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!
Kevin McCarthy
www.kevinmccarthy.com
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
cheers,
Angel
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.
I will go with Targeted Niche if you ask me because Marketing to a niche is much easier than appealing to a broad market, since a niche has much more in common in terms of needs, wants, or preferences. Selling handbags is a huge market, for example, and there are many niches with many different uses for a handbag within it. You might have new moms who want a handbag that can be used as a diaper bag, you might have college students who need a bag to hold their books, single women in need of an evening bag to hold their phone, keys, and credit cards, vacationing moms who want a large beach bag to hold their family’s gear, and many more. But understanding the different needs of each niche makes it possible to speak directly to them in your marketing – you will have a greater chance of attracting a buyer’s attention and winning their business by making it clear that your product is for them specifically.
On the other hand, when target segments are broadly defined, prospects are easier to find and target with scalable marketing channels and tactics, but there will be a significant level of variation of needs and buying behaviour within each market segment. Prospects will not react consistently to your content and messaging, making it hard for your team to optimize your marketing mix and implement fully targeted campaigns.
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath
