Niche or large market: Which one do you prefer for your business?
I think a niche market is better for starting a business than a larger market. Let's discuss this.🤔👇
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By focusing on a smaller number of customers, you can gain market share and gain a high level of engagement.
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Niche markets have a small number of businesses. Because there isn't much competition on the market, people who need your solution will use your product.
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It is easier to target and find customers. Users with specific problems are easier to find than those with general problems.
What do you think about it?
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@erengunduz, you are 100% right.
If you want to grow fast, then you can start with the niche single product, category, or service because in this way you may get good authority, results, and clients in your specific niche.
When you have gained authority and domination then you can expand your business to a large category.
we have done the same with churnfree which is helping businesses to grow and increase their revenue by reducing churn rate.
Thank you, it's great to know that I agree with you.
there is always a better niche to start with, you can tailor your service to a limited number of people to get the "basic" traction you need to expand into other niches. https://krnl.dev/
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100% niche market to start off with. Larger markets have more people with more diverse needs that are almost impossible to satisfy. Plus, once you dominate a niche market, you can expand to different markets.
I recommend reading "The Cold Start Problem" by Andrew Chen
I will absolutely read it, thanks for the advice. 🙌
I've tried both. Niche market worked much better for me - as a startupper. It's better to have specific expertise.
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Niche first for sure. Establish beach head and expand from there.
Read Crossing The Chasm if this is a new concept to you.
Added to my reading list. Thank you. 🙌
Niche for reasons:
Drilling down to a niche floats up crisp problem statements. Solve them to quickly get the initial paying customers.
A crisp problem/solution is easy to build and can test waters quickly.
Gives an opportunity to prepare content for targeted customer-base than spraying and praying.
Yes, these are really really awesome reasons for choosing a niche market ⚡️
Riches and the niches. The more specific I communicated the easy it was to close deals and get refferals
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I agree that a niche is better than a large market.
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Agreed, niche is always better to start with, you can tailor your service to a very few people to get the "base" traction needed to expand to other niches.
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