2Bobs—with David C. Baker and Blair Enns Are You Fishing in the Right Pond?
6 snips
Jul 31, 2024 The discussion kicks off with a humorous take on knowing your audience, comparing it to golf strategies. As economic uncertainty looms, the focus shifts to the vital need for creative firms to carefully reassess their market positioning. The importance of targeting a narrow audience emerges, suggesting that small beginnings can lead to broader success. Navigating through AI's impact on various industries raises questions about coding and market dynamics. Finally, the conversation highlights the need for businesses to establish a niche before expanding their reach.
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Episode notes
Target Versus Market Distinction
- The target is where you aim and the market is what you're willing to hit, like aiming for the flag but accepting the green.
- Aim narrowly for relevance while accepting a broader market that still benefits from your work.
Start Small, Dominate, Then Expand
- Start by dominating a small, specific market rather than chasing a tiny share of a huge market.
- Expand to adjacent markets only after you achieve dominance in your initial niche.
Two-Dimensional Growth Paths
- Growth happens along two dimensions: the discipline you practice and the market you serve.
- Expand by pursuing adjacencies in both what you do and who you serve.