To Niche or Not to Niche
Subscribe Now: Apple Podcast | SpotiFy
Do you sometimes feel like you are drowning in a saturated market? It can be overwhelming when everywhere you look, someone is offering similar services to you.
How can you make your voice heard among so many others?
Well, let me show you how in this weeks’ episode of The Magnetic Woman Podcast, where I bring the topic, To Niche or Not to Niche?
Discover:
Why identifying your niche helps you to stand out and build Know, Like and Trust with your audience.
Real-world examples from clients that I have supported over the years
How a well-defined niche makes your message resonate deeply with your ideal target clients.
Why niching becomes even more vital as you aim to scale your business to six figures and beyond.
Resources:
Join Be Reel HERE
Grab the Magnetic Mid-Year Review HERE
Subscribe to my Substack newsletter HERE
Join my in-person Business Retreat, Captivate, HERE
Find me on Instagram @pandorapaloma_
Transcript
Hello. Hello. And welcome to this episode of the podcast where I am chiming in to talk about To Niche, or Not to Niche.
For context, the idea for this podcast episode came after a conversation that I had with a potential client for The Expansion Accelerator. We had an amazing connection call, and she was a breathwork facilitator. And in her location (she was based in Europe) she felt like the market was saturated.
My questions during that time were very much to try and pry into, was there a niche within the breathwork space that she could dial in to?
And it was clear that there was.
And in that connection call, we spoke about how actually really going into that niche would be the solution to her scaling her business.
And it got me thinking about niching. I wanna talk to you about that today.
When you start your business, there is a lot of advice on the things that you need as part of your foundation. And unleashing an ideal client avatar is usually one of them. What I want to share is,
if there's one piece of advice that all of the experts, including me, agree on,
it is finding your niche.
A niche is ultimately like a subset of a target market. So let's say you are a breathwork facilitator, but you are a breathwork facilitator for menopausal women. You are going to be able to get really detailed from that point.
Same if you're an accountant. Yeah? Ultimately, you could provide accounting services to just about everyone, just like you could provide breathwork for just about everyone. A niche might be accounting for non-profits. And that way, again, you're going to be able to get really, really deep and detailed from there.
The reason why so many people tell us, as business owners, that choosing a niche is important, is that it's one of the best ways to get people to Know, Like, and Trust your brand. And I speak about this a lot when I speak to your marketing strategy.
Ultimately, people will only buy from you if they Know, and they Like, and they Trust you. This is where you, using a niche, can support the scalability, the results that you see in your business.
Because when you are trying to speak to everyone, you often speak to no one.
If you are really niching in, yes, you might lose some of the people in your audience.
However, what you will gain is the people who you are speaking to in a really detailed way.
I see this a lot as one of the bigger worries around niching. Like, oh, but what about these people and these people?
Again, if you're trying to serve everyone, you speak to no one. If you're trying to serve everyone, you're going to find it really difficult to scale.
A question that you might have and I have been asked is that, can you build the same reputation on a more general level?
Certainly, and some people do do it. I do think it will be harder, and it will take longer. And think about how you then yourself choose service providers. You know?
What is it about that person that made you invest? And I guarantee there will be something in there that that person speaks to, that other people don't, and that therefore it's that niche - that is the thing that turns you from a browser to a buyer.
Some of you may have started your business knowing what your niche is.
Your niche might be gender.
Gender is often on top of the list when people start asking you about your niche, or telling you about theirs. I work with women.
Price, demographic, quality, psychographics, values, interests, attitudes, geographics. Do you work with people in the same country or city?
And then there's the ‘one problem’ problem. We are told to solve one problem. What if you're good at solving lots of different problems? There's a couple of things to consider there. Then you look for the commonality in the problem.
Let's say that I have a coach who has been working with clients for a while, and she wants to continue her work dialing in with relationship coaching. And let's say that as part of that, it is both for couples in relationship and supporting people through divorce.
One of the commonalities there is likely to be something like communication.
This is where you can niche into supporting people to communicate their needs - whether that is in the process of a divorce or the process of enhancing a relationship, there are commonalities that occur.
Another way that you might want to approach this is to identify the key problems or issues that you mostly solve, and obviously enjoy, in your service.
Which of these things will really get you fired up and why?
Sometimes this can be really helpful if you feel unsure on exactly what that niche is. And the reason being is that when we can dial in on one problem that we solve, I call it the promise.
So, within this three month container (or six month container, or year long container), I hope you go from A to B.
Ultimately, what that is, is moving from a problem to a solution.
It's the promise of the transformation that occurs within that space.
And so for me, for example, one of the issues that I most enjoy solving is helping you go from a place where you don't know how to scale, to being able to scale your business.
And that is where ultimately that niche lies. Right? Women who want to scale their business.
Now, I play with this and make it even more of a niche, ambitious women. Because even by using that word, I am attracting a certain type of woman who sees herself as someone who wants to meet potential. She wants to go somewhere where, let's say, ninety percent of other people might not wanna go.
And I enjoy working with those type of women.
You can see this is where messaging and the power of messaging within your niche is so brilliant as well.
A final word when it comes to knowing your niche.
To Niche or Not to Niche?
I wholeheartedly believe that you do need to niche.
What I will say is, in the early stages of business, you can probably get away with not niching as deeply. The reason being, at that point, I find that we're trying lots of different things. When we go into, let's say, scaling to the six figure mark, that tends to be the space where we have to niche even more.
And the reason being, it's gonna be way harder to try and scale lots of different things, than choosing one thing to then scale to that next level, whether that's a six figure, multi six figure, seven figure mark.
In a sense, niching comes into its own when you are looking to scale to that next level.
I found that myself, and I found that working with clients at all stages.
When I had the Magnetic Business Method, for us then, we were niching within the offer itself, but we were not niching as much when we were talking about what that person did overall. Does that make sense?
So overall, I do this, this, this. In this program, it is for you if ____.
And that meant that we were able to try on a few different outfits.
Let's say, once you have scaled to the 2.5K, 5K months, if you then want to scale to the six figure mark, that's where I believe niching becomes more important.
And as I started with, if you are in a service where there's a lot of competition, this is actually the perfect opportunity for you to choose your niche, and go deeper into your niche, because what happens when there's lots of breathwork facilitators, meditation teachers?
Actually, when you can dial in on a really specific niche, you will find that, in marketing on your niche and to your niche, you will get fewer leads outside of the niche, but that will be more than made up for by the increase in leads that you get from clients who need your specific solution.
I often tell my clients, I'd rather have fifty percent of the market for a specific service than one percent of the market for a more general one.
Don't be afraid to tune into a new niche. Don't be afraid to do some market research around the actual problems that your ideal clients have.
That can be really helpful when creating, speaking to, marketing to, your niche.
And if you are at a point where you feel like a lot of people in your specific industry are saying the same thing, that is your time to dial in.
I hope this has been helpful. If that is you, I would love to support you on nailing your niche. It is a big passion of mine.
So come and find me @PandoraPaloma_, and let's have a connection call.
And if you have found this helpful and you know that it would be helpful for someone else, please do go share it on the gram. Tag them in. Let me know that you've listened to this today.
And as always, if you feel called to rate and review this podcast, please do.
It all helps on getting more and more ambitious women listening to this podcast and creating their own versions of success and multidimensional wealth.
Sending you big love from my corner of the world to yours. Take care.
Recent Episodes
.
Recent Episodes .
IF IT’S TIME TO MEET YOUR NEXT-LEVEL IN BUSINESS, WELCOME TO MY WORLD
Whether you’re new to business, got a side hustle that you’re ready to make your full-time reality, building to your first 6 figures, or scaling to a million, I have a coaching container to hold and support you