#377: Is your niche viable? Or are they just needy? - Tash Corbin, Heart-Centred Business Podcast
Feb 1, 2024
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The podcast explores the viability of niches and whether they are just seeking free content. It discusses the importance of choosing a financially viable niche and explores different profit models. It debunks the misconception that targeting successful corporate women guarantees sales. The concept of viability in a niche market is discussed, emphasizing the importance of making offers and testing the market. Choosing a specific niche based on demographics, psychographics, and sensorgraphics is explored, highlighting the importance of understanding the target audience's goals and worries.
28:11
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Quick takeaways
Identifying a viable niche requires exploring if it is financially feasible and attracts ideal clients, not just needy individuals.
Understanding the profitability of your niche helps determine the right profit model for success.
Deep dives
The Importance of Identifying a Viable Niche
Identifying a viable niche for your business is crucial. Your niche should be your ideal clients—who you proactively focus on when marketing your business, not just anyone who could benefit from your services. To determine if your niche is viable, you need to explore if it is financially feasible as a business model or if it attracts only needy individuals who are not willing to invest. Making offers to your niche rather than making assumptions is key to assessing its viability.
Different Profit Models for Different Niches
Every niche has a profit model that can work, although not all models will suit every business owner. Some niches are more profitable or have a higher likelihood of conversion, but it depends on the business owner's chosen profit model. For instance, an influencer model, where you are paid by advertisers, might work for certain niches, while others may be better suited for monetizing through advertising or high-ticket VIP packages. Understanding the profitability of your niche helps determine the right model for success.
Understanding the Depth of Your Niche
Selecting a niche requires considering three layers: demographics, psychographics, and sensorgraphics. Demographics are the bare minimum of essential demographic information needed for marketing decisions, such as gender identity and income sources. Psychographics delve into understanding your niche's goals, worries, and the kind of person they are. Sensorgraphics focus on what their five senses tell them about their desired goals or problems. By understanding these three layers of your niche, you can develop meaningful messaging and a value proposition that will resonate with them.
In today's episode, I'm going to be answering a question from one of our listeners - the fabulous Adrienne. This question is in relation to knowing that your niche is actually your ideal client and can be profitable.
The core question that we need to answer here is: Is your niche viable? Or is your niche just needy, and therefore they want free stuff from you, but it's not profitable as a business model?