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1. @SethGodinBlog said "The riches are in the niches"
So how do you narrow down your target audience to a successful niche?
Let's start by defining what a niche is:
So how do you narrow down your target audience to a successful niche?
Let's start by defining what a niche is:
A niche is simply a combination of a specialty and a target audience
Or a combination of your specialty with a target market combined. It's the two together that create a niche
Or a combination of your specialty with a target market combined. It's the two together that create a niche
Many people make the mistake of having a specialty and believe that everyone is their customer.
For example, I'm the number one e-commerce store for dogs.
Verses I'm the number one e-commerce store for Labrador dogs.
Aren't these two completely different messages?
For example, I'm the number one e-commerce store for dogs.
Verses I'm the number one e-commerce store for Labrador dogs.
Aren't these two completely different messages?
Or others who may have a target audience, but don't offer a single core expertise.
Single core = Focus
This is the person who targets say dog toys. They say they carry dog toys for every possible dog breed, but in reality they don't. W
Single core = Focus
This is the person who targets say dog toys. They say they carry dog toys for every possible dog breed, but in reality they don't. W
When you combine speciality with a target audience, you have a niche.
So think about what you are selling, do you have a specialty?
Do you have a target audience?
Are you combining the two?
So think about what you are selling, do you have a specialty?
Do you have a target audience?
Are you combining the two?
Here's a few thought provoking questions to help narrow down a niche:
1. If you could do something all day long, what would it be?
- What do you enjoy to do? What's your passion?
2. What are some of your past career areas & interests?
- What have you enjoyed doing in the past
1. If you could do something all day long, what would it be?
- What do you enjoy to do? What's your passion?
2. What are some of your past career areas & interests?
- What have you enjoyed doing in the past
3. What obstacles have you successfully overcome & how?
- what have you learned from that, would it help other people?
4. What of your life experiences could benefit others? Who specifically could benefit from them?
5. What's your unique story? What makes you different from...
- what have you learned from that, would it help other people?
4. What of your life experiences could benefit others? Who specifically could benefit from them?
5. What's your unique story? What makes you different from...
everyone else?
6. What's the biggest benefit customers/clients would get from you?
- Usually this has very little to do with your core product or service
7. What would make your life absolutely perfect right now?
- What kind of customers or clients do you want to work with?
6. What's the biggest benefit customers/clients would get from you?
- Usually this has very little to do with your core product or service
7. What would make your life absolutely perfect right now?
- What kind of customers or clients do you want to work with?
These 7 questions are thought provoking that you should ask yourself
People get sucked into, that person is making $$ selling in that market, I should do it to.
Before you enter any market, ask yourself 2 questions
Who you?
-what qualifies you to be in that space?
People get sucked into, that person is making $$ selling in that market, I should do it to.
Before you enter any market, ask yourself 2 questions
Who you?
-what qualifies you to be in that space?
Why now?
-just because someone is making money in that market, doesn't qualify you to be in that market space.
That's literally how you fail and fail miserably.
Even business segment has trade secrets that people see on the surface, but it's the nuances that people don't know
-just because someone is making money in that market, doesn't qualify you to be in that market space.
That's literally how you fail and fail miserably.
Even business segment has trade secrets that people see on the surface, but it's the nuances that people don't know
that is what makes that business work.
As an entrepreneur, your job is to figure that out before you go bankrupt.
It's easy to spot wanna be entrepreneurs, ask them who their clients are.
You'll hear, oh, anyone who needs X
That's not understanding your target audience
As an entrepreneur, your job is to figure that out before you go bankrupt.
It's easy to spot wanna be entrepreneurs, ask them who their clients are.
You'll hear, oh, anyone who needs X
That's not understanding your target audience
Ask what about the age group, are they men, women.
What's their occupation, what are their pain points
What are their aspirations, their goals, single, married, have kids
What's their income level, what do they read, what websites do they go to?
They have no F'ing clue
What's their occupation, what are their pain points
What are their aspirations, their goals, single, married, have kids
What's their income level, what do they read, what websites do they go to?
They have no F'ing clue
And they want to sell to them, yet know nothing about their target audience and customer.
Doing your homework and knowing who you want to serve, matters.
If you're marketing isn't working well, most likely you don't know your target audience.
What keeps them awake at night
Doing your homework and knowing who you want to serve, matters.
If you're marketing isn't working well, most likely you don't know your target audience.
What keeps them awake at night
What are their pains, their frustrations, what have they tried that didn't work
What have they tried that did work
Can you answer all these questions rapidly?
Until you can, don't say you know your target audience.
What have they tried that did work
Can you answer all these questions rapidly?
Until you can, don't say you know your target audience.
These questions are surface level knowledge of your target audience, you can still go deeper and know them even more
What are their emotional needs?
What are their emotional needs?
Choose your niche as soon as you start your business, be it e-commerce, consulting or other
Determine what your expertise & specialty is & what target audience is willing & able to pay you to solve their problem(s)
If they're not willing and able to pay you, you're wasting time
Determine what your expertise & specialty is & what target audience is willing & able to pay you to solve their problem(s)
If they're not willing and able to pay you, you're wasting time
Study your niche to find out what some of the biggest challenges your target audience experiences.
What solutions are already being offered to them and how you can reach them easily.
Solutions offered = knowing your competition
Do you know what they're doing, their price
What solutions are already being offered to them and how you can reach them easily.
Solutions offered = knowing your competition
Do you know what they're doing, their price
point, their offer.
You better have studied your competitors.
I love studying competition and learning what their doing, so I don't replicate it
Keep your friends close, but your enemies closer
You better have studied your competitors.
I love studying competition and learning what their doing, so I don't replicate it
Keep your friends close, but your enemies closer
You should know your competitors inside & out.
You literally should know them better than they know themselves
That gives you an edge
A competitor changes their prices point or approach to marketing, you want to know.
Does it work? You want to see.
You literally should know them better than they know themselves
That gives you an edge
A competitor changes their prices point or approach to marketing, you want to know.
Does it work? You want to see.
You monitor your competition
If they change Facebook ads, you want to know
Their website, you want to know
Most people are lazy and don't take the time to monitor competition
You can out learn, and out smart any competition by putting in the effort
If they change Facebook ads, you want to know
Their website, you want to know
Most people are lazy and don't take the time to monitor competition
You can out learn, and out smart any competition by putting in the effort
By the time they've talked to 5 potential or current customers, you talked to 50.
The gap intelligence, market knowledge isn't even close between you and the competition.
Put in the time and effort to know your market place and target audience.
This effort leads to more sales
The gap intelligence, market knowledge isn't even close between you and the competition.
Put in the time and effort to know your market place and target audience.
This effort leads to more sales
It's easier to close sales
You say certain things and they resonate with your target audience and niche
You say certain things and they resonate with your target audience and niche