Questions

I am building a broad niche marketplace and it is about 90% completed but now I am having a difficult time deciding if I will still make it a broad niche or targeted niche. I need your help.

There are two ways of broadening your offering; increase products to same customers or increase the customers for the same product. It could be a combination as well.

Think from a marketing and customer communication perspective. It will always make sense to stay focused on a few services/ products first to a few selected target segments. This will help you to build traction and revenue in the short term. Then keep adding new products and new market segments.

Please remember that you need to set up a supply chain as well to ensure product delivery in new markets. Over a period of time have the plan to cover all the products and all the customers.

Now you will have the opportunity to run data analytics and understand the buying behavior. This will further help you grow.


Answered 9 years ago

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