A foundational element of any marketing campaign is a defined niche. The wrong niche can have a massive impact on your ability to generate sales. When selecting your niche you want to look for two key things, budget and drive. The other thing I will add here is that you want a niche that is large enough to support your goals. Even in an ultra tight, targeted niche, a good target number is a minimum of 50,000 active prospects for it to be viable.
You want to make sure your niche has drive or need for your offering. Otherwise, you will have to spend time explaining rather than educating on your specific offering. The marketplace you select should also have cash flow. You do not want to spend your resources on a niche that ultimately cannot pay for the offering.
When determining your niche, ask yourself a variety if not all of these questions:
- Is this niche large enough to support my business?
- Does this market congregate somewhere? Are they accessible online?
- Does this market invest in similar products or services?
- Does this market have money?
- Do I have some affinity within this niche? (Do I already know this market well?)
- Are there trends in the marketplace making it more likely for them to buy or are is this niche trending down?
- How does the marketplace feel about my offering? Negative, positive, open, etc…
- How often are new people coming into the market? How often are people leaving the market? (this churn is not negative, it will just help you as your develop your messaging.)
- Are there certain regularity or legal issues you need to be aware of when marketing to this niche? (worth noting as this may have an impact on your messaging)
- Is this a seasonal marketplace?
- Does the market provide you with an opportunity to plug prospects or customers into a membership or continuity model? (I am a big advocate of this model as it creates ongoing residual revenue)
Having a defined niche allows you to focus your efforts to generate the best results for your company or brand. Once you have the ‘who’ in place, the messaging and strategy flows from there. If you need help identifying your niche or have questions, I am happy to help in any way. Shoot me a comment below and we’ll get in touch!
I ended a career with a company due to many personal reasons. In the ending months of that business relationship, there were several frustrating things that happened. Unfortunately, I handled the situation emotionally and did not respond in the best way. Instead, I let my frustration control my actions. Lately, it had been weighing on my mind. I decided to apologize for my behavior. I wasn’t sure what I expected to happen. Actually, I contemplated blocking the response from my email so that I wouldn’t have to deal with the potential negative reaction.
I don’t like conflict, I hate drama, and I don’t like the idea of leaving a negative impression in someone’s mind. I decided to apologize for my behavior. I wasn’t sure what I expected to happen. Actually, I contemplated blocking the response from my email so that I wouldn’t have to deal with the potential negative reaction.
I received a very gracious response. A huge weight lifted off my shoulders. A weight I didn’t realize I had been carrying with me all these months. Saying sorry is powerful regardless of who is right and who is wrong. There’s freedom when you forgive yourself and those who may have harmed you. A freedom I didn’t realize I had kept locked away.
This was a powerful lesson for me. I was so concerned with my feelings and my pride. Instead of focusing on reacting the right way, I let my pride lead. Learning to say sorry is the right way to live. Period.
This week has been a little bit rough and has caused me to really think about who I am when it comes to business. Unfortunately, I didn’t like what I was discovering. I was moody, frustrated, insensitive and distracted. Why? Many reasons that don’t really matter as it was very clear I wasn’t being real with myself. I didn’t like how I was behaving on behalf of ‘business’.
In order to grow, it’s necessary to get out of our comfort zone. So for me, having this ‘frank’ discussion internally was quite uncomfortable. It’s easy to complain about others decisions, or think that you can do it better, or feel complacent with who you are or whatever the reason turns out to be you start to resent the opportunity you once coveted.
It isn’t easy to be frank with yourself. But, if you wish to find your particular success in life, it is the most rewarding reaction of them all.”
Brownie Wise (1913–1992)