Thanks to the pandemic, 2021 was called the ‘decade-in-a-year’. That’s where the world had to compress adapting to new things they’d normally adapt to in 10 years, to doing it in just one. Grandmothers learned to Zoom. Babies joined online kindergarten. It was a whiplash and a half for most of us. Entire industries were wiped out but others had booming opportunities that came up. Here are 6 of these super-growth areas that you might want to pivot to serve in one capacity or the other.
Cannabis
Need I say more? Every corner of every city I now visit has a multitude of these stores. And that’s only what I can see. Investopedia says that globally they are expecting this industry to go from $13.4Billion in 2020 to a staggering $33.6 Billion in 2025. This huge surge of growth will mean a lot of competition, new legislation and all the other kinds of fun stuff that comes with a rising star industry. Make sure you grab a piece of the action by super-niching one of your product or service segments to serve this one.
Online Investing
My investor hobbyist boyfriend got me into these, to be honest. I knew nothing about how people were now using apps to do their own stock purchasing and tracking and eliminating the fees and the delays of the middleman. Well it seems that I’m not alone in being a laggard because there’s still a huge opportunity here. In the $20 Trillion investment market, only 0.02% is being done by self-serve apps like Robinhood, Wealthsimple, Webull and Stash. Imagine what you could do with that growth potential. Whether you super-niche to the end-users or are in the IT end of things!?
Marketing
Good old, boring marketing is hot again. A Forbes article claims that 2021 was a record year for marketing spend and 2022 is expected to grow even bigger. In the forefront of the growth after covid, as you can guess– are all digital formats of marketing. Social media, AI, meta, cloud. You name it. Having said that, even strategists like me are benefiting because before you spend a dime on any of these channels, you’ve got to have a message that makes sense and brings in the ROI! So if you can do anything at all to super-niche in this industry, do it now.
The Great Resignation
I’ve spoken previously about this great scary beast sometimes also called “The Great Quit”. It’s the post-pandemic phenomenon of mass numbers of workers quitting to find a better job, to retire or to work for themselves. There are so many aspects of this event that your company can super-niche in: retention/engagement solutions, onboarding, staffing, background checks. The imagination runneth. Position to win in this growing piece of the revenue pie.
Entertainment
During covid and even afterwards, I watched so much entertainment on my tablet that I had to literally have eye surgery due to the damage I inflicted. Bad news for me could be good news for you if you super-niche in this giant growth industry. The revenue from this sector is outpacing the economy according to Inc magazine. It stands at $2 Trillion and grew almost 7% last year with an additional 7% growth expect this year. Of note are streaming, videos, movies, cloud gaming and VR subsegments. Just ask my 12 year old who is glued to his screens.
Local Sourcing
Overseas shortages have hurt almost every industry which is why “locally-made” is the new black. It’s in. It’s good. It’s a growth area. Look at Intel’s new chip facility in Ohio. Also, don’t forget neighbours like us in Canada and Mexico who can be alternate sources of supplies for the enormously hungry US market. Super-niche into producing something locally and you already have a great advantage over months and months of delays with overseas competitors.
Make the most out of this very unique time of history and you can create your own lemonade empire out of lemons.
Want to reposition your messaging to grow your leads? Follow me on Twitter, friend me on Facebook, watch my Podcast on YouTube or connect with me on LinkedIn –and let’s talk.
Excellent article, Chala. Really on point. Thank you!