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Daniel Priestley

05/27/25

@ Chris Williamson

In any audience, there are three market segments: the mass market, which is price-sensitive; the niche market, which values community and experience; and the luxury market, which seeks exclusivity and pedigree. Targeting the niche or luxury market can help increase prices.

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Secrets For Building A Thriving Business - Daniel Priestley

@ Chris Williamson

Secrets For Building A Thriving Business - Daniel Priestley

05/27/25

Related Takeaways

Daniel Priestley

05/27/25

@ Chris Williamson

Most businesses target the mass market, but they overlook that the top 10% of people control 60% of the budget. By repositioning as a key person of influence for passionate customers, you can earn significantly more.

Raj Shamani

10/07/23

@ Nikhil Kamath

Luxury brands often market to those who cannot afford them, creating a desire that drives sales among aspirational consumers.

Brian Halligan

05/08/19

@ Y Combinator

In niche markets, companies may need to rethink their pricing and marketing strategies, as traditional methods may not be effective.

Jonathan Gill

05/15/19

@ Y Combinator

The quality of the audience is more important than the size when it comes to advertising in podcasts; niche audiences can be more valuable.

Leena Nair

10/25/24

@ Stanford Graduate School of Business

The luxury sector is dynamic, valued at $370 billion today, and the luxury market has tripled in the last 20 years, with Gen Z expected to make up 30% of luxury consumers by 2030.

Harvard Innovation Labs Cast

06/12/13

@ Harvard Innovation Labs

Narrowing your target market to a specific segment with a critical need can lead to greater success than trying to appeal to a broad audience.

Kevin Hale

03/25/17

@ Y Combinator

Start by catering to a specific niche, as this can help identify universal values that appeal to a broader audience over time.

Seth Godin

02/13/24

@ Brand Master Academy

The smallest viable market is crucial for brands; choosing a precise audience can lead to significant growth over time, as seen with brands like Patagonia and Nike.

Harvard Innovation Labs Cast

06/12/13

@ Harvard Innovation Labs

Identify and target a specific market segment to avoid diluting your product's focus and resources; this helps in achieving product-market fit.