Which market to target first?

My past posts have included discussions about the importance of a market niche and the importance of a product family (not a one-trick pony).  So, you've picked a niche and are developing a product family.  But how did you decide upon that niche?  Was it the largest one?  That would be a logical answer, but what if that niche requires much more money to develop and sell into?  What if that niche has a much longer sales cycle?  Be sure to consider all aspects of the niche you plan to target first.  The best one just might be the one that will provide the quickest revenue for you.  This is sometimes called the "low-hanging fruit."  Now that you have some revenue coming in from this niche, you can fund some other niches that might require more money to develop and/or have longer sales cycles.  Oh, and beware of niches that have seasonal sales cycles.

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.