STRUGGLING TO PICK YOUR BRILLIANT BUSINESS cOACHING NICHE?
That’s Normal (Because It’s Right Under Your Nose.)
Niche (pronounced “Nich” or “Nee-sh” if you are fancy-pants) is defined by our old buddy Webster as “the situation in which a business’s products or services can succeed by being sold to a particular kind or group of people.”
Here’s the secret to why you aren’t making as much money as you can.
You need to niche deeper. You need to get more specific about who is your ideal market.
You can sell your service to anyone, right? Nope.
When I ask coaches a simple question: “Who is your target market?” – often I get “Anyone who has money.”
That answer is not ideal, but it makes me happy because I know we can work together to discover the perfect niche that ultimately makes them more money.
It’s easier and far less expensive to market to a specific niche than it is to market to “anyone who has money”.
I think the best way to learn about how to niche, is to look at some examples.
Good: Women business owners.
Better: Women business owners starting new businesses.
Best: Women business owners starting new law practices in California.
Better: First-time moms of twins.
Best: First-time moms who have boy-girl twins who are involved in the “Mothers of Multiples” Organization.
Good: People who want to lose weight.
Better: Baby boomers who want to lose weight.
Best: Vegetarian baby boomers who want to lose weight.
Good: Couples who want to buy a home in Houston, Texas.
Better: First-time home buyers who want to buy a home in Houston, Texas.
Best: First-time home buyers who live in Houston, Texas, and are engaged or newly married.
It’s Best To Get As Specific As Possible When Targeting Your Ideal Client.
So, back to the riches part. Wouldn’t you agree that it’s easier and faster to be well-known in a highly targeted niche than in a broad niche?
Let me explain.
In any of the examples above you can get involved in organizations, target ads on Facebook, and get referrals as “THE expert in that niche” once you deliver outstanding service to someone in the niche.
Focusing on a targeted niche allows you to spend less money marketing, less time networking, and have people coming to you instead of you finding them (alas the “referral” scenario that service-based entrepreneurs looooove).
It’s hard to see your niche. As a business coach, you can’t see the forest among the trees. Sometimes you have to step back and work with someone who sees what you don’t.