One of the biggest arguments that I hear against identifying a niche is “How will we grow and adrress the full market”
First trying to address the “full” market is a fallacy. Its not ever feasible….but we will address it in a separate post.
For this post let’s keep our focus on the niche you have and how to grow it.
We will take 2 examples – one from the low value “eggs” that we had touched earlier and another from the IT services segment which is B2B and ultra high value.
This topic will be carried over multiple posts, because any product management process will need to go through multiple steps to make it successful in the market. The logic will hold whether you are selling financial services or consumer products or technology services
The assumption over here is that you have a ” Market in the niche” . If you are reading my blog posts for the first time, I would suggest you look at my previous posts where I give a detailed explanation on this topic.
The second assumption is that you have a very good product or service and you can differentiate it in the market.
The third assumption is that you have analyzed and seen that there’s what Dan Kennedy used to call a “Hungry Crowd” or a market for your product or service.
So if you are trying to sell eggs in a locality which is predominantly populated by vegetarian people , then however good your product is, you will never be able to grow your business because there are not enough people who eat eggs. So there will hardly be anyone willing to eat a “red” egg ( see my previous post on this red egg example)
With the above 3 assumptions in place, it means you have been able to identify your market, identify the niche in the market and size it.
From the next post we will start looking at making an entry into the market and growing it.
Till next time.