What are some niching down ideas?
Just listened to the IH podcast with @RyanB and was inspired, once again, to really focus on markets and ideas that you can niche down. If he can niche down in the social media marketing space, surely many of us can follow suit in similar markets.
Some awesome benefits to niching down (just the tip of the iceberg, here):
- You don't have to educate a new market on your idea
- You can compete with the big players since they aren't concerned with hyper-focusing on a smaller market size
- Your customers share more similar needs and problems which makes it easier to iterate and provide excellent customer service
I made a rough list of ideas/markets that seem crowded by big players where niching down to a specific type of customer might be really beneficial:
- Email marketing
- Sales/Lead Gen. automation
- Email Automation
- Freelancing marketplaces
- Mobile-friendly websites
- E-commerce
- YAFT (yet another form tool)
- Budgeting
- Invoicing (thinking for freelancers)
- Subscription box (I sort of cringe as I write this one... but hey, maybe the world needs another box)
- Online course marketplace
- Search Engines/Databases
What are some other good options that could benefit from niching down?
Another angle is bundling together products for a specific market or end user. For example, I was thinking a combined email marketing tool, Social media scheduler and billing/invoice product specially geared and marketed towards companies of one or digital nomads would be really handy.
... specially geared and marketed towards companies of one in the [blank] industry.
Why not.
Thanks for listening to the episode, Bryce!
There certainly are many benefits to niching down, especially when building a bootstrapped business.
You listed some great ideas/markets above. Another way to think about it is unbundling a large successful product/company and niching down. For example, a lot of folks are already using Craigslist for buying and selling camping gear, so it may make sense to build a marketplace just for camping gear. Lots of similar unbundling opportunities if you look around.
Ah, that's a great perspective. Unbundling. Gonna remember that.
And yeah, was a solid episode! Hope all goes well as you all grow 👍🏻
re: unbundling, I've never thought about it like that :)