My friend Gene Hammett from Leaders In The Trenches interviewed me about niching and how to grow your business through this method. Here is the article that accompanied the interview.
Here’s the interview:
Are you familiar with what it means to be the “Extreme Expert?” Today’s episode is about niching down your business so that you get to serve exactly who you are meant to serve. This is what works. This is what will determine sustainable success for you, your clients and your bank account. Lean into this episode for some new insights around letting go of the fear of niching. Chala Dincoy reminds us that each of us possess our own special form of strength and magic.
Why is there so much resistance towards niching down in the marketplace?
According to Chala, when it comes to established biz owners who consider themselves creatives, they desire a variety of work. They want to work with different industries and different problems. The other problem is that they aren’t marketing but rather are waiting for referrals. Chala says, when you are not known for something specific (i.e- you are not an extreme expert) It is really hard to refer someone to a generalist. So in turn, they also don’t receive many referrals either because their service is so generalized.
Chala found herself in the trenches herself when she couldn’t figure out her own niche. What she took away from her experience in the trenches was 3 very telling criteria. Your niche must be:
- Fit for you, your personality and skill set. Passion + skillful. Score them on a scale of 1-10 (10 being the highest)
- Dollar potential (score this on a scale of 1-10 – 10 being the highest)
- Access (score this on a scale of 1-10 – 10 being the highest)
Add up the 3 scores. Then compare them with the different combos of different niches. You can then logically compare and this provides a very black and white perspective on what direction to take.
Chala shares an example of a client of hers who wasn’t sure if they should specialize in closet organizing or garage organizing. Research revealed there was way more profit in garage organizing and less hours of work. It also positioned her client to stand out. It bugs Chala when people let gurus or CEO’s tell them what their niche is. What Chala helps people do after they narrow their niche down is ask the people in that niche if they’d actually purchase the services. This validates the niche in a real way!
What about people who can’t have enough solid conversations/interviews?
Chala says… There is no excuse! Chala has turned walking through this process into a 2 day workshop.
Day 1: Prearrange 15 different calls. 5 calls are delegated for each of the 3 narrowed down niches. Her clients also prepare a questionnaire with the purpose of narrowing down the needs based on the conversations they have.
Day 2: Is about taking the data and modifying their messaging and marketing plan to match their niche is.
The 2- day workshop supports them and keeps them accountable.
Most people think they are narrow enough, but they really are not. Another example Chala shares is one of her clients who was a “Child to Parent Violence Therapist.” The client was niched in the WHAT but not niched in terms of the WHO. By narrowing down, this client has re- niched her working with lawyers on trial as an expert witness. This brings in more money than working with parents. The other part of her business continues as her base but this new niche is what makes her money.
In this episode we’ll cover:
- Why generalists don’t get referrals
- Why those who specialize get the most referrals
- How to calculate the best niche for you
- Why being more specific helps you stand out
- Why being niched down brings in more money
- How identifying your niche is very black & white (logical)
Practical and Actionable:
Find your ideal customer audio and worksheet here. You will find 5 questions to download to identify your target and specialty.
Resources and Links
- Chala’s Website: Coachtactics
- Chala on Twitter
- Ideal customer audio and worksheet (free resource)
- Free resources to take your biz to the next level.
- Want to find your target market? Schedule your complimentary session
- Leave a review on iTunes, leave your email or url & get a free gift!
- Share the LOVE and TWEET about this episode.
Do you have questions about today’s episode!?
Did you know that you can apply to chat with me by phone? This is a limited time offer to help anyone that is serious about refining their business as well as developing a clear & compelling strategy that will drive them forward. Complete the questions and our team will follow up with you to schedule time for your “Business Breakthrough Session”. These are limited to 30 minutes, completely free and oh, so valuable. Apply Now!
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