Niche Doesn’t Mean Small; It Means Focused
When you nail a niche, you’ re not “thinking small”. You’re not limiting your dream. You’ re not permanently shrinking your addressable market. Niche here means focused. On a specific target customer with a specific pain. Regardless of how many types of customers you could help, or how many of their problems you could solve. Don’t let your exciting vision or Big Hairy Audacious Goal get in the way of taking the daily baby steps needed to get customers today.
Hyper-growth doesn’t come from selling many things to many markets, covering all your bases (really, dividing your energies). Hyper-growth comes from focusing on where you have the best chances of winning customers, making them successful, and building a reputation of tangible results. And then building from there. For example:
- Salesforce.com started with Sales Force Automation
- Zenefits started with Californian technology companies of 100 to 300 employees
- Facebook began with Ivy League schools
- PayPal took off with Ebay users
- Amazon started with books
- Zappos with shoes
Where’s the easiest place for you to build momentum now? What’s the single path of least resistance to money for you? Focusing on specific industries or types of customers – like banks, software companies or large businesses – is part, but not all of it. It also means focusing your unique strengths (not all your strengths) where they can create the most value (not any value), and:
- Solve a specific pain for
- An ideal target customer in…
- A believable, repeatable way ,
- With predictable methods to find and interest them in the first place. Any kind of specialization that helps you to break through the clutter, stand out, be the best, win, or be unique is valuable.
If you’re a company that creates customized solutions for every client, and you need to recreate the wheel from scratch each time, you’re going to struggle with a double whammy. First, it’ll be harder to market yourself, because really – what problem do you solve? Second, unless you have some kind of repeatable solution, framework or system – growth is going to be hard. You have to be one stubborn S.O.B. to grow that kind of company. Or lucky – but luck doesn’t create sustained success. If you focus on solving a single problem really, really well, and you can adapt as the market evolves, the sky’s your limit.