Wednesday, July 23, 2008

The three types of niches

It doesn’t matter WHAT your niche is.

It only matters THAT you have one.

AFTER ALL: Niches lead to riches.

Now, there are three potential types of niches you can leverage:




1. Niche Expertise
2. Niche Market
3. Niche Supreme

Having a Niche Expertise means you know a LOT about a SPECIFIC TOPIC that applies to a WIDE AUDIENCE.

So, it’s the answer to the questions:

1. What, specifically, are you known FOR?
2. What word do you want to OWN?

FOR EXAMPLE: Let’s say you’re a consultant whose expertise is on how to handle angry, pissed off or difficult customers.

Fantastic! If that’s what you’re known FOR, that's your niche.

(That is, if there's a market for it and you're the BEST at it.)

Chuck Dennis is a shining example of this. He’s “The Angry Customer Guy.”

Plus, entrepreneurs with Niche Expertise have several advantages:

They become a big fish in a big pond.
They apply their knowledge cross industrial.
They open wide doors for expanding their businesses.
They diversify their client base, which leads to new business.
They become the obvious expert sought out by the mainstream media.
They allow new markets to add multiple dimensions to their single topic.

That’s Niche Expertise.

- - -

On the other hand, having a Niche Market means you know a LOT about a SPECIFIC GROUP OF PEOPLE to whom you apply MANY TOPICS.

So, it’s the answer to the questions:

1. Whom, specifically, are you known BY?
2. What industry do you want to DOMINATE?

FOR EXAMPLE: Let’s say you’re a consultant who works solely in the Jewelry Retail Industry.

Awesome! If that’s whom you’re known BY, that's your niche.

(That is, if there's a market for it and you're the BEST at it.)

Shane Decker is a good example of this. He’s “The Jewelry Store Guy.”

Plus, entrepreneurs with a Niche Market have several advantages:

They become a big fish in a small pond.
They apply their knowledge cross-topical.
They open deep doors for expanding their businesses.
They specialize their client base, which leads to repeat business.
They become the obvious expert sought out by industry and trade media.
They allow industry trends to add multiple dimensions to their various topics.

That’s a Niche Market.

- - -

Now, occasionally you will run into entrepreneurs that have both a Niche Topic AND a Niche Market.

FOR EXAMPLE: How to handle angry, pissed off or difficult customers … who shop at retail jewelry stores.

That’s a Niche Supreme.

And although it’s rare, if you can pull it off … good on ya!

You get the best of both worlds.

Either way, you MUST remember this process as you uncover YOUR niche:

1. Focus first; THEN spray. Either covering your topic or your industry.

2. Develop specialized knowledge. Either about your topic or about your industry.

3. Pick a lane. Either the topic lane or the industry lane.

4. Go with gusto! Either about your topic or about your industry.

5. Become That Guy. Either “for” the topic or “by” the market.

6. Be the best or quit. Because, as Seth Godin says in The Dip, average is for losers.

REMEMBER: People prefer specialists.

Turn your niches into riches!

LET ME ASK YA THIS...
What's your niche?

LET ME SUGGEST THIS...
For the list called, "18 Marketing Questions to Uncover Uncontested Waters," send an email to me, and I'll send you the list for free!

* * * *
Scott Ginsberg
That Guy with the Nametag
scott@hellomynameisscott.com

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