When Airbnb showed up, hotels, hostels, and B&Bs were already fishing in those waters; they could see there was plenty of fish!
By the time ConvertKit showed up, MailChimp had already caught millions of fish. But that just meant it was a good fishing spot.
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W odpowiedzi do @mijustin
ConvertKit is a good example. Airbnb reinvented their niche. Staying in someone’s spare room is very different than staying in a hotel.
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W odpowiedzi do @mubashariqbal
The market is the same though (“travelers who want accommodation”). Airbnb didn’t invent the market, they just changed the way the job was done. I didn’t start traveling because of Airbnb, I just changed where I stay.
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W odpowiedzi do @mijustin
Yeah but at the beginning they targeted a specific part of that niche, people going to conferences who didn’t want to pay hotel prices. Yes NOW they target the same niche as hotels do, but not at the beginning.
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W odpowiedzi do @mubashariqbal
Couch surfers, people who beg their friends to let them stay on their couch, etc... are all a part of the total addressable market. The fact that there was a name for the phenomenon (“couch surfing”) shows there was momentum in that market. It’s not something Airbnb invented.
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W odpowiedzi do @mijustin
As you said they weren’t targeting the whole traveler market, they were going after the couch surfing market. Yes they grew into something much larger. I think it’s always smart to think about the larger market but target a smaller part of it first.
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W odpowiedzi do @mubashariqbal
Yes, in a way the fishing metaphor works here as well!pic.twitter.com/pNcCo1gVks
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W odpowiedzi do @mijustin
True, but you also have to worry about where the other fisherman are, and how big their net (or how good their bait) is compared to yours. Just another thing to consider. Making decisions is hard
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W odpowiedzi do @mubashariqbal
In a way, but small “bootstrapped” fishers have a big advantage over large commercial fishing vessels. Ruben is taking on DocuSign, and getting good traction (despite the fact that he’s tiny compared to them!)pic.twitter.com/heUmjBSgB4
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W odpowiedzi do @mijustin @mubashariqbal
What do you think that advantage is?
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There are many.
One, that @asmartbear has mentioned in the past is that small bootstrapped startups tend to give better customer support than big enterprise companies.
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I think that’s true. And don’t know specifics of Docsketch. But in general I’ve seen founders have a higher success rate in small markets than large. Most of the time, when you niche well and understand your audience, you realize they shouldn’t be in that ‘big’ market at all...
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W odpowiedzi do @louisnicholls_
Can you give me some examples? Happy to be proven wrong. I have a bunch of examples here:https://justinjackson.ca/niche
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