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Example 1: Software company Based on market research, this company finds that its niche software could serve up to 30,000 clients in North America. This is especially important when introducing an innovative or entirely new product to the market, and it’s where value theory comes into play. When it’s time, expand your TAM.
Niche businesses Instead of appealing to the mass market, a niche business caters to a smaller, more defined market. You target certain kinds of customers with specialized products or services that meet specific needs — things that larger companies have overlooked. Bureau of Labor Statistics.
This does two things: It helps to paint a clearer picture of our ideal client persona which makes crafting a sales strategy much easier, and It helps us to constantly tweak and re-position our services to ensure what we’re providing is a deep need in our niche and not something we “believe should be.”
Do you have a minimumviableproduct (MVP)? Looking for ways to acquire and retain more customers … at a startup-friendly price? Will you choose to apply their suggestions and listen to their expert opinions about your business, product, and growth? A minimumviableproduct (MVP) and real customers.
Airbnb and Dropbox are textbook examples of how growth hacking can transform a business from a niche offering into a household name and market leader. Is there a price stumbling block? Users can then calculate pricing based on their chosen features. Where price is a barrier, use price incentives to get people over the line.
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