Continuing from part one of the piece, after carefully analyzing some well-known international firms that lost their place in the market as a result of the niche factor in the first part of this article, does it imply that those businesses can’t thrive?. A lot of business owners niche inappropriately by purposely selecting a niche. When developing business proposals, a growth/development plan to organize one’s life so that the target audience can be served better should be created. Some business owners don’t consider the fact that what determines where one is heading to should not be one’s zeal but rather the point at which the consumer’s essentials, skills, capabilities, and passion meet. Exactly of some once niched ventures and initially nicheless business are as follows:
Amazon was founded in July 1994 but went public in May 1997. It is the world’s largest online marketplace, largest internet company by revenue, and second-largest private employer in the United States of America. It initially sold books but now focuses on e-commerce, cloud computing, digital streaming, and A.I, as well as self-driving cars.
In 2000, Toys “R” Us entered into a ten-year agreement with Amazon under which Toys “R” Us would be the only supplier of toys and baby products, and their websites would be redirected to Amazon’s Toys and Games segment. Amazon also had a like agreement with Boarders Group to co-manage Boarders.com.
In 2004, Toys “R” us super Amazon, saying that intentionally allowed other sellers to sell items on the service in categories that Toys “R” us were to be prevalent and distinct due to lack of diverseness.
In 2007, the Toys “R” Us were favoured in the court ruling, granting them rights to terminate the contract agreement with Amazon and have its own e-commerce website, of which Amazon had to pay 51 million dollars in damages. This possibly prompted Borders group to pull out of the agreement as well in 2007, planning to launch their own store. Even though Amazon breached there terms and conditions of the agreement, Toys “R” Us would have benefitted from Amazon’s current soar in the market if they didn’t pull out. On October 18, 2011, Amazon partnered with DC Comics to exchange rights to Superman, The Sandman. Watchmen, Batman, and Green Lantern, causing popular books stores like Barnes and Noble, Crown Books, etc to remove such books from their library. They also had agreements with Nike in June 2017.
Netflix was founded on August 29, 1997, by Reed Hastings and Marc Randolf, with its office situated at Scots Valley, California. Its main business is a subscription-based streaming service that offers online streaming from a collection of movies and TV shows. It is available all over the world except in mainland China (as a result of local restrictions), North Korea, Syria, Crimea (due to US sanctions).
Its initial business aim was DVD sales and rental by mail but Reed left sales for a year after it was founded to focus on DVD rentals. In 2000, Reed Hastings approached Blockbuster with an offer to sell Netflix to Blockbuster for 50 million dollars. He offered to take control of its online affairs while Blockbuster would run the hardware version as Netflix had incurred debt from US postal taxes but John Antioco, the CEO of Blockbuster then, wasn’t interested because he thought it was It expanded in 2007 by introducing streaming media but DVD and Blu-ray rental business were still made available. It spread internationally in 2010 and entered the content-production industry in 2013.
In 2016, Netflix had more original series and movie releases(about 120) which is the most any network channel has ever produced, setting a new world record for the company.
On July 10, 2020, Netflix became the largest entertainment company by market capitalization. As of October 2020, Netflix had over 195 million paid subscriptions worldwide, 73million of which is in the United States.
Considering the hypothesis that declining offers to merge or collaborate with firms, as well as nullifying merges, has caused Blockbuster, Borders group, Toys “R” Us to officially close down; it has also proven that collaborations aren’t the dominant factor. Facebook bought Instagram, which of course boosted the revenue of both social media networks, but it is the ability of a firm to display diverseness and satisfaction of human demands in the fastest and the best way possible that makes such firms stand out. One of the reasons why Technology’s Big Five: FAAMG( would be discussed in my next article) keeps soaring, despite having several competitors in the market of their ability to diversify in order to satisfy the consumer’s wants before creating a NICHE SET around it.
It is often said “Jack of all trades, master of none”, but the remaining part which a lot of people don’t lay emphasis on is “but oftentimes better than a master of one.”
Don’t pick a niche. Through repeated trials, experimentation, and deep self-reflection, create your own niche set, draft a message that will attract the audience that needs you, and unleash the arsenal that will serve them very wellChijoke Otikpa
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