Early-Stage Bitcoin Companies: Avoid The Trap Of Broad Messaging
A common mistake early-stage companies make is trying to appeal to everyone. When a company messages to everyone, it dilutes its messaging, wastes time and money, and ultimately appeals to no one.
The solution: find and own a niche customer segment.
For example, appealing directly to the Bitcoin community is becoming an effective go-to-market approach.
Bitflow (@Bitflow_Finance) is the decentralized exchange for Bitcoiners.
Fold (@fold_app) is the personal finance app for Bitcoiners.
These companies can direct their go-to-market efforts on a specific user by focusing on the Bitcoin community.
Do Things That Don't Scale
This strategy aligns with Paul Graham's idea of "do things that don't scale." Sure, your niche segment won't scale to a billion users. But early on, gaining traction with a core customer base is the top priority.
Focusing on a niche customer strengthens your messaging because you can speak more directly to your potential customers.
Fold isn't just another personal finance app in the sea of personal finance apps. Rather, it's the personal finance app for Bitcoiners.
You can also become more active in the community with a focused customer segment. This will help you build deeper relationships and gain trust — leading to partnerships, funding, and growth.
Because Fold is the personal finance app for Bitcoiners, Fold's CEO can be active on Bitcoin Twitter, put laser eyes on his profile, and go on Bitcoin podcasts like TFTC.
(To be clear, I believe most Bitcoin founders genuinely believe in the promise of Bitcoin. At the same time, focusing on Bitcoin is a good go-to-market strategy.)
The Bitcoin Community Isn't Niche Enough
Messaging to the Bitcoin community is a great example of finding a niche audience. However, in the early stage, appealing to the Bitcoin community is not niche enough (Fold is going public this year).
Identify a niche segment within the Bitcoin community to focus your messaging further.
Some opportunities for increased focus:
Geographical focus (The App for Bitcoiners in the US)
Ecosystem focus (The App for Bitcoiners building on Stacks)
Type of user focus (The App For Bitcoin Meme Traders or The App For Bitcoin Holders)
My personal experience informs this strategy. I went through several messaging iterations while building Taptive.
I first started messaging to "community-focused organizations," including education and crypto companies. Then, I focused in on only crypto companies. Finally, I focused again on Bitcoin and Stacks.
Each iteration was nerve-racking because I thought I was "losing out" on potential customers. However, in my experience, the opposite has been true.
Early-stage Bitcoin companies: don't try to be for everyone. Find a niche and strengthen your messaging.