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 -
There are certainly exceptions, but I’ve seen data from hundreds of indie businesses. 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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If you're considering going after a small niche market (and want to know the pros and cons) definitely check out
@justinvincent's interview with@ted_pitts &@harryhollander from Moraware.
http://techzinglive.com/page/1080/190-tz-interview-ted-pitts-harry-hollander-moraware …pic.twitter.com/nzeYBeyKoc2 odpowiedzi 2 podane dalej 7 polubionychPokaż ten wątek -
W odpowiedzi do to @mijustin@justinvincent i jeszcze
My wife and I went niche with our side hustle, Inspired Coffee Co. We sell flavored cold brew coffee grounds, only on Amazon. Not just coffee, cold brew coffee. Not just cold brew coffee, flavored cold brew coffee. No beans, just ground. It’s worked really well for us!
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Coffee (and all its derivatives) is a massive market. Because the market is so big, speciality coffees can do quite well. My guess is that the total market for flavored cold brew coffee grounds (sold on Amazon) is quite large.
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W odpowiedzi do to @mijustin@justinvincent i jeszcze
Believe it or not, no. We were shocked, that’s why we did it! You’ll find other flavored grounds on Amazon, however no one was doing it in the cold brew coffee space. Side note: there is a specific bean, roast and grind, that makes excellent cold brew coffee.
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W odpowiedzi do to @jonfitzsimon@mijustin i jeszcze
I agree that coffee falls into the large and growing category. Benefits of our niche: We can charge more, based off of being specialty (flavored). Being (one of) the first in, our SEO is great. If you search “flavored cold brew coffee” on Amazon, we have a billboard effect.
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