Niching is the #1 way I know to set a solid foundation to establish your brand. It is all about positioning yourself as the authority and standing out from the crowd around you.
Susan Friedmann, the author of “Riches in Niches”, an international best selling book shares amazing wisdom here in this episode. Susan talks about the fears that keep people from finding their profitable niche.
Susan’s Target Audience: Susan’s target market is small business owners who are working to find their own niche in the marketplace.
Susan was not always a successful trade show business coach. Like most people, she tried to make it by working for others in the corporate world. She was laid off three times, and it was that third time that was the charm for her. She decided to take destiny into her own hands and created her first successful business: teaching people how to exhibit at trade shows. Susan was so good at this it was her niche market for over 20 years.
During those two decades, she became a true expert in the industry. She realized she could duplicate this success for other people in other industries. So, she reverse-built a strategy to coach small business owners to succeed in their niche. Her experiences turned into a book, which has become an international bestseller.
“When you niche market you’re going in another direction.” ~ Susan Friedmann
On this episode, Susan talks about niching in business. She tells us that it is absolutely necessary to become established in a niche market because it’s how you become a leading expert. Expertise leads you to more specific business which turns into a more profitable business. You should go in a direction where most people aren’t going, you don’t need to become a follower.
And when people aren’t followers, they explore a niche market where they can really dive into their marketing campaigns. Susan explains that when people don’t know who they are serving, they try to focus their business to serve everyone. But as a business owner if you are able to identify your target audience you’ll find a real opportunity to understand the true issues of concern to them.
“Get to the true issues that are of concern.” ~ Susan Friedmann
For people who already have customers in different areas, Susan says that they would be better off by targeting one particular niche to start with. Transitioning is not always easy so start with one nice. Once you’re an expert in that niche, move on to the next. But if you try to serve two or more target markets you are actually diluting your efforts. People want to pay for experts and as an expert you can command high fees. Until you identify a niche that you grow in, you aren’t viewed as an expert.
We also talk in detail about what our current target markets are and how we decided on serving them. Susan is kind enough to share with us her special formula called GEL (Growth, Experience and Love).
“It’s the quality, not the quantity.” ~ Susan Friedmann
In this episode, here’s what we’ll cover:
- Why niching is important to be profitable in what you do.
- The one thing that discourages most from niching.
- How to be an expert: here’s a hint, go where others aren’t!
- Why you can’t serve and market to everyone.
- True or false: it’s actually fun to work with your target audience.
- What are the concepts of the three “I”s of marketing?
- What new emerging niche is Susan looking towards?
- Why niching is most important for those who resist it.
- Susan explains her GEL formula.
“Go into a niche market so you can be seen as an expert.” ~Susan Friedmann
Practical & Actionable:
Susan says the most practical and actionable thing that you can do right now is to get started with questions. She has prepared 10 questions to find the right niche for your business.
She will be more than happy to share those questions to those who email her at [email protected].
RESOURCES AND LINKS MENTIONED IN THIS SESSION INCLUDE:
To give Susan a shout out for being on the show, follow her and send her a message: Susan Friedmann. Connect with me on LinkedIn or Twitter at @genehammett and let me know what you liked about the episode!
