How well do you know your ideal client – really know them?
I’m currently working with a diverse range of business owners (from IT/software companies, Life/Transformation Coaches, Executive/Leadership Coaches, right through to a Neuroscientist) who are going through my program – Core Business Foundations.
We’ve gone through two of the five pillars so far, which is to clarify their Lucrative Niche (their dream/ideal client) and their Signature Brands so they can create their unique, uncopyable, and unforgettable brand and message.
I’m sure you are familiar with the terms target market, avatar, client persona, buyer persona, etc. and the importance of understanding who our ideal client is. However, to be truly successful, you also want your niche to be lucrative.
The reason I refer to it as a lucrative niche is two-fold:
- niche – a specialized segment of the market for a particular kind of product or service, and/or a specialized set of skills/knowledge/abilities.
- lucrative – a profitable segment of the market, and more importantly, that your ideal clients are willing and able to invest.
Here is why this is important.
One of my clients identified a significant need for her service/product in a particular segment market. However, she received feedback that not only would her ideal client be unwilling to pay for her expert services, but these people (who could benefit the most from her product) were unlikely to learn how to use her product because they were already overworked and very much entrenched in the culture of their profession.
Staying with this segment would have meant a lengthy process of validating her product, which would be time, money, and energy that she could better focus on other markets that were already open to trying something new and willing to invest – which thankfully she has found.
Note: She could always go back to the original market segment once she has validated her product through the outcomes and successes it delivers with other clients.
Identifying your Lucrative Niche is crucial, especially if you are in a crowded marketplace and your goal is to position yourself and your services/products as THE choice (amongst a multitude of choices) when your ideal client is ready to move forward.
Here are some key areas you want to get clear on when it comes to your Lucrative Niche:
- Your Ideal Client’s Struggles – What are your ideal client’s challenges and issues that are keeping them stuck? How do these barriers continue to negatively impact them? What keeps them up at night?
- Desired Outcomes – What are your ideal client’s dreams and goals and what do they continue to work towards? What solutions are they searching for and/or implementing in order to work through their challenges?
- Client Speak – What are the words and phrases that resonate with your ideal client so that when they read or hear your message, it instantly connects and confirms you understand them, and therefore, they’re more likely to want to learn more about you and what you are sharing?
Here are some key areas you want to get clear on when it comes to your Unique Blend of Uncopyable & Invaluable Expertise:
- Your Strengths – What are you naturally good at that makes you invaluable, specifically when it comes to supporting your ideal client in overcoming their struggles and achieving their desired outcome?
- Your Skills – What knowledge and skills have you developed, especially when it comes to addressing and overcoming the challenges your ideal client is facing?
- Your Story – What are the challenges you have overcome and achieved success in that are the exact same struggles and challenges your ideal client is currently faced with and has been unable to work through? Are you incorporating these into your message?
Getting clear on each of these six areas is important, and when woven through your message and your offerings (products and programs), will help you go from Invisible to Influential – THE choice for your ideal client.
Over to you: have you focused on a niche that you realized weren’t willing to invest? Did you focus on a completely new market, or dive deeper into your original niche to identify a segment of that niche who did see value in what you were offering and therefore were willing to invest?
Want help identifying your Lucrative Niche? I’m running my Niche Down to Scale Up! Roundtable Intensive November 27-28th.
This Intensive is for you if:
- You feel like the best kept secret in your field, despite your rich diverse knowledge and transformative expertise that people could benefit from.
- Despite all your hard work, you’re unsure why your marketing isn’t working, and you’re wondering what to do next.
- You’ve worked with several clients and have built some traction in your business already. Yet, you are nowhere near where you’d like to be (or know you could be) and not sure what you should be focusing on next to position your business for next-level growth.
- Despite trying to differentiate yourself and your offerings from other coaches/businesses, you’re unsure how to define your unique and uncopyable expertise that positions you as THE choice (vs just ‘a’ choice in a crowded market) when your dream client is ready to move forward.
- You relate to one (or more) of the following statements,
- “I feel lost and uncertain about my coaching niche.”
- “I’m struggling to stand out in a crowded coaching market.”
- “I’m not attracting the right clients who value what I offer”
- “I’m uncertain how to create a targeted coaching program that clients will get excited about,” or
- “(fill in the gap).” …
This Roundtable Intensive can help you! You can learn more about it and register here.