To win in the online space where supply is unbounded and unconstrained, the most important factors are product Differentiation and product Quality. In anything you are doing, you must provide an element of quality. That quality is a binary – it is either good or bad for you, bounded by cost. Differentiation brings what is unique about your offering. It is important to understand that in the online space, category-kings emerge through network effects. Simply, to find value, you must find your space!
Pick a great mission, be great on it and separate from everyone, glory will come. As I explained in this Harvard Business Review article, it is through this high quality and evidently differentiated product that you can thrive in the digital world dominated by Google, Facebook and other ICT utilities.
Just think about it, if you are looking for something online, you will see many options once you search on Google. Because of that abundance, you want to narrow to the specific one which meets your niche needs. Any product which can do that at high quality makes the cut. This becomes exceedingly necessary when you plan to put a paywall in that online venture. It is very possible that anything you are offering has a free version somewhere. The implication is that your capacity to meet specific niche needs, at high quality, is what people are paying for. It is hopeless pursuing a paid product vision online without a strategy of creating a differentiated product at high quality.
Win the prize – go niche at high quality, and stay the course!
1. Advance your career with Tekedia Mini-MBA (Sept 13 – Dec 6, 2021): 140 global faculty, online, self-paced, $140 (or N50,000 naira). Click and register here.
2. Click to join Tekedia Capital Syndicate and own a piece of Africa’s finest startups with a minimum of $10,000 investment.3. Register and join me every Saturday at Business Growth Playbooks w/ Ndubuisi Ekekwe (Sept 4 – Oct 23, 2021), Zoom, 4.30pm WAT; costs N20,000 or $60.