Post on 20-Mar-2017
transcript
2
Successful companies after achieving the product-market fit manage to start growing almost exponentially
▪ Well executed business hacks, tricks and tactics
3
Starting from a niche is one of the most useful business hacks that you should consider when starting a new business line
Behavioral contracts Low Cost ModelsNon-standard
advertising space
Standing on the shoulders of giants
Innovative sellingCommunity
Creating barriers of entry
Removing barriers
Starting from a niche
Creating much higher standard
Strategic Partners Using the unused
4
Thanks to this presentation you will learn how to start in a niche and what others
have done to be successful in a niche
5
Click to check my course
What I will show you in this presentation is a part of extensive on-line course where you can find also other useful business hacks
Business hacks, tactics and tricks -practical guide
$90$15
7
In most cases makes sense to start small from a comfortable niche rather than attack the incumbent players.
11
There are plenty reasons why niches are great for developing your business
You are invisible in the niche
Niches are cheaper –dedicated assets / processes
You get strong customer-advocates (the unsatisfied)
Niche customer are more forgiving
From a niche you may create a totally new market (bigger)
12
In most cases makes sense to start small from a comfortable niche
Geographical niche
Price niche
Limited functionality (unbundling) niche
Distribution niche
Customer service niche
▪ Specific region, city, type of location
▪ Lower or higher prices than the average
▪ Only on-line distribution
▪ Only on-line service, chat service
▪ Only basic features or 1 of the feature much better than the competition
15
Tesla has started from a small niche of electric sport cars to test its technology and catch true funs
Find and conquer a niche
De-risk the model before scaling
Enter further segments
Go mass-market to get economies of scale
5 100 4 901 5 150 5 5006 892 6 457
7 579 7 7859 834 10 030
11 507 11 603
17 478
14 820
18 345
25 185
PreviousYears
2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3
Tesla production in units
Integrated provider of transport (cars with & energy)
17
Uber has started as limousine rides provider in San Francisco. The end game is the whole short run transportation market
Initial Black limousines in San Francisco
Expanding into cheaper cars and taxi service
Expanding into new cities
Expanding into new services (food delivery)
End game: all short run transport with autonomous
cars
19
Yelp has started as a service only concentrated on restaurant in San Francisco. It has grown is business to include other cities and businesses
First only restaurants in SF
Cities were added one by one
New small business have been added gradually
They have concentrated on promoting the good business
For quit some time they ignored restaurants – concentrated on
users / people only
21
Twitch (on-line streaming of broadcast of games) is a case when they have started pretty broad but had to go back to a niche to earn money
Started as a streaming platform on which you can
build your own TV
Concentrated only on gaming
Concentrated on broadcasters
Change the product to achieve alignment between the product and the group
Went global on the niche they have chosen
23
Square wanted to take a piece of the payment and cash till market. It started from small independent restaurants
They have started with partners that were too small to
accept credit cards
Lower fees
Higher quality (small business were getting their money
faster)
Expanded into new business i.e. Starbucks
Expanded into integrated SaaS solutions including POS, CRM,
reservation system etc.
25
Postmates has intentionally neglected some of its customers (restaurants) to deliver the right customer experience to other group
3-sided market
Restaurants intentionally neglected
Scaling locations
Came back to improving restaurant’s customer
experience after other groups were satisfied
Scaling revenue streams
Restaurant
Delivery men
Hungry customers
26
For more business hacks check my on-line course. Below specially for you a big discount. You will find there a lot of additional resources
Click to check my course
Business hacks, tactics and tricks -practical guide
$90$15
27
Check also business modeling in Excel
Business modelsPractical guide for startups and entrepreneurs
presentation
28
I recommend also looking at some techniques to improve your business. Click on the cover below to go to the presentation
How to become world class analyst
A practical guide
presentation
29
….and how to perform market research
Market researchPractical guide for startups and entrepreneurs
presentation
30
Subscribe to our channels:
www
31
Check my extensive presentation on productivity hacks to see how you can me 10x more productive
Management consultant productivity hacks
How to be lazy and still get things done
presentation
32
If you need more detailed version on productivity hacks you can check our course on productivity hacks
Click to check my course
Management Consulting Productivity hacks
33
Check my presentation on restaurant business model to understand it properly
How to open a successful restaurantA practical guide
presentation
34
Check my presentation on on-line models to understand them properly
On-line Business ModeslA practical guide
presentation
35
For more check also my on-line course
Click to check my course
36
Check my presentation on starting and running consulting company
Start and run consulting companyA practical guide
presentation
37
You can also find useful some tips on Excel
Essential Excel for Business Analysts and Consultants
A practical guide
presentation
38
There is an interesting summary of ways to test cheaply businesses
MVP – how to test your business idea without building the
productA practical guide
presentation