Firstly … in case you missed it, we’ve launched a new webinar series that is free to Business Nutrition subscribers and clients. We’ll be covering all the topics that relate to growing your business – from maximizing cash flow to finding the right people. If you want in, just click here.
Now onto our theme for this Business Nutrition – Compounding Sales Growth Through Defining Your Niche. No doubt the word niche is not new to you … but … how do you know if you have one? I learned this the hard way moving from Canada to Australia. Australia is flooded with business coaches and all of a sudden I realized I was not standing out. Hence the changes you’ve seen lately with how we are now marketing ourselves.
When it comes to marketing, it is common for owners to want to appeal to as many people as possible. That way you’ll “maximise your earning potential”, right?
The power of a smaller, deeper market is one that cannot be overstated, and this edition is dedicated to this concept.
Warren Buffett said it best in his most recent letter to shareholders:
“They [referring to other insurance companies] simply can’t turn their back on business that is being eagerly written by their competitors. That old line ‘That other guy is doing it so we must as well’ spell trouble in any business”.
Our interview this month is an absolute cracker. Phil’s journey through some really tough decisions to create his niche has paid massive dividends. Check it out below.
And as you enjoy the content this month, here are a few questions for you to ponder:
- How different are we from our competition, really?
- What compelling reasons do we have for people to choose us?
- Is our niche strong enough that our margins are above industry averages?
- Does our niche and our marketing behind it, make us easily found online?
From the Trenches – Tough Decisions Pay Off
Phil chose to cut off 80% of his revenue when he decided to niche. That took guts. But it’s paid off. Listen to the interview below for the juicy details. Well done Phil!
A Simple 4-Step Process To Find Your Niche
I love this article. It’s simple and to the point. That said, implementing these steps will require some soul searching and critical thinking – anything worthwhile does. But the 4 steps are very similar to how we approach ‘niching’ with our clients.
Why Finding Your Niche is Just Plain Bad Advice
Clearly this author was going for the contrarian angle but still the article is worth the 2 minute read. The section on types of target market is relevant and it ties in with Simon Sinek’s advice in his book ‘Start with Why’ and how it relates to marketing.
Book Recommendation – “Why Should I Choose You?”
This book, which focuses on how to communicate your value proposition in 7 words or less, is a fresh look at an old topic. It certainly got me thinking.
There is a bit of fluff for sure but scanning through for the key points is definitely worthwhile.