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 @mijustin
Airbnb started as "stay on an air mattress in a stranger's house for money" if you don't call that niche, what is?
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W odpowiedzi do @tylertringas @mubashariqbal
I think you’re misunderstanding my point.
The opportunity existed because all the hotel rooms were booked up.
Their history, from the beginning, is about being in the same market as hotels.pic.twitter.com/hsKF0LTukG
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W odpowiedzi do @mijustin @mubashariqbal
Not sure it's possibly to usefully debate this when you can re-define both 'niche' and 'market' to match survivorship bias. Particularly challenging in tweets.
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Airbnb succeeds. Market = 'people who need a place to stay' (or is it people who'll sleep on air mattress in a random house). Juicero fails. Market = people who want cold-pressed juice, won't go to a store & have lots of $$ (or, humans who need nutrients & consume liquids)
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W odpowiedzi do @tylertringas @mubashariqbal
True. I’m trying to say: “The market you choose to target is important.” You can build an incredible product for a bad market (small, no money, not motivated) and you’re guaranteed to fail. But in a large market that’s hungry for solutions, even mediocre products win.
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W odpowiedzi do @mijustin @mubashariqbal
Agree with that. Challenging to move that into actionable advice tho and has to be balanced with competition dynamics. I doubt you'd advise every founder you meet working on a too-niche idea to pivot to podcast hosting because there's fish there
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W odpowiedzi do @tylertringas @mubashariqbal
Justin Jackson podał/a dalej Justin Jackson
The message is pretty simple: https://twitter.com/mijustin/status/1134881883169337344?s=21 … Definitely other factors as well, but I’m passionate about this one. Especially as I’ve seen how it’s affected some of my friends who have started local businesses (retail, coffee, restaurants). The market matters a lot!
Justin Jackson dodał/a,
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W odpowiedzi do @mijustin @mubashariqbal
I think you're right in the sense that there is such a thing as too niche, and "don't be too niche" is both true & a
tautology.
But "don't be niche, fish where fish are, target big broad markets with obvious customers" is IMO bad advice for starting bootstrappers2 odpowiedzi 0 podanych dalej 4 polubione -
W odpowiedzi do @tylertringas @mijustin
There is a difference between too niche and serving a niche that spends no $$$.
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“# of customers” x “avg yearly spend” is your SAM: 10 x $1,000 = too low 1000 x $10 = too low It’s not unti a bootstrapper gets into this range that it becomes baseline worthwhile: 1000 x $100 100 x $1000 “Size of niche” and “$ they spend” are both important variables.
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W odpowiedzi do @mijustin @tylertringas
All true, and I guess that’s been my point all along, there are lots of different things that people need to consider. One rule doesn’t apply to everyone and all situations.
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