Go broad or stay niche: does it have to be one or the other?

To some degree and within the Caribbean region, many a business has faced the conundrum: should they move beyond their niche market? Suffice it to say, it can be easier said than done. In this article, we discuss some of the implications of going broad, or staying niche.

As the Editor and Publisher of ICT Pulse, I find myself coming back to this question time and again: should ICT Pulse stay niche, or should our scope become more general? Here at ICT Pulse, and over the past nine years, we have sought to discuss ICT issues from a Caribbean perspective. Hence we are highlighting Caribbean-based, or Caribbean-relevant ICT issues, in the hope of increasing the region’s collective awareness of technology issues, of which we, should be aware, to enhance the conversations we should be having, and improve the decisions we are marking.

As with any venture, and over the years, ICT Pulse has evolved to keep a pace with our audience. However, it could be argued that although many recognise the value of what we have been doing all of these years, it does not readily compute into as wide a readership as we would like, and/or the revenue generated. This situation, which is a common and glaring concern for traditional and new media, was the premise of the second discussion of our June 2020 Community Chat podcast episode, in which Journalist and Blogger, Mylène Colmar, proposed that we examine “the challenge of digital evolution for Caribbean media”.

To be fair, there is so much content available that is competing for our attention, that Caribbean content can become a casualty of the deluge: where we just do not have enough time in the day to consume all the material we would like. A key argument proposed during the Community Chat was that Caribbean media platforms may need to become more general – not so Caribbean-centric – in order to broaden their appeal, and increase their audience. However, in a recent article, A VC Told Him He Had a Billion-Dollar Idea. He Stayed Niche Instead, published on the Inc. website, gave me a reason to revisit the topic. Here are some of my initial thoughts, which may not only be relevant to media-based platforms, but also to any business that finds itself operating in what can be considered a limited or small market, and grappling with whether to stay niche, or go broad.

Will the platform or business lose its essence?

In catering to a particular type of customer or audience, or building a venture around a particular  purpose or theme, brings clarity to one’s operation. It also makes the messaging clear: what fits, and what might not fit the brand. However, that specificity can result in a smaller audience or consumer base: limited to people who share that interest, and are interested in your products or services being offered.

As was discussed in the Community Chat episode, an option would be pivot the platform from being Caribbean-centric, to something a bit more general, in order for it to find a larger audience or customer base. However, in going broader, what would the platform (or business) stand for? In the podcast, mention was made of a website that focus on Caribbean cuisine. If it just becomes a food blog, what would be its value proposition or key selling points? How would it differentiate itself from other (more popular or well-established) food blogs?

Going back to the fact that we are being inundated with content, being distinguishable amid the noise can be valuable. However, whether you are a niche or more general brand, it is likely to require considerable effort to increase your platform’s (or business’) visibility, in order to build a large and loyal following.

With great power comes great responsibility

In moving out of what might be considered a niche pond, to play in a much bigger domain, is likely to come with greater responsibilities. Essentially, one is looking get more eyeballs on your brand, and in order to do so well might require greater quality content, and greater attention to all of the associated elements.

With regard to content, it might mean, among other things, improved writing, publishing content on the site with greater frequency to help boost its search optimisation ranking, and integrating better and more professional-looking media (images and video). However, this may also point to increased spend, especially with respect to human resource, to help achieve the quality that would be expected. However, depending on the financing available to the business, the resources might not be there.

Similarly, and with regard to attention to detail, it could include matters such as the responsiveness of the platform to customer issues, managing the website, managing comment and feedback, and tracking and achieving targets, all of which can be full-time jobs for a number of people. Initially, it may not be the case, but it can be challenging to try to juggle all of those balls with either yourself, or with a very small team. However, the sobering truth is that many businesses fail to successfully make the transition when try to scale.

Do we just need to manage expectations?

To some degree, this point is difficult to swallow. Although it might be too much to hope that our niche business has thousands of customers, or our niche website experiences a million page views a month, we still want them to perform well. However, what might ‘well’ look like? That is a tough question, and will vary from venture to venture.

Clearly, being complacent is not the answer. It is still important to feed the fire in your belly and to ensure that you are doing all that you can to ensure that your venture is fulfilling its potential. At the same time, it may be necessary to manage expectations. For example, if your venture is Caribbean-centric, it may never have the reach of a business that has a more general focus or objective.

Thinking creatively is crucial

In summary, and although I still hold out the hope that it is possible to be niche, whilst still tapping into a larger audience or market, it may not be an easy feat. The trick might be to think more creatively, to find that audience or market. For Caribbean media houses, it may not be enough to produce good content, but really to think through whether the content could be attractive beyond what might be your tried-and-true market(s). A similar approach could be applied to other types of businesses.

Ultimately, and as technology and our world continues to evolve, and into the foreseeable future, we are all still adapting to the impact of technology on business, and on customer perception and expectation. Hence, the challenge is, and has always been to try to think ‘outside of the box’, in order to leverage the incredible opportunities that have been and continue to emerge.

Image credits:   pxfuel

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