Multiple Niche Products?

In a previous article we talked about selling to only one person/customer/niche. But you want to sell to more? Sure you can do that but if you are and you want to see growth in both area you need to really consider what you’re doing. Regardless of what you think, selling to two niches for example, is almost certainly going to cost your business double. There will be little saving you can make by growing to multiple areas. You will need to:

  1. Make sure your new customers feel as special as the old ones
  2. Make sure your new marketing team fully understands the new customers 100%
  3. Make sure your new product works as well as the old one at addressing the new need

Each need is different and each new direction is ripe with problems, opportunities, risk of failure and chance of success. Each new idea will be full of competitors and complications you will have to address etc..

Many businesses seem to think if one idea is not working, let’s keep that going and just let it exist along side the new product without growing the team or considering the implications on both products. It takes guts to stuck to your guns on one product. It takes guts to decommission a product if it has not future and 100% switch to a new product. It takes guts to say we are going to double our overheads and work on a new product alongside the old. Don’t just sit on the fence and work 1/2 and half.

 

Takeaway: Make decisions and stick with or understand the full implications of sitting on the fence.