DadPardaz.com is a horizontal marketplace in the legal market. we can potentially offer services in different areas. but we know that we should choose only one segment and focus on it.
we have an "SME" segment and "family law" segment. each one has it Pro and Cons.
it's very hard to choose one of them especially because we know we should move our focus on this segment and put all efforts on that segment.
It means we should partially or fully let go of the other segment.
how we can decide?
Hi:
It can be tough to focus on a market niche at first, especially when you believe in your solution. Yet your best results will come from focus--and you can expand later.
Key considerations for you as you make your choice:
* Where have you gotten the most customer validation for your platform? In what segment does your best customer reside?
* Where are the market shortcomings? If there are already a number of SME options cluttering the market, why jump into that space first?
* Where does your team have the most expertise? Less learning about the target market means more time to deliver what you've determined is in demand.
If you wish to discuss, send me a PM through Clarity for 15 free minutes.
Thanks,
Kerby
I'm assuming you are being forced to choose a narrower focus due to resource constraints. If not, there is no rule that says you can't grow both simultaneously.
If you need to initially focus on one segment then start by evaluating your position in the market. That means identifying the best opportunity to position against competitors and find a niche. Also, providing a solution customers value at the price point that is profitable is vital. Is there long-term value where a symbiotic relationship can be developed versus short-term income where new customers need to continually be acquired? These are some of the things you need to consider when narrowing the scope of your offerings. The best way to evaluate is create a comparison chart and rate the two services against each to help in your decision making. Once you make the decision go all in!
Look at the matter with psychological prospective, which one you hate to do?, which one you like to do even without paying? (passion), then chose the one you like the most, be great at it (it is easy to master something you like ), then offer it to your clients and never deliver the core without paying.
The answer probably comes down to resources. Do you have the budget and staff to go after both segments? Each will need a different sales and marketing campaign so this can sometimes be daunting when getting up and running.
If you need to pick one, which one proved your concept? Which has a stronger buyer persona? Which do you offer more value to? Also, which one can you monetize. If you're choose the same segment for each of those questions, then you have your answer.
Start doing both, and pay attention to the results. If you start enjoying one segment more and/or prospects in one segment respond more positively, then you can focus on that one.
Should there a need to make a choice, stay away from bias is step 1.
Whether "SME" or "Family Law" you can based on which one can generate higher revenue (with shorter cash flows turnaround) within the first 6 months. In this way, you can use the earned cash to reinvest in marketing and resources for more sales and expanding to other segment.
Why 6 months and not 12 months? This is my assumption that you need about 6 months to test whether you making a good choice or not.
hope the above helps
