Who do you want to serve?
Deciding on the target audience and niche
In my last weekends post we identified our strengths and weaknesses, potential opportunities and threats, and now it’s time to decide who do you want to serve? The secret is in finding your tribe and you can do this by niching down. My niche has changed over the years as I have evolved and I doubled between London lifestyle, fashion, beauty and travel. If I stuck to one niche I would’ve grown faster however having hundreds of thousands of followers is not my goal. Instead, I prefer to learn from different perspectives and industries, gain transferable skills and build a community of like-minded individuals.
An amazing thing I read in the book Expert Secrets is that you only need 1000 of true loyal fans in order to be successful. Having large following doesn’t always translate to influence and even though your goal should be to grow, the focus needs to be on the quality niche followers/clients over a large amount of non targeted followers. Regardless of whether or not you would like to be an influencer, you need social media to communicate your services to people that chose to listen to you by clicking that follow button.
You need to remember that people will do anything for those who encourage their dreams, justify their failures, allay their fears, confirm their suspicions, and help them throw rocks at their enemies. (The One Sentence Persuasion Course by Blair Warren)
With this in mind, the next step would be to pick a target market and create your fresh proposition within your chosen niche. Having a niche really helps drill down your target audience and you need to be as specific as possible and even build a sub-niche within a niche.
In his book, Russel Bronson Expert Secrets states that most expert businesses are positioned within the following three markets: health, wealth and relationships. Within those three markets, there are multiple submarkets such as diet, nutrition and training within health, finance, real estate and sales withing wealth and dating advice, parenting in the relationships. Now picking a submarket around your strengths baring your weaknesses and threats in mind is your next step.
What of these and similar submarkets does your expertise lie? Now the above may be quite broad so it’s important that we take a moment to brainstorm a few ideas that will help us niche down. If we have an idea or business but we don’t communicate it to a targeted audience we risk it not being heard by the right people. Focus is the key!
You need to decide where to put your focus. For example, are you looking to be a client or service driven focus? The client focus is defined by the type of client and industry (fashion, beauty, travel, music, restaurants, advertising etc) and the service focus model focuses on specific service such as web design, photography, SEO.
The most successful business will have a very narrow focus based around a market, a product/service, client benefits and needs and geographical location. You need to bear markets needs in mind and create your product around its demand. For example, is there a demand for knowledge around that specific need? When I asked my audience what would they like to see more off, the majority answered on how to turn your hobby into a business. After I performed my SWOT analysis around this focus, I identified that this is my strength and a great opportunity to deliver this as a new digital product.
Once you know the industry you would like to niche down in, you can decide whether you will create a physical product, digital information or service.
Download my free guide to help you Brainstorm your free target market that is the most relevant to you.
So for example, my Target market is travel & tourism within these, I’m niching down to people who want to be entrepreneurs and run their own businesses with a dream and people to lead a location independent lifestyle. I can drill this down to my current niche as I have build up my audience so I can use the existing information to perform my analysis.
However, if you are starting from scratch and I’m assuming you do, you should identify your target niche by defining your ideal client/follower and create all the content and marketing communication to serve their needs. This will help you gain traction for your product/service much quicker than if you didnt have your niche identified.
Next week I will talk more about how to identify your ideal client/follower so hope to see you then. In the meantime don’t forget to download my free target market brainstorm sheet that also comes with SWOT analysis in case you missed it last week.
Have a great weekend everyone.