There's a myth that, regardless of which niche you choose, the internet is big enough to make your business a success. But in reality, most successes come from targetting a big (or fast growing) market.
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You can target a speciality niche, but there should be millions of them (instead of thousands). If the market you target only has 1,000 people worldwide, that's likely not going to be enough to sustain a business. (Except in edge cases)
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Seth Godin advises to “begin with the smallest viable market. What’s the minimum number of people you would need to influence to make it worth the effort?”
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But, I think you still need to look at the broader picture: what is the *total* addressable market? If you need to get 1,000 customers to make something viable, but the total market is only 10,000, it's going to be really difficult to convert enough people to customers.
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Typically, we start our funnels at "number of visitors" but in reality the funnel looks like this: Total market > Visitors > Trials Your "market to visitor" conversion rate will be lower than you think.
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My company (
@transistorfm)'s biggest competitor is Libsyn. They host 62,000 podcasts. There are 700,000 podcasts on Apple Podcasts (it grew by 100,000 in the last year) What % of podcasters know about Libsyn? What % know about Transistor?4 odpowiedzi 0 podanych dalej 20 polubionychPokaż ten wątek -
What's an example of a good niche? Shopify stores. There are over 500,000 active stores running on Shopify. These are businesses, with revenue. They will gladly pay you $ if you help them earn $$$ more from their store. (my friend
@JordanGal, at @CartHookis banking on it!)6 odpowiedzi 2 podane dalej 42 polubionePokaż ten wątek -
W odpowiedzi do @mijustin @JordanGal
I personally think that (and see every day) that smaller niches can work. Find the right market where you can charge larger amounts appropriate to value and you will see success. I think it’s easy to get caught up in the consumer or prosumer market. Those can be tricky to scale
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W odpowiedzi do @thecodegangsta
Can you give me an example of a smaller niche that you felt worked?
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W odpowiedzi do @mijustin
Literally everything from Qi ong to horse ballet. Don’t want to discount that’s niches are hard. But they can be super lucrative
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You could be right. I see a lot of indie businesses too, and my perspective is different. Almost everyone who is consistently earning more than $10k / month (and certainly those that break $50k) targeted a large, or fast growing, market that they could reach efficiently.
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