There is a segment in your market that can really help you gain initial traction…
Startups that try to steal customers from big giants end up failing, and these would be about 80% of the startups that I have talked to or worked with. Instead they should focus on one small segment of their market.
Would you spend $150 on a pair of Bose earphones or on Ankit?
Would you rather go to Baga beach or Yarada beach for a 2-day retreat?
Would you watch The Guardians of the Galaxy or The Guardians?
Who would you want directing the “Green Lantern” movie — Joss Whedon or Zach Clark?
Would you prefer apparels from Zara or Devika’s?
What you chose in the questions above tells a bit about your customer profile. If you selected the first option in all the questions, then you are a safe player. You do not like to experiment and explore, but you would rather go with things you know to be good. If you selected second options all the time, then you are typically a risk-taker, an explorer and most likely always searching for new things in life.
Most customers, just like you, fall into one category or the other. They are people who don’t want to take risks or are people who like discovering new things.
Now, put your startup in this question and ask it yourself, your partners, family and friends.
Would you rather buy ____________ (your product/service) from _______________ (your biggest competitor) or from ___________________ (your startup’s name)?
This is exactly the question customers of established brands and companies are asking themselves.
Your customers, as a startup, are the risk takers, or as they are normally called, “early adopters”. They want to try new things, they don’t mind the risk of failure, they want to be different from the crowd. You need to put all your focus and energy on finding that small group of explorers and enthusiasts.
Startups that try to steal customers from big giants end up failing, and these would be about 80% of the startups that I have talked to or worked with. Finding that niche and enticing the early-adopters/risk-takers is the only way for a startup to get a strong toe-hold in the market.
Tip: There’s an awesome book that every entrepreneur must read that can give you more insights into finding and converting the right segment of population in your target market. The book is Crossing the Chasm by Geoffrey Moore.
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