Bring in More $$ by Marketing to Fewer People

Yes, you read the title correct.  You can actually make MORE money by marketing to fewer people.  This is the premise behind narrowing your focus or niching.

Humans want specific solutions.  To help a headache they want headache medicine and not general pain medicine.Pain Medicine

Think about pain medication. Huge market. If you have a headache, are you going to buy the general pain medicine or the pain medicine specifically for headaches?  The outside package for both OTCs is different, one niches and the other is a generalist trying to cover a broad market, and the actual products are identical.

Research shows marketing as a headache medicine produces tons more sales.

Humans like to be specific. We like to buy things that address our specific needs, not general “fix everything” type of approaches.

Just like fitness and exercise can be narrowed to fitness and exercise for women. You can narrow this further to fitness and exercise for women over the age of forty, and now you have a product that is “Fit Over Forty“.  You will have more sales, thus more profit with this narrow focus than just marketing as a fitness and exercise expert.

Niche Work

There are several ways to define a niche. But your first step needs to come from within. Who do you want to spend your time working with? What kinds of people do you enjoy helping? What kinds of people do you care deeply about and want to help grow and prosper?

Remember, you’ll be building your business around your niche, so you don’t want to build it around a niche you don’t like. These next four questions to ask are key for assuring your niche is profitable – you can make a living.

1. Does your niche group have a strong emotionally compelling problem or issue that you can help with?
2. Is your niche group looking for a solution to their problem – seeking help?  It is much tougher to market a service or product for a problem the target market does not even know they need.
3. Will the help you provide either make your niche group feel much better or solve a big problem for them?  I like to say you want your help to give them better sleep at night.
4. Lastly, is the niche group willing to pay for the benefits they will receive because they see the value to their life, business and/or happiness? What you are digging at here is whether the niche group ranks the solution to their problem high enough to pay for help.

These questions are aiming to prevent you from setting up your business around a need a market is not seeking a solution for nor is willing to pay for  These are tough challenges to overcome even with an outstanding brand and clever marketing campaign.

What this means is it is going to be super challenging to find a product or service to offer for the niche group women 30 – 40 years old that are successful, happy, have little stress and are practicing preventative care that they will pay for.

First, she doesn’t have an  emotionally compelling problem. She feels good now. Second, there is no big difficulty to solve in order for her to feel the immediate benefits, even if she might feel a sense of peace knowing she was preventing problems.

Lastly, she might pay for this kind of preventative help as long as she had the extra money because she knows it is a good idea. However, it will likely be a lower priority which will take more effort on your part to prompt her to action.

Tweak to a Profitable Niche

With a little tweaking you could niche successfully to 30-40 year old women who get chronic debilitating headaches. The headaches zap her energy, wear her out, she is unable to be in a good mood around her children, she feels grumpy and isn’t enjoying life. She now has an emotionally compelling problem you can help with.

Increase your sales and profit by narrowing your focus

She wants to feel good, have the pain go away and have more energy and focus for her kids.

She is definitely willing to pay for this because she wants relief and feels desperate. Your help will change her life for the better.

Now you have a niche that allows you to work with your ideal client and make a living from helping them.

 

 

How a Niche Expands Your Reach

The hardest part of niching for business owners to understand is that by narrowing and solving your problem for your target market – over the top happy clients, you will begin to expand your reach outside of your narrow niche without having to market that broad.

So lets say you have seen 10 ideal clients and resolved their headaches and brought peace back into their life through a meditation focus.  Now, your estatic clients will bring in their husband or their kids or their mom or friend because she knows you, likes you and feels a connection with you.  Her enthusiastic recommendation for you attracts others to go to you for their problems, even non-headache problems.

Now your niche business is growing, even outside your niche. The key is to stay focused on your niche as the ‘headache healer.’  This narrow niching brings in more business in the long term.  With this niche you solve an emotionally compelling problem for a narrow group of people that are willing to pay to gain the positive result you will bring.

Your approach (meditation focus in this example) while solving the problem and your achievement of the desired result can broaden your reach beyond your niche without having to market more.

Entrepreneurs that go too broad (are generalists) struggle with their marketing as they feel they need to include 5 or more different problems they solve in each of their marketing pieces.  The trouble with this is none of their marketing pieces compel their ideal target market to act, to buy – in branding we say this is a weak marketing piece.

To build a successful business, you must find a way to compel people to buy.   Lack of a narrow focus is a top reason businesses struggle to inspire their market to act, to buy.

Have You Put in 10,000 Hours?

10,000 hours was popularized in 1970s academia and later by Malcom Gladwell in his book Outliers. When researchers look at any kind of cognitively complex field they finds you must invest 10,000 hours of practice in order to master the field at an Olympic level. That’s 20 hours a week for 10 years. or 40 hours for 5 years.

personal branding requires Olympic level mastery of specialtyIn personal branding, the branding portion only works if you have mastered your area of expertise.  If you are a Registered Dietitian the 10,000 hours does not translate to 5 years of full-time employment as a Registered Dietitian.  Instead, you must focus on a niche for 10,000 hours in order to truly excel at it.  That may mean niching in diabetes with children; weight loss for women with 100 pounds or less to lose; or analyzing food nutrition labels for food company compliance.

Branding is a communication of  a promise to your ideal target market. If you do not deliver on the promise – are not Olympic-like great at what you do, then clients or customers will not return or refer others to you.

The desired picture is you are exceptional in your niche, then combined with powerful branding you will attract your ideal customers.  The best part is customers will come back to you over and over and pass on rave reviews to others.

Here is a great article about mastering a skill: What the Study of Chess Experts Teaches Us About Building a Remarkable Life

If you are just starting out, no worries.  Use your passion to in every way you can achieve excellence in your niche and master your specialty through deliberate practice.  Branding is not a way to cut corners and make up for being weak in your specialty.  Word will get out that you do not deliver, so instead, focus on mastering your field of study and combine it with a powerful branding program to become ridiculously successful.

What do you have 10,000 hours of mastery in?