Words of guidance and insight from an experienced entrepreneur and private investor to high-tech entrepreneurs, start-up companies, and fellow investors.
Monday, September 13, 2010
On the Importance of a Market Niche
So you've just invented the greatest thing since sliced bread. Who is your customer? You say "everyone, of course." "So how is your brand new start-up going to reach everyone?" "Well, I'll advertise, I'll put it on my website, pretty soon everyone will know about it." Well, this is a market strategy, but good luck. You are going after such a huge market, it's tough to address, and it's tough to convince "everyone" that you have something special for "them." Find who could benefit most from your invention. Then customize the product specifically to address this particular demographic. Then market specifically to them. You'll have a better product for them, and they'll feel you have something special for them. And then, it opens the door for a roadmap of future products for other target markets. Now, you've turned your one-size-fits-all product into a roadmap of products, with something special for everyone and a market that is easier to reach.
Labels:
market,
market niche,
roadmap,
target market
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