niching down

Niching down refers to the process of identifying and focusing on a specific, narrow market or audience within a larger industry. In the context of building a business or creating a product, niching down allows you to better understand and serve the needs of your target market, as well as differentiate yourself from competitors. For example, rather than trying to appeal to a broad audience with a general product or service, a business that niches down might focus on a specific problem or need that is unique to a particular group of people.

By niching down, you can better tailor your product or service to your target market and build a deeper level of expertise and authority in that particular area. Niching down can be particularly helpful for solopreneurs or small businesses, as it allows you to focus your resources and efforts on a specific market and potentially stand out in a crowded industry.

Another huge benefit is marketing costs. You need a niche that is big enough to make a business out but small enough that you can cost effectively market to them. It is much cheaper to market to 5,000 solar panel installers than 1billion marketers, and to be successful lets say you need 3,000 of them to buy your product. The 3 / 5k will actually be easier to acquire and cheaper to market to!