When we want to start, or expand our line of products and services, it is always easier to find opportunities among existing customers , and are looking for new solutions to a problem . Think only of the case of Netflix: the company did not invent the possibility of watching a movie or a series from home, but it did invent it over the Internet, with a wide catalog and in exchange for a very convenient subscription.
Right now, there are many markets out there ripe for disruption, waiting for entrepreneurs with fresh ideas on how to do business and new value propositions.
Some of the most common consumer complaints are inflated costs, service inefficiencies, and a lack of transparency . Sins that customers, increasingly global and digitized, no longer forgive. Let’s see in more detail what signals to pay attention to.
Sign #1. There are many complaints from consumers
How many times have you complained about what a bank charges you for a mediocre or downright bad service? Or the tardiness and mistreatment of a taxi driver? It was this type of complaint that gave rise to fintech businesses , or transport services through applications, such as Uber. One of the main explanations for their enormous success was that they investigated and fully understood the complaints, “pains” and discomfort of their target audience, and they continue to constantly search for new models and processes to meet their needs.
Sign #2. The client does not understand what he is paying for
The offers in supermarkets work well because people fully understand what they are paying for: a kilo of potatoes, a liter of oil or a bottle of soda. Instead, he finds it hard to understand why one lawyer might offer to register a trademark for $3,000, and another ask for $5,000 or more. When consumers start asking these questions frequently, there is an industry ripe for disruption and a more transparent cost model. Take the example of Canva , the graphic design and image composition platform that forced design professionals to review and formalize their budgets .
Sign #3. There are many regulations and associated costs
When large companies are taking advantage of a market with many barriers to entry, frustrated consumers, technological advances and bold entrepreneurs, disruption is inevitable. The financial sector is the one that has transformed the most in recent years thanks to this explosive combination, and has opened the doors of financial inclusion to millions of people who did not have the possibility of having a debit or credit card.
Other highly regulated sectors ripe for disruption include transportation, healthcare, insurance, and automotive.