The Only Way to Build a Big Business in The Future is to Think Small
The more specific your target market, the better are your chances of winning in business.
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Introduction
How many variants of breakfast cereal do you think exist in the markets as of today?
A quick search on Wikipedia, will reveal that there are over 160+ active cereal brands/ sub-brands that are being sold across the world today.
Pro-Tip: Search for the word “present” on the Wikipedia to get the 160+ number
Could you have imagined 160+ types of cereal?
If this piece of trivia hasn’t blown your mind, the logic that I’m about to explain next definitely will.
The logic
Think of any product category across any industry that’s your area of interest.
If possible, think of a consumer product, but if your domain expertise is industrial/ commercial, I’m sure the example will stand true for those categories as well.
In the chosen product category, I’m sure if you look carefully, you will find brands that are existing and thriving that are catering only to a specific set of audiences.
These ”sets of audiences” are called demographics in the world of business.
Let’s look at some common demographics categories
Kids under 12 months/ between 12 - 36 months/ 36 months and above/ between the age of 3 to 6/ 6 to 10/ 10 to 13
Teenagers
Gender - male/ female/ third gender
Young men/ women
Men/ women in 20s/ mid-20s/ late 20s/ 30s/ mid-30s/ late 30s/ 40s/ mid-40s/ late 40s/ 50s/ mid-50s/ late 50s/ 60s and above
Education levels: high school/ college dropouts/ college graduates/ graduates with specific degrees
Segregating the crowd on the basis of race/ income/ area of residence, etc.
By no means is this list exhaustive in any way. In fact, at best this is just the tip of the iceberg.
Are you seeing the possibilities of permutations and combinations?
Today the market is so fragmented, that if you want to create a product that’s catering to women in their 20s, with college education, and a specific income bracket, living in a particular country/ city, you can create ads and reach out to them on their cellphones.
In such a scenario, consumer preferences have also changed.
People don’t like to use the same product/ services as their parents/ siblings/ friends (if possible) depending on the nature of the product/ service.
As a business (owner), you’re better off creating a product that’s for a specific demographic of your audience that you/ your business is best suited to serve based on the nature of your business, your past experience, your understanding of the market, etc.
Business as we know it has changed, evolved and in more ways than one, this is just the start of fragmented markets and brands across all categories across the board, so the sooner you adapt, the bigger your share of the pie.
Conclusion
Stop looking for a product/ market that is so huge that you will take forever to cater to the entire market.
In all probabilities that’s not going to be possible (and it won’t even be needed) for most brands in the world.
You may expand your product range, take over some other brands and grow your market share over time, but trying to build a brand/ business that caters to billions of people is an idea that’s dead in the water.
If you’re a business owner, content creator who’s confused and lost about how to select a micro niche/ micro market for your business and you feel you’re burning money with the wrong marketing message, you need to fix this immediately. Would you like to consult with me? Feel free to reach out to me and let’s connect.Your Thoughts!
If you’ve reached till this point of the post, I’m sure you must have some thoughts/ feelings/ opinions about what you’ve just read.
I’m done sharing what’s on my mind, and now is your turn to share your POV.
Tell me how you are processing the information that you’ve just read?
Do you agree with my thoughts?
Do you think I missed something important?
Do you disagree with something in particular?
Let’s continue this conversation (or ask your questions about the post) in the comments below.
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Prompt used to create the image for the note
P.S.: Image made on Meta AI using the prompt, “Imagine a business owner standing in a warehouse with a thousands of packages being shipped out to customers”