Find your niche, know it - then drill down further.
What the internet has shown us all, is that no matter what we like, what odd quirky thing we find interesting, we now know there are similar people with similar interests out there online. The more we understand that, the better the business.
That is our niche, and now we go for the long tail market.
The Long Tail is a interesting term and it has gained popularity recently as a way to describe a retailing strategy where you try to carry and sell a large number of unique items with no or little carrying costs and sell relatively small quantities sold of each – usually in addition to selling fewer popular items in large quantities.
The concept was popularized by author Chris Andersen in his book by the same name, The Long Tail.
The distribution and inventory costs of successfully applying this strategy allow a business to get to solid profit out of selling small volumes of hard-to-find items to many customers instead of only selling large volumes of a reduced number of popular items. The total sales of this large number of "non-hit items" is called the Long Tail.
Less competition, more margin
“We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to consider arguments on the other side.
— Charles T. Munger”
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