stupefyingTough nut to crack

Picking a niche has been the bane of every entrepreneur’s existence. If you are a small business owner and recognise that to grow your business, you need to focus your marketing efforts on 1 target market (WHO) and talk to them about only 1 product or service (WHAT), then you might still be struggling with HOW to pick them.Here’s a simple and proven technique I’ve devised to decide for once and for all, what your niche is.

Criteria

There are really only 3 basic things you need to consider in picking a niche:

  1. Fit for you—your personal preference, skill set, experience and background
  2. Fit for the income you want—how many of this group x how much price you would charge per person
  3. Access—your ability to reach your target and how accessible they are to you in large numbers

Rate Them

Give each niche combo of 1 WHO and 1 WHAT a score of desirability from 1-10. 10 Being the best fit.  Then, choose the niche combo with the highest rating to base your marketing plan on.

Example

Here’s the exercise I actually went through for my own business when I left my full time marketing job exactly 1 year ago this month!

  1.  Fit for your personality, skill set, experience, background and preference
  • Leadership coaching to CEOs:  Score 8/10
  • Marketing to entrepreneurs:  Score  10/10

2.   Ability to generate the revenue you want

  • Leadership coaching to CEOs:  Score 10/10
  • Marketing to entrepreneurs:  Score 8/10

3.   Access

  • Leadership coaching to CEOs:  Score 2/10
  • Marketing to entrepreneurs:  Score 10/10

Total Scores

  • Leadership coaching to CEOs: 20
  • Marketing to entrepreneurs: 28

I guess by now you know that I teach marketing to entrepreneurs and have been very successful with my niche. I’m living proof that this stupefying simple way to pick your niche works!

You too can do this simple exercise and move on towards the light where your marketing plan and consequently more clients await.

Need more chicken soup for your biz? Follow me on Twitter, friend me on Facebook or connect with me on LinkedIn –and let’s talk!

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