1 min read

Niching down

Crypto is a relatively small pond. There aren't that many fish compared with the broader ocean, but there are quite a few large fish. If you want to go fishing, a small pond well stocked with large fish is a good place to cast a line.

The problem is that there's already a lot of people fishing, and it can be difficult to differentiate your bait from everyone else's. The trick is niching down. If you want to catch more and bigger fish, the easiest thing to do is shrink the pond. Sure, there won't be quite as many fish, but you get to handpick them and benefit from less competition.

Leaving the fishing metaphor behind, this can be counter intuitive. If you're a technical founder building a dApp that solves problem X, it's pretty obvious that your solution could be beneficial to anyone. In reality, not just anyone is going to use it. If you were able to ask your top users some questions about themselves, there would likely be some major overlap. You might be able to solve problem X for "lawyers who hold Bitcoin" or "US-based libertarian software engineers" or "cat people who bought dogecoin." You can be more serious or playful with it depending on who you target is.

You might think that this positioning will prevent people who don't fit your mold from using your services. In reality, you might get more people who don't fit than do. "I'm not a lawyer, I'm a doctor, but I hold Bitcoin and I think your service would work perfectly for my case too."

For a lot of products or services, this positioning is just a new coat of paint to market what you're already doing to a more specific group. With time, you can make your offering more valuable to that group and their specific needs.