Hi there😍,
In today´s blog, we come back a little to the subject of our Passion Lean Canvas, but still not the example content I mentioned in Blog #16.
Today´s subject is regarding a question I got from one of my readers.
Andres, what is better a bigger audience or a small audience?
Before answering this question, we have to clarify a few things. This question itself is too open for all types of answers related to Passion Lean Canvas, or marketing, or sales.
So, I will keep it on margin by focusing it on two things:
1. Audience as readers/followers/emails and
2. Your Niche size.
Here we go.
Bigger or small audience? .....................It depends 😂
Bigger Audience:
In terms of Digital Marketing, a good enough monthly conversion rate is between 4 to 8 % of the size of your audience ( readers, followers, or emails in your list) for products or services that cost 40 to 70 USD. In this case, a bigger audience is better.
So if you have 10000 readers/followers/emails, and convert 4% per month, that means 400 conversions, which by selling a product that costs 40 USD, you will get 16 000 USD per month.
Smaller Audience:
On the other hand, if you are niched down with your passion ( by niched down I mean, you have segmented your Customer Segment into your Early Adopters and serve that small portion), you don't need a bigger audience ( readers, followers, or emails), as your audience is very well connected with your passion, a smaller size actually represent a higher conversion rate which sometimes is way better than a bigger audience.
So if you have 1000 early adopters, and convert 85% per month, that means 850 conversions, which by selling a product that costs 30 USD, you will get 25 000 USD per month.
Conclusion:
So which one is better, depends 😂. I'm sorry, it is always "it depends". Hahahaha
It depends on how much work/time you want to put in managing a bigger audience or how good is your passion for solving the problem or serving the need of your small niche.
Hope this clarifies that doubt you have 😃.
Note for me: Glad to remember one of the cardinal rules of marketing. Target all is target none.
Big hug,
Andres