The wealth, as they say, “is in the niches,” but how deeply do you niche?
When is something too focused? How to strike the ideal balance for your company is shown here.
I had a lot of decisions to make when I first started my marketing business regarding the services I could provide.
I discovered that the difficult decision was not which services to offer, but which to withhold. It was simple enough, to begin with just one service, but then a customer would inquire, “I also need a website. Can you help me with that as well?”
The difficulty wasn’t just with the services we provided, but also with our target audience.
While some agencies only work with healthcare organizations, others choose to work with self-storage businesses.
.While some agencies specialize in serving large, well-established corporations, others work with startups.
There is no right or wrong answer when it comes to the specialty you select as long as you can carve out a place you can call your own, regardless of the type of client you wish to work with.
To get started, follow these three steps.
Step 1: Establish Your Objectives
What do you want your company to be? What is its function?
What do you hope to achieve with it?
Some entrepreneurs start a firm because it appears to be a good alternative to a regular career (note of caution – you may want to think about this more carefully).
Others wish to amass a fortune. Others, on the other hand, wish to alter the world.
None of these reasons are superior to the others, but if you want to construct a business that earns $1 million per year and pays you well, you’ll focus on a different niche than if you want to build a $1 billion corporation that destroys an industry.
As a result, the first question is, “What do you desire?”
Step 2: Discover Your Brilliance Zone
Gay Hendricks introduced the concept of your “Zone of Genius” in his book The Big Leap.
This is the area of emphasis where our experience, talents, knowledge, and interests combine to allow us to perform wonderful things — things that appear miraculous to others.
To locate your zone of genius, start by making a list of everything you’re even remotely competent at.
Then, look for combinations that are distinctively yours.
For example, there are tens of thousands, if not hundreds of thousands, of marketers out there, so when I started my digital marketing agency, it made a lot of sense to focus our efforts on the higher education industry to separate ourselves a little.
We were a little different because I managed digital advertisements for the higher education sector.
We have been able to collaborate with colleges and universities all around North America thanks to My Genius Zone.
Additionally, you can think about your interests.
For instance, since I frequently utilize their platform, chess.com, they would be my ideal client. If they were to select a marketing firm, it would make sense for them to work with someone who excels at digital marketing while also being a passionate player of chess rather than someone unfamiliar with the rules of the game.
Step 3: Determine Who Your Target Audience Is
Who is the perfect client for you? What would you call them if you could have an infinite number of only one kind of customer?
Even if an executive coach may claim that they want to work with all executives, do all executives want to work with that coach?
They can have a difficult time attracting customers.
Looking inward might help you identify your ideal customer base.
If you’re a female CEO who made the shift to academia and now serves as a university president, perhaps female executives who wish to make the same journey or those who have already made it and want to fill the position of university president are your target audience.
You would be able to assist them from a position of extensive expertise and authority.
There is a trap here when marketers talk about focusing on and identifying the one type of customer who is the ideal fit for your good or service.
According to JC Hite, CEO of Hite Digital, “it’s easier to appeal to a roofer and plumber who are both in Miami than a roofer in New York and a roofer in Miami.”
It doesn’t follow that roofers in New York will be equally interested just because you sold to a lot of roofers in Miami.
Geographical factors may have a significant impact on who your ideal customer is, depending on the type of your business.