it or around it. Better yet, is there an idea from those who did find these unique markets that your business can adapt for your own industry. I’m pretty sure that there is.

New markets are everywhere. Be nice. Play the long game. Happy Holidays!

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