Niching Into Specific vs. Small Targets

Episode Summary

Why (and ultimately how) you want to get specific in your niche vs. thinking “small”

Episode Notes

Why it’s more important for your target market to be specific than small.

What happens when you truly understand your group of target clients and buyers.

How to think about the revenue model you might build to serve your targets (and one incredible real-life example).

What changes in your business when you get specific about who you’re targeting.

How a handful of experts niched successfully into specific—but not small—markets.

Quotables

“It's much more important for your target market to be specific than it is to be small.”—JS

“If we can substitute specific for small, maybe it cracks through a psychological barrier to niching.”—RM

“It's almost a revelation how much easier everything gets when the group is specific enough that you can understand them.”—JS

“We can also look at the other end (from bespoke services), where you can create a system…that meets that (serious need), and you make up for what you lose on price in volume.”—RM

“At the beginning to get traction, to establish really solid, predictable cashflow, a great approach is to pick a very specific market that you know inside out and then serve some existing demand.”—JS

“You don’t start big—you start specific.”—RM

“She can speak with like comical specificity to her target audience about the things that are going through their minds.”—JS

“When it (getting specific) works, it’s a thing of beauty.”—RM