Identifying Your Perfect Market Niche

One of the biggest sticking points for Identifying NichingExpertPreneurs® is “niching” your business.

Most Entrepreneurs want to be all things to everyone… believe their product can help the entire world… and don't want to limit themselves to a narrow target market. After all, wouldn't that just lower chances of making real money?

 

The fact is, to truly succeed as a solo ExpertPreneur®, you must niche your business. Otherwise, you guarantee getting trounced by your competition and folding your business in no time flat.

And, believe it or not, it's not that hard to actually identify your perfect market niche. You just have to allow yourself to focus on what you're unique genius is (those things you’re awesome at doing)… and help the people who will gain the most from that… and be willing to let go of the rest.

That's why today I'm sharing the power of niching your business. And how you can quickly and effectively identify your perfect niche so you can achieve the life of your dreams.

You'll discover how niching transformed my failing practice into a million dollar business…

How to effectively reduce competition and become a big fish in a small pond…

And eliminate the stress and frustration in building your business.

Why Bother Niching?

Frankly, everything about niching is counter-intuitive.

How is it by narrowing your audience you can actually make more sales? If McDonalds and Microsoft can appeal to everyone and make billions, why can't anyone else?

Honestly, no one is saying you can't find success as a generalist. You certainly can make a little bit of money doing that. And, if you're lucky, strike it hugely rich and become the next Bill Gates. Unlikely, but possible.

However, as an ExpertPreneur® who is primarily working alone, you want to maximize your chances of success with your limited resources. You don't have the mega marketing budget big corporations do. They'll outspend you in a second.

So, instead of going up against these huge companies and watering down your message to appeal to everyone, it's better to become a big fish in a small pond. Become a reputable leader to a smaller crowd.

I went through this very same journey when I started out. My husband and I owned a pharmacy. And, as you know, you can find a general pharmacy on practically every block in a city.

It doesn't really matter where you go; they all carry the same thing. It's nearly impossible for one to differentiate itself from the next through marketing.

And you can bet we were having a hard time staying afloat.

Well, one day we had a meeting and decided to develop our own special solutions in the dermatological niche. These were proprietary blends you couldn't find anywhere else. No other pharmacy in Edmonton was bothering with this.

Suddenly, we stood out in our market. People who liked our product would go out of their way to come to our pharmacy to buy it. We carved a niche for ourselves in a very crowded marketplace.

As another example, I used to own a management and leadership training company. Our company tried to be everything to everyone. We were up against universities, private training companies, and every other Tom, Dick and Harry. We had a lot of competition from big institutions with large budgets, and then we also had competition from the small nimble one-person companies.

We lost $200,000 just trying to keep up, and got to a point where we thought we would have to shut down.

Well, one day I decided to get certified in change management. I ended up being one of 20 people in the entire world who was qualified to teach a particular change management methodology known as Prosci Change Management. And it was highly desirable approach to managing change to our target market.

Suddenly, our fortunes turned. We transformed our struggling business into a million dollar operation. We were in demand for our specialized skills rather than fighting for attention. We offered something our competitors couldn’t because they weren’t certified providers, and this helped to differentiate us and give us new customers.

Frankly, specializing gives aspiring ExpertPreneur® a much better shot at success. Don't you want to tip the odds in your favor, too? 

The Big Benefits of Specialization

Hopefully you see by now just how much niching can transform your business. However, you might be wondering just how much it impacts your day-to-day activities.

First of all, niching helps you maximize your marketing expenses because you're targeting a very specific market. Imagine trying to advertise to everyone in the world with a small budget. How would you know who is seeing your communications and responding to them?

Conversely, if you are only marketing to women over 50 who are into fitness, you're dealing with a much smaller and more specific audience. One you can easily target with your ads and know exactly how they're performing.

When you niche, optimizing your marketing and advertising becomes extremely simple. You can find out almost immediately what works and what doesn't.

Beyond that, as you get to know your audience better and better, you'll be able to hone your communications. You'll talk with them and even meet them face-to-face. Each time digging deeper and deeper into what keeps them up at night – their hopes and desires, problems and frustrations.

This will allow you to create more powerful messaging and services. Your content will be more targeted, your products will be more impactful, and you'll rise to the top of search engines faster than ever. Ultimately, becoming a “rock star” in your market.

Because you're now being viewed as an expert in your smaller more focused market with very little competition, you're drawing in highly targeted clients. Those ideal clients you dreamed about when you got started.

They'll love working with you because you're exactly what they need. And as they see results from your coaching, consulting, speaking, or other products and services you provide, they'll come back to you for more and more. You'll develop a true relationship with them, and they'll continue spending money with you.

Then, they'll start referring their friends, colleagues, and family for your specific services. Suddenly you have a huge following primed for your products and services. You won't have to spend any time convincing them why you're better or how you stand out. They'll already know.

And this is where you go from struggling to make ends meet month after month, to having a lucrative, freeing, and fun business. You're spending your time helping people rather than trying to find people to help.

You really can become a superstar in your industry. You just have to find the niche that's right for you, “let go” of the rest, and dedicate yourself to helping that market overcome their problems and achieve their dreams.

How to Choose Your Nichechoose your niche

 The beauty of niching is that you work exclusively in your “money spot.”

Your “money spot” is the intersection between your knowledge, skills, experience, and the people who will pay for your products and services. The place where you not only stand out in your marketplace, you find true bliss in your business, because you are using your unique genius, doing things you’re really good at, and serving people who can really benefit from what you do. A win-win all around.

 

To start, you need to analyze what you're passionate about. What is it that gets you out of bed in the morning? What drives you to do what you do every day? What expertise do you love sharing with the world? What things do you know that other people might be interested in knowing? Remember you don’t need to be the world’s foremost expert; you just need to know more than the people you are working with and trying to help.

Whatever you love is a great place to start when looking for a “niche.” When you find your true passion, it'll never feel like you're going to work again.

Building a successful business takes more than just passion and knowledge, though. Ideally, you want to use the skills and experience that you have. When you deliver products and services that meet your client’s needs and your work is based on your knowledge, skills, and experience, you are operating in your zone of ‘genius’ – where you do your best work, and make the biggest difference.

You’ll also find that operating from that place is where it’s easier and more enjoyable to operate a business.

Your strengths can run the gamut – what is your education background? Your work history? How about your innate skills, like networking or organizing? What is it that your friends and colleagues praise you for over and over again?

Sometimes these things can be challenging to dig up. It may help to talk it through with a person you trust deeply. Take the time to uncover what you bring to the table, and what difference you want to make for the clients you serve.

Also think about the things you value. You want to uncover the “why” behind your business. Understand what brought you to this point and the true core that motivates you.

Ask yourself these questions: What do you want to achieve? What legacy do you want to leave behind? How will you change the world?

Finally, you need to find out who will pay for your products and services. I word it this way because the market you want to serve needs to be a lucrative market. You may want to work with the homeless, but you need to figure out if you can develop a business doing so.

 Instead, you may want to focus on other markets that can pay for your services and then volunteer with or donate to the communities that can't. That way, you get the best of both worlds.

Once you've come up with a general demographic, start asking yourself: what is the age range? What do they do for a living? Where do they live? What are their hobbies? What do they read?  Where do they gather?

Any questions that get at the essence of who your ideal client is will help you develop a full picture of who you are going to sell to. And then you can dig deep into their problems and frustrations, as well as hopes and desires.

After you've gone through these categories, find out where the intersection lies. Perhaps you're passionate about fitness, you want to help women take control of their lives without crazy diets, you're good at developing time-efficient workouts that reduce fat, and wish to target middle-aged working moms. Right there, you have a very specific niche and can start developing your dream business.

Get your Business on the Right Track

specializationFrankly, if you don't niche your business, you're asking for trouble right out of the gate. You'll struggle trying to be everything to everyone… you'll run out of money very quickly… and you'll never get to work with the clients of your dreams.

Instead, make it easy on yourself – take the time to find your “money spot.” Once you've found it, allow yourself to let go of everyone and everything else, and just focus on it. I promise you'll be thrilled with the results.

You'll not only find more success in your business, you'll enjoy it more, too. And isn't that why you became an ExpertPreneur® in the first place?

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About Sheryl Wolowyk

Sheryl Wolowyk is a best selling author, award winning speaker and business coach. She focuses on service professionals and “ExpertPreneurs®." As an income acceleration coach, she helps service entrepreneurs attract more ideal clients, get paid top dollar, increase their visibility and reach. Sheryl teaches her clients how to create lucrative businesses and influential brands by positioning their expertise, and communicating their value in an authentic and genuine way that doesn’t sound ‘salesy’ or feel uncomfortable. Her clients are able to quickly build connection, garner trust, and attract a steady stream of ideal clients without having to work all the time, or sacrifice their true priorities in life.

She has built 4 million dollar businesses, is Executive Producer and host of the “Expertpreneurs®” Radio Show, hosts Expertpreneur® TV, and has been seen on ABC,CBS, NBC, and FOX affiliate stations. Sheryl has provided her insight and advice in Forbes Magazine and as a National columnist for America’s Premier Experts. Sheryl is also editor and publisher of ExpertPreneur® Magazine, a free digital magazine available on the Apple newsstand and Google playstore in 150 countries. She’s also a founder of the XPRIZE Education Initiatives where she works with billionaire Elon Musk and Personal Development coach Tony Robbins to change how the world educates. www.expertelevation.com

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