Niche Marketing Impacts Time

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niche marketingLast 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.

However

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! 

 

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Pick a Niche – Please

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pick a niche for your businessOne of the biggest mistakes I made when I started out as a new entrepreneur was thinking that I would succeed as long as I had something to sell to everybody. If I could sell to everyone I couldn’t fail right? Wrong! That strategy will actually slow the progression of your business – which consequently will cause failure.

Your days are as an entrepreneur are going to consist of:

  • Developing and marketing your business
  • The day to day stuff like bookkeeping and planning
  • Taking care of the customers and the work you already have
  • Growing your list!
  • Then guess what? You still have to go out and get new business!

Starting a business is a very tough undertaking. Especially if you are funding the business yourself and living on a hope and a prayer the way I was. You are not going to have the luxury of making crap decisions.

So listen up!

In the beginning you will have a much higher success rate if you will choose one thing that you do very well and become the best at it you can possibly be. You want to be thought of as the go-to person for whatever that is. In addition to increase your chances of success even further, pick one or two industries to sell that one thing to. If you choose the restaurant industry for example, you will want to become an expert in that industry. What are the problems of restaurant owners? What keeps them up at night? What do they need to run their business? How does your business fit into the picture? Don’t think about what you need to sell, think about what they need to buy. 

I wish I had a dollar for every minute I spent just sitting at my desk starring at my computer wondering what in the hell I was going to do next. Who was I going to call? There were too many choices. I didn’t know where to start. So where did I start? I didn’t. I avoided doing sales as much as I should have because it was just too hard. Guess what that did to the success of my business? It delayed it.

It became very obvious to me that the world was just too big of a place for me to take on. I needed boundaries! I had to figure out very quickly how to focus on a much smaller target, otherwise failure was eminent.

When I made the decision to scale back my offerings and do industry targeted marketing it made the day-to-day much easier. Having a clear focus of who I was selling to and what I was going to sell them made me much more productive. Guess what happens when you are productive? Yep! Your chances of success rise significantly!

 

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Confucius says, “He who chases two rabbits, captures none.”

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Confucius says, Starting an entrepreneurial endeavor is not for the weak-hearted. It takes someone that is tough, dedicated, committed, resilient…I can go on and on.

Selling your product or service is no piece of cake either. Especially in the new economy.

So many people are struggling. Why? They are using old ways of selling their product in a new economy. What’s more, they are trying to sell it to everyone.

Marketing is tough, perhaps that is why most entrepreneurs choose not to even do it. Which is why they never reach their Nirvana.

However, if you close in on a target, own it, master it. You have a great chance for tremendous success.

Today in the new economy, consumers have messages thrown at them from all sides. Your messages are falling on deaf/numb ears. What makes YOU stand out? How do you identify with your target market on a personal level?

According to research from MarketingSherpa, 82% of business people find it most useful when content is specific to their industry. So perhaps choosing an industry and becoming an expert is good move for you?

What about your products/services? Are you trying to sell too many? How much success has that brought you? How hard is it for you from a marketing perspective?

Many times when I ask someone why they aren’t marketing. Their response is “it’s just too hard.”

Are you chasing two rabbits? Perhaps more? How often do you catch one? Want to increase those odds? Just chase one. Confucius thought it was a smart idea, perhaps he was right?

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Pick a Niche to Get Clients Fast – The 80/20 Rule

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perfectmarketingequationOne of the biggest mistakes I see entrepreneurs make is trying to sell everything to everyone. I understand how this mistake can be made, you think that if you have lots of different products you multiply your chance of closing a deal.

You couldn’t be more wrong.

When you are starting or running a business marketing your business is hard. It’s REALLY hard.

It really helps if you can pick a product and really focus hard on that one thing. To make it even more narrow, take that niche product and aim it at a certain demographic or industry.

The 80/20 rule is proof of this fact. In most cases 80% of your profit comes from 20% of what you sell. So why not just focus really hard on that 20% and knock it out of the park?

Remember, in today’s world you are building a following, a tribe. The whole point is to get a group of people following you and then once you build that, you have a captive audience of people to sell to.

Now, how are you going to get them to follow you? Well I won’t follow you because I like you or because you may be nice to look at. That isn’t going to cut it.

I will follow you because you have something I need or want. You have information that solves my problems or makes my business money. Bottom line.

You want to be the light bulb and your ideal clients the moths. To make this happen you have to first identify who those clients are – then it’s a matter of figuring out what you need to do to attract them. What do they need? What keeps them up at night?

Figure those things out. Come up with a strategy to reach them. That’s when the magic happens. :-)

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