The marketing world has changed. It’s become smaller and tighter rather than massive and bigger. This means, “trying to appeal to everyone, you’ll end up appealing to no one.” This is often the danger of small to midsize business planning and execution, is trying to be everything to everybody.
This weekend I had the opportunity to visit a very niche boutique store in Delaware Tiger Lili. Tiger Lili specializes in cutting edge and unique handbags, clothing, jewelry, and accessories at very affordable prices. They are known for being very personable, and having great one on one interactions.
Tiger Lili is a great example of how to choose a niche and in a world that’s getting ever more connected and getting even smaller because of the internet you must create products or services that focus on the problems and desires of a clearly defined and understood niche audience to profit—and dominate without apology.
Below you’ll find a process for How to Choose a Profitable Niche in 20 Minutes And Dominate Without Apology:
Action Step #1: Ask the right questions. Start by asking yourself:
- What am I passionate about?
- What am I interested in?
- What do I have an aptitude for?
- What do I know?
- What is my experience?
- What can I do with excellence?
- What have I accomplished?
- Which of the above areas has the least competition?
- Which of the above areas pay high fees?
Action Step #2: Now as you think about your answers to these questions, write down as many as you can on index cards, one per card.
Action Step #3: Go through your cards and make a separate stack of those that look like possible niches.
Action Step #4: Then go through that stack and pull out the five that are most interesting to you.
Action Step #5: Pick one and you’ve found your niche.
Action Step #6: What if none of your top five choices appeals to you as a niche? Go back to your stack of possible niches and pick five more cards. And repeat this process until you have a niche you are enthusiastic about.
Your niche is simply a very specific slice of a much larger market which is why the business opportunity is better. Large niches have lots of potential customers but also lots of well-established competitors. Narrow niches have far fewer potential customers, but little or no significant competition.
We live in an age where no one get’s excited about a generalist—whether it be a store, person, place or thing. Specialization and remarkable are what people want today. They prefer products and services that solves a unique problem or can help in a unique situation.
Keep in mind that people buy from people who are like them — who act the same, believe the same things, live the same lifestyle, or have the same interests. So once you’ve chosen your niche, go deep into the trenches and dominate without apology.
When you go deep into the trenches of your niche, you can talk more authentically to your market. Listen to the problems, concerns, and interests of customers, prospects, and shoppers in your niche. Then find or create products/services that address those areas.