Every product needs a market, especially a tightly defined market niche. As a copywriter, I understand this... and yet I've never totally applied it to my own business.
Not that I don't have a market niche; I do. It's that I haven't whittled that niche down into a lean target market.
I was reminded of this oversight when I came across a Valpak ad for Chedd's--a restaurant that sells only gourmet grilled cheese sandwiches. Over 35+ types of Wisconsin cheese and 12 types of bread.
They specialize not in burgers or breakfast food or pizza... but grilled cheese!
Obviously, I have no idea how the restaurant is doing financially. But they've got two locations in Denver, have won 10 different awards, and are in the process of developing the restaurant into a franchise because of demand.
So it sounds to me like picking a tight niche like "grilled cheese" has paid off well for Chedd's. Something to think about...