Picking the wrong market will sink your app before it ever gets off the ground. Similarly getting into a growing, open market will make finding that elusive Product/Market Fit so much easier.
After an email from Mike Eppel regarding market opportunities and wanting our take on scaling up within a market that is definitely limited, or going into another tangentially related market got Dave and I thinking about the markets we were going into.
After a deep dive into the Google Adwords planner, Google Trends, the WordPress plugin repo, and some market data of our own we analyzed the final 4 plugin projects we had on the table. Unfortunately, and maybe we’re over-analyzing it if we’re honest with ourselves, we don’t love any of the markets that we’re looking at.
So that got us wondering, does it make sense to pick the market first? Can you identify a market that is growing, open to spending money, has B2B customers, and is generally something you understand? If so can you identify a product need within that market?
We think this may be a better way to approach a problem/solution fit that we (and so many of you) are seeking.
In the next episode we’re going to review a few markets that we want to play in, and some potential opportunities we see in those markets.