I am building a broad niche marketplace and it is about 90% completed but now I am having a difficult time deciding if I will still make it a broad niche or targeted niche.
I need your help.
I always suggest going "uncomfortably narrow" initially so that you can really dial in the user experience and build liquidity first.
Going broad will be tougher as there's too much noise to signal.
Also, it's best to fake the supply side initially of you can to improve the buyers side first, then figure out supply & quality afterwards if customers are buying and you've proven out a demand strategy that will work.
Broad niche? Isn't that an oxymoron? By definition a niche market is a smaller subset of a broader target market.
May I safely assume you are wondering if you should Market to the broader market or to a narrower market?
If the latter, the answer is go narrow. The more concise your market, the easier it will be to develop your product, you message and your marketing.
All to often companies make the mistake of trying to target too large of an audience without the working capital to sustain the reach. The message just gets lost in the noise.
Plummet a narrow channel. Then expand from there. Eventually you could be successfully reaching your broader market with a solid foundation to support the growth.
If you would like more specifics, I am offering free calls to first time clients. Just message me and I will send you a free call link.
To your success!
Without knowing the specifics of your offering, a targeted niche is often better because you can pinpoint your benefits and advantages to a specific client base -- while setting yourself up as their goto person for other broader topics. One recommendation is to perfect your targeted niche by translating it's benefits to a broader market. You are still focused on a target market niche branding scheme - but you are explaining it so that a larger number of people can understand it's benefit.
In general, your niche should be targetted enough to clearly pinpoint the clients that need your solution - but not so narrow that you don't have a large enough client base.
Don't make the mistake of thinking that casting a wide net will increase the probability of success. This is so not true. “Everyone" is not a target market. Having a niche vs. mass strategy is really important, more efficient and more profitable. In fact, anything other than getting super narrow with what you do and who you do if for isn’t a strategy at all. Serving a niche allows you to focus on meeting the needs of a smaller group of people without risking your chance to increase the appeal to a broader market as you grow. When you go narrow, you get a deep understanding of your customer and their needs. Your message is more focused, your efforts are more fruitful, and overall you have a more effective brand strategy.
Hope that helps! Would be happy to have a call with you to discuss further.
Everything has its advantages and disadvantages. Some rules of thumb are:
You can go broader, the more money you have. A broad niche, means less conversion rates because you're not able to pinpoint what exactly makes your future buyers tick.
On the other hand, going niche on a small subniche might guarantee easy market penetration but at the same time small pool of buyers.
As a rule of thumb without knowing your niche specifics is to see if your sub-niche is big enough to support your business and go for it. If not, go for something wider.
in the end it's easier going from something general to something specialized little by little, than the opposite.
Since I'm new here, i'd love to hear from you and why not give you some helpful tips on what you're trying to achieve.
My free call link is : https://clarity.fm/moneytized/moneytized
This is a easy question. Niche all the time!
Out of curiosity, what kind of marketplace are you building?
There are two ways of broadening your offering; increase products to same customers or increase the customers for the same product. It could be a combination as well.
Think from a marketing and customer communication perspective. It will always make sense to stay focused on a few services/ products first to a few selected target segments. This will help you to build traction and revenue in the short term. Then keep adding new products and new market segments.
Please remember that you need to set up a supply chain as well to ensure product delivery in new markets. Over a period of time have the plan to cover all the products and all the customers.
Now you will have the opportunity to run data analytics and understand the buying behavior. This will further help you grow.