Your PMF thesis and your niche
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Your market is more important than your product
Picking the right market might be the single most important decision you make on your journey
“A great entrepreneur in a bad market - the market wins. A bad entrepreneur in a good market - the market wins”
In order of importance
- Market
- Offer
- Marketing/Persuasion
Imagine if you had to sell a bottle of water for $100.
Imagine this person was stranded in the Sahara desert for two days and was inches away from dehydration…. you wouldn’t need to worry about a sophisticated offer or persuasion right?
You must battle test and optimise your market selection first; then spend time constructing your compelling offer AND ONLY then should you shape your marketing.
Your Product Market Fit Thesis
Other considerations
- Regulatory landscape
- Opportunity gaps YOU can exploit
- Must be a market area you believe you can win in.
- Should be an area where you can leverage your strengths.
- Should be an area you care deeply about and want to provide high value.
*Confidence score: How confident are you that your assumption is correct
*Notes/Evidence: Provide any comment, notes or evidence. EG. “Is it a growing market? - Provide stats on year-on-year growth etc”
Niche down
We DO NOT want to be everything to everyone!
“The essence of strategy is, with the weaker army, always to have more force at the crucial point than the enemy” - Napoleon
Think about ImmutableX niching down into being the “Layer 2 for web3 gaming that do over X txs per hour”
- Health→ Weight Loss→ Weight Loss for Women who just had kids→ Following Keto
- Wealth→ Real Estate→ Flipping→ Without having to see a property all using DMs
- Realtionships→ Dating→ Over 60→ Without awkward first dates
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