Atish HemadeEvery thriving business has a tale of evolution; it's a story of starting small, nailing a niche, and gradually expanding horizons.
But here's something important to understand: having a customer group that loves your product doesn't always translate to the most lucrative market.
Sometimes, you might create an excellent product for a specific group, but if the market size only permits a break-even scenario, then you are not fully tapping into your growth potential.
That's where market research, a cornerstone of any successful marketing strategy, comes into play.
It might seem challenging because market sizes often rely on data-driven assumptions, but this research is essential to make informed decisions about where to focus your marketing efforts.
In its early days, the Macintosh was perfect for tech enthusiasts, but the tech enthusiast market was limited.
It wasn't until Apple expanded their target market, accompanied by a transformative marketing strategy that truly took off.
It's important to think bigger and consider larger, less-than-perfect customer groups. Their size can significantly boost your bottom line, providing new marketing opportunities and potentially requiring some product tweaks along the way.
In the end, business growth is about balance.
It's about creating products that not only resonate with customers but also drive the business towards its financial goals.