The Stupefying Simple Way to Pick Your Niche

 

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!

Trackbacks/Pingbacks

  1. Co-Marketing: Twice as Nice or Double the Trouble? | Coachtactics - [...] is to enhance success for both of you equally. So remember to keep your brand character, your target group …
  2. The New Rules for Marketing | Coachtactics - [...] and new media, people are consuming information differently. There are many subsegments of very specialized clusters of consumers you …
  3. 3 Best Ways To Get Shopped On Price | Coachtactics - […] you want to be shopped on price, don’t you dare get a niche. Be a generalist. Offer all things …
  4. Does this make me a tease? You be the judge! | Coachtactics - […] the process (HOW) itself.  For example, I show successful examples of how I’ve helped clients re-niche their businesses to …
  5. Big Presentation? 5 Rookie Mistakes to Avoid | Coachtactics - […] that you can. When you start to get comfortable, develop a strategy around speaking to your target client audience …
  6. Why Richard Branson and Anthony Robbins are Great Marketers and You’re not | Coachtactics - […] marketers know exactly the ideal client pain they can help with first. It’s called having a niche. Great marketers …
  7. No Two Nightmares Are Alike | Coachtactics - […] importance of picking just one industry to focus on as your ideal target client is so important in marketing. …
  8. Why Can’t I Make More Money? | Coachtactics - […] don’t know about making more money is that they haven’t figured out where they should FOCUS their marketing. Often, …
  9. 50 Shades Of Marketing | Coachtactics - […] As a business, have you niched in a way that allows large groups of your bullseye potential target markets …
  10. My 2014 Un-Resolutions | Coachtactics - […] to anyone who’ll listen in person at a networking meeting, on video, in print or on TV about how …
  11. Is This Going To Be A Waste Of My Time? | Coachtactics - […] question of ‘is this going to be a waste of my time?’ first make sure that you’re crystal clear …
  12. Rather Have Your Nose Hairs Pulled Out Than Do This? | Coachtactics - […] like Pepsi and Pizza Hut and Playtex (where I worked at as a young gal) know of to figure out …
  13. Why I Hate Advertising | Coachtactics - […] brain power in any way, think twice about spending money on a mass machine that isn’t laser niched, that …
  14. Signs That You’re Looking For Love In All The Wrong Places | Coachtactics - […] one’s a huge flag for me. Either you’re so specialized that nobody else has thought to show up at …
  15. The Internet Is Not Going To Save Your Business | Coachtactics - […] I meet businesses spending a fortune on social media without doing the strategic work first to figure out who …
  16. Are You Letting Your Competitors Decide Your Marketing? | Coachtactics - […] major reason why I see this happening is because small business owners don’t really HAVE a business strategy or …
  17. Saint Yourself Scratching Others’ Backs | Coachtactics - […] second way to get referrals is to niche properly. In other words, when people actually understand and are able …
  18. What My Superhero Power Would Be | Coachtactics - […] you don’t have a niche, you probably haven’t met me or haven’t had the pleasure to speak to me …
  19. 10 Terrible Excuses Not To Market Your Small Business | Coachtactics - […] that, but when you reach out to your own friends and family and give them a clear picture of …
  20. 3 Signs You’ve Hired The Wrong Marketing Help | Coachtactics - […] of your business. For that, you need to hire an expert who can help you determine your most viable …
  21. 3 Simple Steps To Pick Your Ideal Client (VIDEO) | Coachtactics - […] Hi, this is Chala Dincoy from Coachtactics.com your no-nonsense marketing coach who gives your small business a booster shot …
  22. Be Contrary: DON’T Ask For The Sale | Coachtactics - […] can’t say it enough times, if you’re a jack of all trades, you are master of none. Even if …
  23. I’m Against Cold Calling But If You Insist On It, Here’s How | Coachtactics - […] When I was a telemarketer, they gave us the phone book as our leads. Basically prospects needed to have …

Submit a Comment

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Share This