The way @nathanbarry tells it, convertkit didn't get traction until he laser-focused the product on "email for professional bloggers" and niched down the marketing further to markets like "professional keto food bloggers"
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He’s in the email market (“people who buy email newsletter software”). Positioning matters, but only after you’ve chosen your market category. The point is, you have to focus on a category where people are already spending money. People switched from MailChimp to Convertkit.
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W odpowiedzi do to @mijustin@tylertringas i jeszcze
What's your take on choosing a market with lots of existing customers (and incumbents) vs a smaller market but more chance to stand out? ConvertKit does well, but there's also a huge number of other email providers who can't get traction because of being lost in the competition
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W odpowiedzi do @dhomann @tylertringas
I’m on the side of choosing a market with lots of customers (“a rushing river”) as opposed to trying to find a “small stream.”
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"if we get just 1% of this huuuge market we'll have a great business" is an old trope from VC that very rarely works in practice. The examples that do are mostly survivorship bias.
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I mostly advise founders to avoid huge obvious markets unless they have an unfair advantage in distribution and find an un/under-served market they can be the best in. Best mix is finding an underserved niche within an otherwise growing trend
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Or at least this how I'm investing. Many ways to build a company and no rules or easy answers
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W odpowiedzi do @tylertringas @mijustin
I feel like targeting either a large or small industry can be successful. If I'm going to make a sweeping generalization though...I'd say competing in a large industry might lead people to raise more VC dollars, where smaller/targeted markets can be better for bootstrappers
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W odpowiedzi do @dhomann @tylertringas
Many successful bootstrappers targetted large product categories: - Basecamp (PM software) - ConvertKit (ESP) - Mailchimp (ESP) - Campaign Monitor (ESP) - Wildbit (ESP, code hosting) - Kayako (help desk) - Braintree (payments) - Craigslist (classifieds)
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W odpowiedzi do @mijustin @tylertringas
I think a lot of people would consider those companies more the exception rather than the rule. You can be successful no matter what size market you target. I’d argue you have a higher batting average in smaller markets but smaller chance of an oversized outcome
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“You can be successful no matter what size market you target.” Are you sure that’s true?
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W odpowiedzi do @mijustin @tylertringas
As long as the market size is theoretically enough to pay one the equivalent to one person’s salary, then yes.
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W odpowiedzi do @dhomann @tylertringas
I’ve given a few examples of companies and markets here. I’m curious: can you give me a few examples of a bootstrapped software companies that fit your definition of "going after a niche market?"
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