Would you develop in a niche or go broad when you startup?
Rahul Jain
9 replies
If your answer is - 'it depends', would love to hear your thoughs
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Maxwell Davis@maxwellcdavis
We're very much going for a niche. There's an existing product out there that's being used in our niche (Twitch) already but it's not been optimised for Twitch. So that's where we're going to launch, finesse and then branch out to other streaming platforms with a final version that properly competes on the web.
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SocialBoat
@maxwellcdavis Makes sense Maxwell
This is always a hard decision when you start out and want to chase all opportunities. My experience is that it is better to start with a niche so you can prove things out and show that you can deliver a solution. Then start going broader over time.
SocialBoat
@ben_wisbey I totally agree with you. We at SocialBoat are also using the same ideology. Focus on one niche, generate 10x more value than existing solutions and then scale once you have PMF.
IMO it all depends on the skills the founder has. When building a tech product, or a saas business. I would prefer to focus on targetting a particular niche audience. Once PMF is achieved, I would want to diversify. :)
@rahul_2992 Exactly, I want to add one more thing i.e. How passionate is the founder to solve a problem in the market. If the founders main motivation is to make money without passion to solve the problem. Then, I'm don't see how will the founder or startup will become successful 😅
SocialBoat
@amarnath_nagula Absolutely. I think it would also depend on the space. If there is already competition in the broader space, then entering an underserved customer segment can help you differentiate.
Vastly depends on what your product does. Before building any product, the market research which we conduct lets us know the type of customers which we will be targeting. If your product is a disruptive innovation then it might appeal to a niche/broad set of customers depending upon what your product does. If there are competing products in the market then it's better to decide the niche which you will be targeting, a broad approach will just be a waste of resources & efforts. Another consideration is if your product is networking-based then you need to reach out to as many people as possible. Build a community of a good number of people first who will further allow you to network and reach out to your other potential customers.
SocialBoat