The RICHES Are In The NICHES
Sep 13, 2019
While it sounds counterintuitive, the narrower the market the bigger the potential. What does this mean?
When starting your business you want to focus on the narrowest niche possible, get to one ideal customer prototype.
A narrow niche makes everything easier:
- You get to know your ideal customer really well so you know exactly how to message them. You know where to find them so you can promote to them, which makes advertising more effective and less expensive.
- You get to stand out in a narrower market, be the big fish in a little pond.
- Think of it as creating a mini industry within the industry. You get to be THE expert and authority because it’s YOUR market.
- Focusing on a narrow niche can be your point of differentiation, how you stand out from the competition. It also makes you memorable,“Oh, she’s the one that does 'chair yoga for seniors' vs. 'the yoga teacher'." People will remember you.
- You need less of everything, especially energy, because you’re focused on serving one slice of a market. You’ll also need less of everything from content to communication and because you’ll get to know them so well decisions will come more easily.
- Focusing on one path means you can create processes and systems to serve that ONE path. This means you business is easily scalable, which means…
- You MAKE MORE MONEY.
05:34 Number 1: You can talk to ONE person
09:11 Number 2: It’s easier to FIND where your ideal customer is hanging out
14:26 Number 3: You can easily become the EXPERT
15:14 PRO TIP on doing Facebook Lives
17:49 Number 4: It can be your POINT OF DIFFERENTIATION
29:28 Number 5: You become KNOWN for something
31:16 Being an EXPERT vs. Being KNOWN
31:16 Number 6: You need FEWER assets
34:37 Number 7: It makes DECISION MAKING easier
37:57 Number 8: You can SET YOUR OWN pace
40:25 Number 9: A narrow niche is way more SCALABLE
43:40 Number 10: You make MORE money
47:00 When you test, what are we looking for when looking at the information?
49:33 Stuck with TWO NICHES? What should you DO?