In 2020, Clubhouse emerged as an innovative social media platform, setting itself apart from traditional apps like Facebook and Twitter. The founders, Paul Davison and Rohan Seth, recognized a gap in the market for immediate audio communication and real-time, live interaction, and decided to exploit this void.
Before Clubhouse launched, most social media platforms relied on text, images, and videos. What was missing was a space where people could gather in live audio chat rooms, engage in instant and direct interaction. No platform existed that focused on live audio communication as its core function. The founders noticed that people were growing weary of written content and video consumption, and there was a desire for new forms of interactive, human connection.
Clubhouse filled this void by offering an app that entirely revolved around live audio conversations. Through audio chat rooms, users could enter open conversations, listen to influential people or experts in their fields, and participate in discussions instantaneously. These conversations were not recorded, giving users a sense of direct and immediate connection, as if they were attending a live event.
Within a very short time, particularly in 2021, Clubhouse achieved widespread popularity among users, especially after the app was embraced by public figures and entrepreneurs like Elon Musk and Mark Zuckerberg, who appeared in live conversations. This amplified the app’s appeal, and millions of users from around the world began flocking to it.
For your luck we’re here to explain these gaps for you which what we calles “White Space”
What is white space?
White space in business is not just about finding an empty space in your industry. Instead, it’s about creating a new space that will make you a game leader.
In other words, don’t just think about finding a market or niche with no competition. Instead, you should create a unique market that can change the game in your industry. That way, you will be the game leader and achieve real success.
For example, think about Amazon for a moment. When it started, Jeff Bezos’s idea seemed strange because he was trying to change the whole way people did marketing and trading. But look at his idea now—he succeeded in changing and leading the game, and became a billionaire from it.
How to find empty space?
Finding empty spaces can be a challenge, especially for beginners, but it’s not impossible. Here are some methods to use:
1. Focus on unspecified problems
As we know, the real key to making money is solving problems. But instead of wasting time on problems that many people have already solved and talked about, focus on unspecified problems.
You can find such problems by using tools like Google Trends and keyword research tools, so you can see what people are searching for. Take your chance!
How to use Google Trends to find such a problems?
Google Trends is a great tool for discovering the problems people are searching for around the world or in your area.
Here’s how to use it:
1- Identify an area of interest Let’s say you’re in the e-commerce industry and want to discover unsolved issues. Search for keywords related to your industry, such as “payment issues” or “shipping times.”
2- Find Specific Trends Visit Google Trends. Type in a keyword related to your industry, such as “payment issues.” Change your geographic region to identify issues in specific areas.
Watch for spikes in searches for that issue. If you see a significant increase in interest for a particular topic in a short period of time, it could be an indication of a real issue that’s growing, such as distrust of payment gateways.
3- Analyze the data so for example, if you notice that searches for “payment issues” are increasing in North America, there could be a growing issue with payment security. You can track these results to identify appropriate solutions.
Let’s take an example to make things more clear. Let’s say you discover that searches for “product shipping delays” are increasing in certain countries. You could decide to develop a service that specializes in improving shipping speed, providing accurate information about shipping times, or even finding ways to improve customer experiences when it comes to shipping.
Another methods to use:
You can also go to websites like Quora, Reddit, and Facebook groups related to your niche to see what problems people are facing and discover what you can do for them. Don’t forget to use this opportunity to create a whole new market where you will be the leader.
For example, here at HubGrind, we noticed that people – including us – are getting bored with spammy content and content that lacks real experience. It’s rare to find content that provides real data or real case studies, like showing proof that the content owner actually used the method, such as detailed data, campaigns, and results they obtained.
We also noticed that the advice is often not enough.
This is how HubGrind was created. by explaining the tips of industry leaders and how to apply them for anyone who wants to work, sell, create content, or provide a service, while combining it with real experience and data to make everything clear for anyone to succeed.
This idea is how we’ll leave our mark on the market.
2. Create new technologies
After finding your white space, you should think about “creating new technologies” to build the new market you hoped for. Don’t worry, it’s not impossible. These days, creating something new is very possible with the help of new technology, especially AI.
How to create a tools using ChatGpt?
1- Determine the basic idea: The startup works in the field of e-commerce and faces a problem in analyzing customer satisfaction based on the ratings of reviews and comments provided by customers. The idea here is to create a tool that uses artificial intelligence to analyze the comments and text reviews provided by customers and provide detailed reports on customer satisfaction and suggestions for improving the service.
2. Using ChatGPT to analyze comments and reviews:
Step 1: Collect data. Collect comments and reviews data from different platforms such as Amazon, Google Reviews, or Trustpilot. These comments are usually unstructured texts that contain customer feelings and opinions about the product or service.
Step 2: Using ChatGPT to analyze sentiment Using ChatGPT, texts can be analyzed to determine the sentiment associated with them (positive, negative, or neutral). For example, ChatGPT can be trained to analyze a specific comment such as: “The product is good but the shipping was very slow, which ruined the experience.” Here, the model can determine that the opinion about the product is positive, but the shipping is a problem.
Step 3: Generate analytical reports After analyzing a large set of comments, ChatGPT can generate reports describing the strengths and weaknesses of the products or services based on customer sentiment. These reports can include: The ratio of positive to negative comments. Areas that need improvement, such as shipping or product quality. Direct suggestions based on common sentiments, such as: “Increasing shipping speed could improve customer satisfaction by 20%.”
However, the solution is not limited to ChatGPT only; you can also benefit from other tools such as Big Data Analytics or Machine Learning Systems to develop innovative solutions.
For example, you can use tools like Hootsuite or HubSpot to analyze social media data and identify new opportunities to offer unique solutions in your industry.
You can also use tools like Power BI to analyze data and create dashboards that show how to improve your performance based on the results.
3. Evaluate the ideas
Evaluate your idea and compare it with the market. Did you provide new services that aren’t available in the market, or did you provide new solutions to unsolved problems? Then, compare it with current market demands.
You can use keyword research tools to determine if there is high demand for your services or content. You can also make surveys and publish them on forums related to your niche to see if many customers are facing this problem and want your services.
Don’t forget to do a financial study to see how much it’ll cost and how much the profit will be.
Of course, you should analyze the ROI, which is stands for Return On Investment
ROI is a metric used to evaluate how profitable an investment is by comparing the gain or loss relative to the amount invested. ROI is essential for businesses to determine whether their investment (in a marketing campaign, product, or service) is worth it.
How to Calculate and Use ROI?
1. Identify the Costs: Determine all costs related to the investment. For example, in marketing, this could include ad spend, software costs, or time spent.
2. Track Revenue or Gains: Measure the revenue or other positive results (like increased sales or customer engagement) that resulted from the investment.
3. Apply the Formula: Subtract the initial investment cost from the gain, divide it by the cost of investment, and multiply by 100 to get the ROI percentage.
4. Interpret the Results:
– Positive ROI (above 0%) means the investment was profitable.
– Negative ROI (below 0%) means the investment resulted in a loss
After doing all these things, you can launch small test campaigns to check the feasibility of the idea before fully committing. Use the results from these campaigns to adjust and improve your strategy.
Conclusion:
By following these steps, focusing on white spaces, and using new technologies, you will be able to lead the market and change the rules of the game in your industry. Don’t just follow traditional ideas, create your future with innovation and modern technology.