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- Dec 26, 2020
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First off, it seems like the prevailing wisdom today is that service-based businesses must choose a niche and serve them as a specialist in that space. I'm of the mind that this does make sense. Do you agree; yes, no? If not, why?
If you do think that niching down should be a principle of business, at what point does it become so specialised that you begin excluding people or businesses you'd be perfectly suited to serve?
The example I'm working on is education. My business serves companies in the education space and I'm thinking about how narrow to take the niche.
Level 1 - I guess would simply be education businesses (think colleges, universities, driving schools, music schools).
Level 2 - might be online education businesses and companies (course creators, the open university, Edx).
Level 3 - could be online education technology companies (Masterclass, Duolingo, Coursera).
Level 4 - may be online education technology companies built on blockchain (Studyum, Blockcerts, APPII).
I would imagine that a business that provides marketing or web development for online education technology companies built on blockchain would also be just as well equipt to serve online education technology companies that are not built on blockchain..
Do you think exclusively targeting companies with blockchain technology products would pay off in how relevant you seem to them versus the price of strategically repelling any business that doesn't fit into that category?
I'm very open-minded on this and happy to discuss
If you do think that niching down should be a principle of business, at what point does it become so specialised that you begin excluding people or businesses you'd be perfectly suited to serve?
The example I'm working on is education. My business serves companies in the education space and I'm thinking about how narrow to take the niche.
Level 1 - I guess would simply be education businesses (think colleges, universities, driving schools, music schools).
Level 2 - might be online education businesses and companies (course creators, the open university, Edx).
Level 3 - could be online education technology companies (Masterclass, Duolingo, Coursera).
Level 4 - may be online education technology companies built on blockchain (Studyum, Blockcerts, APPII).
I would imagine that a business that provides marketing or web development for online education technology companies built on blockchain would also be just as well equipt to serve online education technology companies that are not built on blockchain..
Do you think exclusively targeting companies with blockchain technology products would pay off in how relevant you seem to them versus the price of strategically repelling any business that doesn't fit into that category?
I'm very open-minded on this and happy to discuss
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