I love your podcast @mijustin and I just bought your book @aprildunford and I'm happy to call @asmartbear an investor in my first company but I think you're all accidentally talking past each other on this and it's driving me crazy ...
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W odpowiedzi do to @mattwensing@aprildunford i jeszcze
I agree w/ Jason - sell something people want where people that want it can buy it. But an ice cream stand at a beach is a *small* market, not a large one. & it works because you've (literally) cornered it. It's a counter-intuitive example bc ice cream is a commodity.
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Jason started selling WordPress hosting in 2010. Wasn't that already a large, commodity market? He didn't invent the category (or even close to being first). To me, it seems he competed on what people cared about: security, service, and uptime.
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I wouldn't use WPEngine as a bootstrapping example.
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W odpowiedzi do @mattwensing
Ok. ConvertKit then.
Nathan started an email marketing company in 2013. Wasn't that product category already commoditized by that point?
I'm primarily talking about the category. Is the category growing? Is the category already naturally drawing customers?1 odpowiedź 0 podanych dalej 0 polubionych -
W odpowiedzi do @mijustin
Email marketing is an insanely huge, fragmented market with almost no barriers to entry or moats. CK can burn through customers *forever* and still have a viable biz. From CK you cannot take away a lesson that it's better to enter existing categories.
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W odpowiedzi do @mattwensing
Justin Jackson podał/a dalej April Dunford
So do you agree with April here, or disagree?https://twitter.com/aprildunford/status/1167538777457385472 …
Justin Jackson dodał/a,
April Dunford @aprildunfordW odpowiedzi do @mijustin @rezzzHey thanks - imo it's way easier to sell in an existing category (vs making a new one). The trick is to carve out the slice of that market where you can beat the established market leaders for a select group of buyers. There's riches in niches.1 odpowiedź 0 podanych dalej 0 polubionych -
W odpowiedzi do @mijustin
My take on niches is that it's not the size of the niche it's the prices people are willing to pay. I think April would agree with that, so yes, I agree with her; i.e. the problem with selling software for people that like certain kinds of Ewoks is their WTP is too low.
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W odpowiedzi do @mattwensing
Ok. So if I understand you correctly, you're saying that: WTP > size of market? When does the size of the market become a factor? How does it factor in?
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W odpowiedzi do @mijustin
It's just a formula. potential buyers x conversion rate x price. The reason we're talking past each other so much is we're trying to isolate and beat up on a single factor. What matters is a*b*c not a or b or c in isolation.
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I agree with you that it's not just one factor. But sometimes when I tweet, I choose to focus on just one idea. For example, I've been writing about "willingness to pay" for a long time.pic.twitter.com/cpDQerD7gb
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