Last week we talked about the 8-second attention span and I got lots of great feedback on that post. Now, this week I want to talk in more detail about niche marketing and why it’s so crucial in our busy and over-connected world. However, in this post I’m going to take a little bit of a different approach and talk about the big picture.
What’s the one thing that we can’t seem to get enough of?
I’ll give you a hint – it’s something that even though it’s very expensive, it never seems to be properly valued by its owner.
Okay, I will tell you.
The answer is TIME. Our time is very expensive.
Here’s a question for you, do you know what your time costs? I know what mine costs and it’s a factor that I use to make my decisions every day. So what does time have to do with niche marketing? Everything!
One of the things that holds back a new entrepreneur is not knowing exactly what to do and spending time on the wrong things. They typically know what they want the outcome to be (independent wealth :-)). However, they just don’t know how to get there. What stumps them is a few different things. First off, if they’re bootstrapping, they’re not investing any real money in the business which means they have to do a lot of the runt work themselves – which slows growth and profitability. Secondly, they tend to run a business without any sort of real plan of action, which consequently, also slows growth. Then you have the impact of making bad decisions which costs money and also, once again, delays growth.
If an experienced and really smart person told them step-by-step exactly what to do, as long as they did it, they could eliminate some costly mistakes and make the gap between start up and profitability much smaller.
Niche Marketing works the same way.
The longer you’re not focused and taking action, the more money you’re losing. Tweet this!
How Niche Marketing Impacts Time
When it takes less time to get a new customer that saves money. If you want to get new customers faster choose a lane. Pick an area of expertise and absolutely kill it. Determine a client or customer profile, then live and breath them. Know what their needs are, their habits, their obstacles, what keeps them up at night, and everything in between. Then align your expertise or product with that client profile. The next step is to become a very valuable resource and a leader.
Stay very focused on your target market and your vision. The mindset is, instead of chasing prospects down, they’re drawn to you. Let me tell you, this works. I have built a very profitable practice with this strategy. I love this quote by Tony Hsieh of Zappos, “Chase the vision, not the money, the money will end up following you.” Tweet this!
The hang up is we think hmmm…… if we focus over here, what are we missing over there? People are so afraid that they’re going to miss an opportunity that they try to be everything to everybody.
Meanwhile, they’re on the hamster wheel, robbing-peter-to pay-paul, being the jack-of-all-trades. Guess what? They’re wasting time. Time that they could have been profitable if they just would have chosen something, mastered it, and rode it for the long haul.
Are you selling to everyone? How’s that working out for you?
If you need some help picking a niche market I just launched a new training product that’s absolutely free! Click here to check it out.
Hey, if you don’t mind would you give my free training a tweet out? I would love it! Give it a Tweet shout out!