There are a lot of really great business niches out there. And choosing the right one is important. But how narrow should you go?
In this video I share some things to consider with your niche:
- Why it’s important to drill down with your niche.
- How to focus on ONE area to move the needle in your business.
Become recognized as an authority when you drill down and niche.
– David Wood
To learn more about Estie Rand of Business Breakthrough Podcast and to listen to the full episode, go to https://www.estierand.com/the-podcast
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– TRANSCRIPT –
[00:00:00] David Wood: I think it’s been an Axiom of marketing since the beginning of time that the more you focus and the more niche you can be, the more successful you can be. We don’t have time on this interview for me to go through all the benefits of targeting, but just a couple let’s say I was talking to John Lee Dumas from entrepreneurs on fire, and we were talking about.
[00:00:26] David Wood: Focus for example. And how narrow should you go? Since that’s my branding, his focus and he made a good point. He said, if you’re already well-established and you’ve got some good credibility and a following and whatever, you can go broader, but when you’re starting, you’ve got to drill down. So for example, with focus, I could have picked, I will help you take one project.
[00:00:53] David Wood: From beginning to completion. That’s what I do. I’m the project completion guy. Now that’s a way that we could go deeper into focus. I could have picked something else and said, I am the goal setting guy. You come to me, we spend a month and we work out your vision for your entire future. That’s what a. So you see how I’m trying to give some examples of how you think
[00:01:18] Estie Rand: that, I mean, within the life coaching space, which is so varied and it’s so personal, or they’re all personal brands, you’re connecting to a human connecting to the coach themselves, their content, your confidence is great.
[00:01:29] Estie Rand: You’re picking a thing that people can anchor on. So, okay. I need a life coach. It’s like, okay, I’m a project completion guy. You’ve got a project. I’m going to make sure you get it done. What kind of projects? Cause you do business, all sorts of business projects with personal projects, it’s like weight loss, be a project for a person.
[00:01:48] Estie Rand: Would it be a business launch anything?
[00:01:51] David Wood: Well, you could pick weight loss, but within weight loss, I get even more specific. It might be body sculpting. It might be abs what I, you know, now you people, you can coach people on other things or you can serve people and other things they come to you. Do you help with this?
[00:02:08] David Wood: Sure, but what’s the message. What are you going to be known for that all of your friends or your colleagues or your customers tell people this is what this person is really good at. So what I did, because coaching’s a massive field I had to pick and I initially I had pushed back because the brain will push back.
[00:02:32] David Wood: And I said, well, I work with entrepreneurs, executives, and leaders of all kinds. Now sure. Maybe ultimately that’s where I’m going to get to, but it’s too broad. Executives is a whole different market. That
[00:02:49] Estie Rand: printers are not the same human. Yeah. I
[00:02:51] David Wood: just coached a bunch of VPs last year and I’m like, oh wow.
[00:02:54] David Wood: You get is a facing different issues. And you’ve got different agendas and different value sets. So I had to narrow it down even further. And I say, I work with business owners now, which business owners, all right. You have to be already up and running. If you’re just starting out, I’m not the guy for you, but if you already have you know, between 5,000.
[00:03:16] David Wood: And say 80,000 a month, then yes, I can help. You got to have a good product or service and a good reputation, and you’re already successful in a number of areas. You can have problems. That’s fine, but you’re not like freaking out and massively struggling and like everything’s chaos. So I had to focus on who I work with.
[00:03:37] David Wood: Then you got to focus on. So I, the truth is between you and me and all the people listening is that I’m happy to work with anyone on any problem they have, as long as it’s going to make their life better. That’s what I’m happy to work with, but that doesn’t work for brands.
