I just saw a banner from Zoom which says “more than just meetings.” It’s hilarious, no matter how large a market you’re in, people want to say that they are not just that thing that they do well. I get that large public companies need to do this, to show expansion potentials and new markets. However, too many startups do this as well. I’ve been tempted myself.
If your market size (TAM) is decently large, be careful about trying to say that you are more than just that market. It’s generally better to just master your own market. Focus.
If your market size is not large enough to support a growing company, create a new company! If you realize, for example, that the market for event management software for hospitality software providers is not big enough, it doesn’t mean that you can’t have a great business. It just means that you might not have a huge business.