Creating a niche for your business doesn’t have to be a daunting task. It can be an exciting journey of self-discovery and market differentiation. In this episode of “My Business Guide,” host Lachlan Nicolson chats with niche-branding expert Todd Howard about How To Discover Your Niche.
Spoiler Alert: It All Comes Down to a Shift in Perspective Here
Redefining Niches
Todd tells Lachlan that the key to finding that ever-elusive niche lies in redefining how we think about niches. Your niche is a quarter twist on a product or service that everyone else is offering. Finding your niche begins with you – not your competition or even your customers, initially.
What do you do well, and how can that fill a need?
Instead of focusing solely on a specific market, Todd emphasizes the importance of developing a unique approach. “A niche is a unique approach that makes you stand out, and by the way it makes you stand out to a specific market,” he explains. This shift in perspective can make the process of finding your niche much more manageable and aligned with your strengths.
Discovering Your Unique Offering
The first step in discovering your niche is to identify what you have to offer that is unique.
This involves:
- Examining your skills
- Experiences,
- and personal history.
By focusing on your strengths, you can develop a distinctive approach that sets you apart from competitors. “This is a fun exercise when you can put the idea of picking a product out of your mind and really just look at your own skill set, your own history, and say, “What do I bring to the table now that is unique?”
Identifying Your Target Market
Once you’ve identified your unique approach, it becomes easier to determine who would benefit most from it. Your approach essentially serves as a blueprint for your marketing and product development efforts. It should be prominently featured on your website and fuel your content across various platforms.
Reflecting Your Approach in Products
Your unique approach isn’t a marketing tactic. It’s a filter for all your business decisions, and it should be reflected in your products. Instead of chasing industry trends or scrambling to match competitors’ features, focus on serving the subset of the market that resonates with your approach. This focused strategy can lead to more straightforward and enjoyable product creation.
The Benefits of a Niche-Focused Method
The power of the niche-focused method is that it often results in a more profitable business model. By avoiding trying to do everything for everyone, you can create products that truly matter to your target audience. As Todd points out, “Once you develop a niche, you’ll develop a relationship with the subset of the market, and with that group, your interactions with them will define everything you do regarding marketing and products.”
The goal is to niche down and really take care of your subset of the market. Remove competitors from the equation, and don’t overwhelm your customers with services or product add-ons they’re not really interested in.
Ultimately, embracing your niche allows you to cultivate a tribal-like following around your brand. Concentrating on a unique approach and serving a specific subset of the market can create a focused, successful business that stands out in a crowded marketplace
Ready To Find Your Unique Approach?
Get the Grow A Niche: Niche Discovery Course!
What You Get When You Enroll:
- 5 In-Depth Video Modules: These detailed, step-by-step lessons will walk you through everything you need to know about finding and growing your niche.
- Downloadable Workbooks for Every Module: Keep track of your progress and put your newfound knowledge into action with hands-on exercises.
- Lifetime Access to the Course: Work at your own pace and revisit the course anytime you want.
- Proven Results: This framework has helped hundreds of business owners discover their true value and achieve success.
