Not Niching Is Keeping You Playing Small

business strategy Mar 02, 2020

Let’s chat about niching shall we. I’m sure you guys probably noticed that the world of online entrepreneurship is growing. This industry where people essentially sell knowledge on the internet is getting bigger and bigger. You’ve also probably noticed that everyone is a coach: whether it’s a business coach, marketing coach, lifestyle coach, or another type of coach - we hear the word coach all the time. Sometimes we hear strategist, but often it’s coach. This is great and I think it’s awesome that there are so many people out there wanting to take something that they’ve learned or accomplished and coach others through the same thing.

Except for coaches that are just teaching coaches; that starts to get weird. When someone hasn’t actually achieved anything on their own, how can you coach someone else? For example, you shouldn’t be a business coach if you haven’t already had a lot of success in business. The same goes for lifestyle coaches, I feel like you had to have been somewhat successful life to tell others how to best live their lives. But that’s just me.

This online space is only getting bigger and more widely known. I mean Amy Porterfield was recently in Forbes magazine and suddenly all sorts of people are like “hmm I want to sell my knowledge on the internet, if it means I can make 6 or 7 figures a year working from my bathrobe, that sounds awesome!”. Suddenly everyone is launching a course or a coaching program or a mastermind. I started realizing that everything was beginning to look and sound the same! Everyone was proclaiming that they can teach you how to make 6 figures! To be fair, it was one thing when Marie Forleo and Amy Porterfield were the only people doing it, but now everyone is doing it.

So what does that mean for you? Well you gotta step it up! Or actually, you gotta niche down. You can’t just declare that “I’m a business coach!” anymore. And honestly you can’t even say “I’m a business coach for wedding pros” anymore either. Even that’s too broad. There are tons of business coaching for wedding pros. So you’re going to have to get REALLY specific in either one or two areas.

1) You need to really niche down into who you help. What kind of wedding pros? What specifically are their struggles? Do you want to help wedding planners, who specifically have trouble managing their time and juggling all their clients because they lack proper systems in their business? Now that’s getting more niche. If you’re thinking, but there’s not enough of those for me to make any money - good news - you are wrong. You would be surprised how many people there are that share a very specific pain point. So, if you are the coach out there that specializes in helping people what that paint point, then people are going to understand exactly why they need to work with you and you alone. Or buy your course over the myriad of other courses out there.

The only reason I even have a business is because I set out to be the business coach to wedding pros that specializes in pricing specifically. I help people raise their prices, as well as get clients to actually pay those new higher prices. That was my speciality. That was my niche.

2) Now there is another direction that you could go with all of this. If you don’t want to niche down into who you help (which frankly is the easier way to go), the alternative is to niche down into how you help them. If you are going to offer to solve the same problem as hundreds of other coaches out there as in “I’ll help you make more money” or “I’ll help you grow your business” (super vague by the way), then you’re going to need to get really really specific as to what your particular process or method is and it needs to be something that no one else is doing. Because otherwise why should someone work with you? Or take your program? If it sounds like you’re teaching the same exact thing as all the other coaches out there, why shouldn’t someone go work with the person with the much bigger audience or the much bigger track record and the 900 testimonials?

You have to have a secret sauce or some special method or process that you can bring to the table. For example take one of my biz bestie and clients, Ginny Krauss. She is a greatness coach and helps entrepreneurs discover what sets them apart, gain alignment in their brand and offers, and be more visible. She has a method called The Brave Method and that is her signature process for doing what I just mentioned. (Grab your free copy here!) It’s a process that she uses with her 1 on 1 clients and in her Brave New Brand course. She obviously goes into much greater detail and depth into it with her clients and students, but it’s a process that she has worked on for years in her coaching and she’s refined it, and she’s gotten results with it, and it sets her apart.

I have a specific process for how I work with all my 1-1 clients as an integrator or Digital COO. To learn more about how I niched down and the ultimate way to position your business and offers for success, tune into this episode of Planning For Profit.

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