As mentioned in a previous blog post, spending quality time identifying the synergy between your professional skills and your personal interests and passions, is incredibly important to building a successful business in any niche. Your clients will be more likely to act on your information and advice, when they appreciate your passion and level of professional expertise on the subject. This kind of posture within a specific market or niche, gives your business and professional profile instant credibility. It also means that you get to focus your time and energy working on things that are most enjoyable to you.
This will come across in the way you communicate and connect with your prospective customers and clients, and will boost your chances of success. Conducting regular evaluations and reviews of your business is necessary so you can accurately determine whether that niche is profitable or not. Even if you feel really passionate about working within a particular niche, or working with specific types of people, there's probably no point, if that business can't provide you with the income you need to live the lifestyle you want.
The following points will help you identify whether the niche that you've chosen can be profitable:
1. What is the existing supply and demand for products and services in your chosen niche market? In most cases, some competition is usually a good sign that there's an active consumer market. If you see similar products and services being promoted, it's a good sign that there's a ready-made customer base looking to buy.
2. In terms of your marketing, will you be focusing your attention on a particular type of customer, or on a specific range of products? Businesses promoting to a specific target group or service niche, may have a relatively narrow pool of potential customers. While a business with a customer-based niche, doesn't necessarily focus on one particular product or service, instead providing solutions to certain specific target audiences.
3. What value can you add value to this market segment? Think about how your niche-specific personal interests, technical skills, an professional resources, can benefit your target customers. If you are entering the health and wellness marketplace, you will need to have an appealing value proposition, and be able to differentiate your products and services from other health and wellness professionals. Simply promoting yourself as a health and fitness professional, or a wellness coach is unlikely to attract people who don't know you.
4. Can you promote your solution in a way that has a fresh and unique feel? This would help you to stand out from everyone else, so you could be seen as the leader, or expert in your chosen niche market. This kind of solution is called a unique value proposition (UVP), and defines your product or service as being the best value solution for anyone in your niche target market. Originality combined with quality, and affordability gives you the opportunity to be the leader within your market.
Send me a message, if you would like a FREE one:one digital marketing business strategy session.
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For those of you that are familiar with sales and marketing, you probably understand the benefits of narrowing down, and fine-tuning your business focus. But the question is, when should you stop 'niching down' and just start promoting? The opposite question is also a valid one. How do you know if you have identified, and fine-tuned your market enough? In order to answer these questions for yourself, you really need to know the difference between niche marketing, and micro-niche marketing.
The Health and Wellness industry, for example, would be considered a mass-market. This contains all products and services related to physical, mental, and emotional health and well-being. One specific niche-market, within the broader niche of health and wellness is diet and nutrition. This could include micro-niche topics like gluten-free, organic, whole food, Paleo, Mediterranean, and nutritional supplements among others.
Once you have worked out where your professional skills, collide with your passions, and what you really love doing, you will know which niche market to work in, and, exactly how much you may need to further specialize your business, into a micro-niche. For example, you may want to create a wellness company that delivers weight loss nutrition supplements and diet programs. This would be a niche company. However, If your professional skills and personal interests are more suited to a specific nutrition-related field like irritable bowel syndrome, then operating a micro-niche nutrition business is probably your best move.
The important thing to remember, is that there is no 'one-size-fits-all solution' when you are narrowing the focus of your business selection. Some entrepreneurs and business owners can be very happy, and successful, delivering niche solutions for their clients, while others will be more successful by niching their business down even further, so that they can provide very specific solutions, to a much smaller, and more clearly defined micro-niche customer base.
It's also business critical that you do your homework, before you decide to open a business that specializes in a really specific niche-market. The right type of market research will show you if there is enough customer demand, for your business to be profitable. Researching your potential customer base, and competitor market, can take time. However, if done well, it can be time well invested.
Remember, It will be much easier for you to pinpoint your niche market with a laser focus, if you spend the time getting clear about what you really love doing, and why your customers should be buying from you, and nobody else.
Send me a message, if you would like a FREE one:one digital marketing business strategy session.
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If you’ve been busy and missed out, We are going to run the steps to creating Residual Income in 3 easy steps. Join this webcast to see how at 7pm.
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• See how you can be earning over a Million / year passively within the next few months!
This information will be available ONLY when you come on the webinar. See you then!!!
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This webinar is great if you:
• Have a “Big Idea” and want to get it out there
• Have an existing business that you want to improve on and accellerate sales and automation
• You don’t know anything about online marketing but you know you want to create financial freedom!
When you love what
you do AND you’re good at it, you effortlessly and automatically
improve your chances of success.
This has been proven time and again, in just about every type of
business. The problem is discovering exactly what marketplace is ideally
suited to your talents, one that delivers both short and long-term
profitability as well.
Start by identifying the following:
1. What do you enjoy doing and talking about? What gets you "fired
up”? What type of business would you be running if you were
guaranteed to succeed?
2. Are there specific tasks or activities that you prefer to work on?
What job duties do you look forward to tackling? Focus on markets
that require these aspects of running your business.
3. What projects do you absolutely dread? Are there any types of
businesses that you definitely wouldn't get involved in? Even if
those markets look very attractive financially, your chances for
success diminish if you launch a business you don't really love.
4. What do your friends and family members say are your strongest
points and character traits? Take time to ask for input from those
people you respect. The answers could surprise you.
5. What are you really good at? Does your particular expertise in a
certain area match up with your interests? If so, you have found the
perfect market for narrowing down your business niche.
6. Think about the people you surround yourself with. Who do you
relate to effortlessly? What types of people seem to understand you
very clearly? Look for similarities among these individuals. You
could spot a need or desire those people have which could make a
great base for a niche market.
7. When you think about your desires, is there something missing in
the current marketplace? Is there a particular product you wish was
available that is not being offered? Sometimes filling a personal
need leads to the discovery of an overlooked market that is
practically begging for someone to offer a solution or service.
8. What are the hot trends in your areas of interest? Can you spot
where your market is headed? Google Trends, Bing Social, Yahoo!
Search Clues and YouTube Trends are excellent online tools for
uncovering hot current products, as well as the direction of a
particular marketplace.
Send me a message, if you would like a FREE one:one digital marketing business strategy session.
https://www.facebook.com/mydigitalmarketingsystem
Most successful health and fitness professionals will agree that it is easier to build a successful business if you become specialized in a particular segment of the market, and become an 'expert' within a particular niche, or area of specialization. In today's highly competitive online market, it is critical that you can promote yourself as an 'expert' problem-solver, within a select consumer market.
When you select your niche correctly, your business will match your passions, and will also set you up for commercial success. Unfortunately, some health and fitness entrepreneurs rush headfirst into starting a Personal Training business before they have truly identified their niche market and unique value proposition. Missing these critical first steps in your business plan can be fatal to the financial success of your health and fitness business in the long term.
“Niching Down” a current coaching business to attract new clients is a great way to inject new momentum into your business. Whether your current coaching business is successful or not, you could discover even more opportunities to increase your client base by narrowing down your focus and value proposition. On the other hand, you may simply want to redefine your existing coaching focus in a much clearer manner.
Both of these strategies provide possible business opportunities which may have been staring you in the face. I've already mentioned how important it is to build your business in a niche market. When you fight the mass-market, you're up against more established coaches who have already established themselves as leaders in your field of expertise. This makes it difficult to build a successful coaching presence in that market. This is why you may want to take a second look at how you can fine-tune your current business and marketing model.
Successful niche marketing does not have to be a hit-or-miss proposition. You really can improve your odds of succeeding in business dramatically simply by following a proven niche selection process. When you love what you do AND you’re good at it, you'll effortlessly and automatically improve your chances of success. This has been proven time and again, in just about every type of business. The problem is discovering exactly what marketplace is ideally suited to your talents, one that delivers both short and long-term profitability as well.
“Niching Down” a current coaching business to attract new clients is a great way to inject new momentum into your business. Whether your current coaching business is successful or not, you could discover even more opportunities to increase your client base by narrowing down your focus and value proposition. On the other hand, you may simply want to redefine your existing coaching focus in a much clearer manner.
Both of these strategies provide possible business opportunities which may have been staring you in the face. I've already mentioned how important it is to build your business in a niche market. When you fight the mass-market, you're up against more established coaches who have already established themselves as leaders in your field of expertise. This makes it difficult to build a successful coaching presence in that market. This is why you may want to take a second look at how you can fine-tune your current business and marketing model.
Send me a message, if you would like a FREE one:one digital marketing business strategy session.
https://www.facebook.com/mydigitalmarketingsystem
