The Problem with Niches

Posted by on Dec 15 2017

finding your nicheMy client Mary called me and cried, “I need to find my niche!”

She had been told over and over again that she needed to find a narrow niche for her Life Coaching business so that she could be more noticeable among the pack of Life Coaches who market themselves to business professionals and managers.

But she had also been told that using words like “meaning” and “purpose” to describe what clients were looking for was over-used; all life coaches were using those terms and they had lost their power when it came to writing marketing text.

To find your niche, you need a tailor-made approach.

Here is my reply to Mary in regards to identifying her niche and writing her marketing text towards that niche:

Finding The Right Words

Remember, WITHIN the coaching industry, words like “soul,” “meaning,” and “fulfillment” are used constantly and we’re used to them and don’t think they’re special.

But, OUTSIDE the coaching industry, people are just awakening to these words. They love these words. And people ARE looking for meaning and fulfillment in their lives. (Just because you are used to seeing those words everyday doesn’t automatically make them powerless or boring.)

So you may be tired of hearing catch-words in YOUR industry, but that doesn’t mean that customers aren’t still searching for those very same ideas.

If you want to know if people are interested in these words, go to the Google Keyword Tool  and type them in. You’ll see for yourself how popular they really are.

As a life coach, saying you don’t want to market yourself using the words “fulfillment” and “meaning,” is like saying you’re a dentist, but you don’t want to have the niche of “filling cavities” because every dentist does that.

Sometimes your niche isn’t just what topics you talk about with clients; sometimes your niche is the combination of what topics you talk about AND the people/groups you talk to.

Finding The Right Niche

The whole purpose of choosing a niche is so you can find a central place that potential clients congregate — so that you can get in front of them to introduce your business via your marketing techniques. You can find “professionals” or “mid-level managers” or “upper level executives” in specific industry associations, magazines, websites, newspapers, peer groups, etc.

But say you want your niche to be “Hyper Ambitious Stress Coaching.” There is no industry association for Hyper Ambitious people…how will you locate them?

Do you really want to be known as the “Hyper Ambitious Stress Coach?” (Do people really type in “hyper ambitious stress coach” into Google when they’re looking for help?) It implies that you work with only people who are hyper-ambitious, and only stressed ones at that. There are plenty of “non-hyper-ambitious” professionals who are want to achieve great things and be successful (and are stressed), they just don’t go overboard into “hyper” behaviors that create unbalance.

One caveat: labeling yourself the “Hyper Ambitious Stress Coach” is great for PR. The news media loves a specialist. But clients may not be looking for a Hyper Ambitious Stress Coach; they’re just looking for help with stress, over-scheduling, high demands, etc. So unless you’re going to get all your prospective clients via news media interviews, you might want to re-think that narrow niche.

Choosing a niche is not an exercise in finding a place where you have no competition. It’s okay if you have competition in your niche: it shows there’s a thriving market there.

Differentiation vs. Niche

If you’re simply looking to differentiate yourself from your competition, then that’s not done by choosing a niche market. Differentiation and Niche are two separate marketing steps. You can differentiate (brand) yourself based on:

  • your personality
  • your processes
  • your techniques
  • your classes and products
  • your background
  • your experience
  • your skill set & knowledge
  • your availability
  • your fees
  • your style

Differentiation asks, “Why would they buy from ME versus my competition?”

Niche asks, “Where will I find THEM so I can introduce myself?”

This entry in Wikipedia may help:

http://en.wikipedia.org/wiki/Niche_market

I’m not saying, “Don’t go in that niche direction.” What I am saying is this: if you define your niche too narrowly, you’ll have a hard time getting in front of them with your marketing techniques. And along the way, you might not be following your own purpose or meeting your goals.

So, how do you define your own niche? I’d love to hear about your target audience and how you help them!

   

11 comments for now

Category: Internet & Social Media Marketing, Marketing
Tags: , ,

Redesign Your Marketing Model

Posted by on Dec 07 2017

If you’ve been in business for a while, you probably already have a marketing model that is working for you. Or, at least it used to work for you

There are seven different areas in your business where rethinking and reinvention are possible: Marketing is a great area for innovation and change!

Have things changed in your business and marketing?

  1. Your audience isn’t reacting to your marketing techniques the way they used to.
  2. You are bored with your marketing techniques, so you’re not doing them as consistently as you once did, and the quality of your marketing is suffering.
  3. You’ve become complacent because business is going great, and stopped paying attention to “big picture” strategic marketing planning.
  4. Your marketing techniques are stale, outdated.
  5. You’re totally freaked out by the amount of work you have to do, so some things just get put on the back burner, like marketing (and remembering to eat).

Time to shake things up!

Last time I counted, there are over 100 offline and online marketing techniques you can use. There’s one for everyone. Why not try a new marketing technique you haven’t tried yet but have always been curious about?

If you’re feeling the innovation itch, why not combine two techniques into something original and noteworthy?

For instance, could you combine a free, funny bumper sticker giveaway with a contest?

What about combining a free webinar with a SEO using a strong article or blog post, to increase sign-ups and boost your mailing list?

Pick a new technique or combine two! Jazz it up!

Here’s the trick.

Don’t overwhelm yourself with trying to do 20 new marketing techniques at once. Choose one, learn all about it, try it out, track your results, and master that technique. Then do it again with the next new one.

Having an annual marketing plan will help. You could schedule a new marketing technique each quarter, based on your goals and what you’re promoting that quarter.

Maybe it’s time to delegate?

One big reason why seasoned business owners don’t do the level of marketing that they should do is that they simply run out of time and energy. Just because you’re the business owner doesn’t mean you have to be the head of each department.

I know, I know: you’ve heard that you should delegate a million times. Hey, just do it! (Do I have to pester you?) Consider finding someone who can implement some (or all) of your marketing techniques for you, so you can focus on your core competencies, the unique gifts you bring to the world.

I’d love to hear your thoughts. Where do you feel you need to shake up your marketing model?

   

8 comments for now

Category: Internet & Social Media Marketing, Marketing, Rethinking Your Business
Tags:

If You’re Feeling Like Your Business Needs Redesigning, You’ve Come to the Right Place

Posted by on Dec 04 2017

Does this sound familiar?

  • You’re feeling restless. You yearn for “something new” for your business, but you’re not sure what that something is yet.
  • You know you have untapped potential in your, and you’re ready to tap it — big time.
  • You’re thinking, “My business model isn’t working for me anymore. What’s next for me and my business?”
  • You’re frustrated, because you’re ready to take action, if only you knew what the right action was to take.
  • You can feel change is coming — you just know it — and you’re excited about it. And maybe just a little scared.
  • You need a crystal clear vision for the future of your business. (Oh, and an action plan for implementing it would be nice, too.)
  • You’ve run a successful business before, but your goals and values have changed, and you need a business model that mirrors those changes.
  • You have bits & pieces of the picture for your new business model, but not a complete picture. You need to put the pieces together, but in an entirely different way than your current business model.
  • You want to grow personally and professionally and you want to design a business that will challenge you and help you grow.

Business redesign is a journey of discovery.

Business redesign isn’t about tweaking one marketing technique or hiring one employee. It’s about rethinking your whole business model.

  • Maybe you’ll serve a whole new audience with your existing products and services.
  • Maybe you’ll stop offering a specific services and begin offering a new, better one.
  • Maybe you’ll bring on more staff, or outsource more, or reduce staffing.
  • Maybe you’ll change your pricing, revenue and expense models.
  • Maybe you’ll take advantage of new technology to make big shifts.

This is not just about a minor face lift – it’s about rethinking your business model and strategically choosing the future direction of your business with complete clarity of purpose and a strong action plan.

When you redesign and transform your business model, you are an explorer in a new territory. In this series of Business Redesign blog posts, I talk about the different phases of this business reinvention journey, but in essence the journey begins with exploring two important pieces: You, and Your Business Goals.

Transform your business with a step-by-step process.

Business redesign isn’t about throwing the whole thing away and starting from scratch (though you can, if you really want to). You take all your knowledge and experience and assets with you on this journey. Read What Does Business Redesign Really Mean? to get a better idea of my definition — it may help some of the pieces fall in place for you.

Many people have been on the reinvention journey before you and there’s a process to transforming your business. In the blog series, I’ll share the milestones and roadblocks I’ve discovered on my own journey, as well as Redesign Stories from others, so that you can learn from my experience and the experiences of other small biz owners just like you.

In the final analysis, it’s about having a roadmap and a compass to help you on your journey to business reinvention.

Start your business redesign journey here>>>

   

no comments for now

Category: Running a Strong & Efficient Business
Tags: ,

Phases of Your Business Journey

Posted by on Nov 27 2017

I’d love to be able to tell you that there are set of linear and finite phases that every small business owner goes through while you’re rethinking and redesigning your business model…

…but if I told you that, it would be a lie.

But there are some well known phases that you might go through, sometimes circling back to one you thought you already finished, and skipping others completely. Here is a short list of some of the signposts you’ll encounter on the road to redesigning your business model:

  • I know/feel something needs to change – You find yourself pausing in the middle of the day (or worse, in the middle of the night) and asking, “Is this the business I want? Is there untapped potential in me that’s striving to get out? What’s next for me?” People report feeling restless or frustrated, knowing deep in their heart and mind that the business needs a shake-up, a new way of being in the world.
  • Getting lost in the not-knowingness – This is one of the toughest phases in business redesign, because you have to be okay with not having the solution. Some spiritual teachers call this not-knowingness “the grace of mystery.” Puts a different spin on it, doesn’t it?
  • Finding clarity on goals – If you spend time tapping into your goals for your business, and for yourself personally, you’ll find that it’s easier in the next phases to explore and choose the right business model for you. Is there a particular problem you need to solve? A particular dream you’d like to achieve? Values you’d like to express into the world?
  • Exploring the possibilities – In this idea-generation phase you explore every aspect of your existing business model, looking for places to add, modify and discard. No idea is sacred and no idea is thrown away. Even the craziest of ideas can be a springboard to a new business model. Creativity and innovative thinking are crucial keys during this phase.
  • Making a road map – This is where you design your new business and marketing model, keeping what still fits from your old model and mixing in the new ideas you’ve generated. This is also where you create your transition plan and map out where and when changes will take place, and what resources you’ll need to make it happen.
  • Taking the journey – Implementing your business model changes can happen in a week or it can be a two-year process, depending on how complex the changes are and how many resources you have at your disposal. This is often a journey through the weeds and can be rough going. Why? Because you have to continue to run your existing business (unless you’re independently wealthy!) while creating your new business at the same time. Managing change can feel like a juggling act, and I’ll talk more about it in future posts.

Where are you on the path to rethinking and redesigning your business? I’d love to hear your story, so join me in the comments below!

   

8 comments for now

Category: Rethinking Your Business
Tags: , ,

10 Things To Do When Business Slows Down Over the Holidays

Posted by on Nov 20 2017

I’m sure you’ve seen it happen every year: your business slows down during predictable times, like the summertime months or the holiday period at the end of the year.

For the self-employed who rely upon steady cash flow, this can be a disconcerting time. Should you just take a time off until things naturally pick up again? Or should you try to find the needle-in-the-haystack business that might be out there during slow times?

This year, vow to be different! Instead of languishing in no-business-never-land, get off your butt and do something to build the foundation of your business so that natural business cycles don’t affect you too deeply:

  1. Clean your office. Go through all the piles of papers and magazines that have been sitting around and get rid of them once and for all. Remember the office organizing mantra: do it, ditch it or delegate it. File all your papers, dust and vacuum your office. Reorganize your desk and your office so that you can find everything you need in 60 seconds or less.
  2. Take a mini-break from work. Walk away from your office and enjoy a day or two of renewal and relaxation. Go to a day spa. Take a weekend retreat. Go for a walk in the local park. Breathe.
  3. Get ready for tax season. If your business slows down during December, no worries! Use that time to prepare your tax files so that you can whiz through tax season (it’s coming sooner than you expect!). Tally business-related mileage for year. Estimate your last tax payment for the current year (many self-employed people make quarterly estimated tax payments; the final payment is usually due on January 15). Send your final invoices for the current year.
  4. Send business holiday cards and gifts. If the slow time falls around the holidays, use them to your advantage. Get into the holiday spirit with your clients by mailing holiday cards and gifts to them. Make specially-discounted holiday offers to clients/customers. Offer them gift certificates that they can give to their family and friends for your services and products.
  5. Do your accounting and bookkeeping. Enter all revenue and expenses into your recordkeeping system. Balance your checkbook. Set your budget and revenue goals for next year.
  6. Become goal-oriented. Take this down-time to look at your current goals, to see how you’re doing so far and to write some new goals for the next 12 months. Create an updated marketing plan and budget. Make sure your budget includes a cash reserve to cover you during slow business times. Even if this business slow time falls mid-year, you can still spend time planning for the next 12-24 months.
  7. Go back to school. List the topics you’d like to study, the classes you’d like to take, or the books you’d like to read, to keep you up-to-date with your industry and business skills. Use your quiet business times to read, study and add to your intelligence pool.
  8. Get some personal chores done. Slow business times are ideal to schedule your annual dental and eye exams. It’s also a great time to clean out the attic, garage or basement. Remember, a strong personal foundation helps to propel your business forward.
  9. Go shopping. No, not for personal items (though that’s always fun!), but for business items. Have you been putting off buying a new PC, laptop or tablet? Now’s the time to research what’s out there and determine your next computer purchase. Is your office chair uncomfortable? Spend some time at office furniture stores “butt-testing” for a quality office chair that will support you properly. Stock up your office supplies. Buy some music to play in your office to inspire you. Invest in that software system you’ve been eyeing.
  10. Spend time with family and friends. When business is busy, it’s easy to sequester yourself away to get all that work done. Now that business is slow, come out of your cocoon and visit with family and friends. They’ve been wondering where you’ve disappeared to!

As you can see, slow business times can be used productively to prepare you for the next burst of business coming your way. Renew your business, your office, your Self, and create a firm foundation for the busy business days ahead! Always ask yourself, “How can I use these days wisely?”

Will you be doing anything for your business during the holidays? I’m looking forward to the “quiet” week between Christmas and New Years Day, when I’ll be working on a new class design. 🙂

 

More from the blog:

   

15 comments for now

Category: Business Strategy & Planning
Tags:

Motivational Minute: Your Eyes Will Adjust with Iyanla Vanzant

Posted by on Nov 14 2017

http://www.youtube.com/watch?v=gLZi9aesxqw

   

no comments for now

Category: Running a Strong & Efficient Business

Next »