You can have an easy time becoming really successful as long as there are enough hungry prospects in your market.
But don’t forget The Goldilocks Principle: It’s not as bad as too few, but if you’ve got too many people in your market it’s going to make it harder than it needs to be. Get your market just right, and tell me what you think below.
Keep an eye out for Key #3…
And if you missed it, click this link to go back and watch Master Key #1…
Paul,
I’ve been struggling with this very question: should I go wide and bring in all those customers or work only in my obvious niche. Thank you for making it so clear so and easy.
Jamie
My market fits my passion, and I love what I do – Phew. I don’t want to think of how life would be if I didn’t. Thanks for the great points on a Niche and how to know if my business is suited to my niche.
Once again, Paul: oustanding and useful information and gudiance! I really like the way you lay out the things and explain them! Thank you very much!
Helmut
Paul,
Gosh your voice is so soothing, you could be a hypnotist lol.
I think I have all those elements now. Finally.
However I know its a needed service but the hang up is….
that still some educating needs to be done so the customer
sees the real Value in it.
The problem is the customer (business owner) 99% of the time
doesn’t have the time to learn about the value.
So whats the best fastest way to communicate the “value”
phone, email face to face. Seems no matter which avenue they
are STILL to busy to concentrate on HOW the service is to the value
of their business. They are busy busy busy.. UGH. So how to educate mass
market in the speed of light?
Ha stir that over with your morning Java LOL
miss ya
GG
Hi Gina,
Soothing… I love it. Maybe a career change, as if I needed another.
But to your question:
There’s a big difference between selling something specific people think they need – like Google local search, or Facebook marketing, and something general like business growth they can’t totally wrap their arms around and don’t think they need urgently. My business is in the second category and I’ve found that it takes something shocking to get them moving.
If you stay in the second category, where being busy is MORE IMPORTANT than the thing you’re selling, your most effective efforts are brand building, so that when they’re ready they’ll think of you.
What works – to make the sale today, this week, this month – is for you to package or “productize” your generalized services, and then that product it as a point solution to a singular problem. It’s less general, more specific, and your prospective customers can wrap their brains around it.
pl
Paul,
At the risk of sounding like a broken record, your skill, eloquence and delivery render simple to one’s understanding elements of strategic thinking that are essential to efficacious entrepreneurial enterprise.
Thank you.
Thanks Paul.
How do you know if you can dominate a niche?
DK
David —
Skills and assets.
How much of the market is underserved or unserved.
If a lot, then can you serve them?
If not a lot, who currently dominates the niche?
Can you take enough market share from them?
Paul