By admin on October 5th, 2017 in Selling
You’re at a cocktail party. It’s Friday night and the end of a brutal work week. The buzz from today’s 6th coffee is wearing off. At this point you just want a boozy drink. Straw mandatory, umbrella optional. As you take your first sip, a guy in his early 30′s joins you at the bar. Enter painful small-talk:
Guy: “So what do you do?”
You: “Oh, I run a tech start-up, we develop apps.”
Guy: “Really? What’s your niche?”
You: Awkward silence…
The honest answer would be: “Last week it was teens watching NBA games. But this week it’s dads playing soccer. When we figure it out, we’ll let you know.” Instead you say “Aaahm, well… it’s basically for people who like to watch sports, or play sports… it’s kind of a sports app.” The guy gives you the “Get a day-job dude” look and has officially lost interest.
Sound familiar? Don’t worry. This is normal.
Most entrepreneurs look for their niche like a kid with a stick. Just poking at sh*t left and right. That’s not a process, that’s a waste of time. As entrepreneurs, time is our scarcest resource. Without an income, we can only stay afloat so long and if you’re pouring resources into the wrong target market your days are numbered.
So how do you find your niche? Use these 4 steps to make it happen:
1. Know your Product – What are all your features and benefits? What’s the one benefit that justifies the cost? Who is your competition? If your product/service could deliver anything under the sun, what would it be? Go NUTS with your benefit list. If you have less than 20 you’re not trying hard enough.
2. Visualize your Client – To whom is your service most useful? Whom do you connect with best? Whom have you sold to in the past? Who is buying from your competition? Dive deep. Brainstorm their Age/Gender/Profession/Income/Family/Favorite Magazines/Hobbies/Fave Brands.
3. Get Emotional – What keeps them awake at night? What are they afraid of? What are they angry about? What are their top three daily frustrations? What do they secretly, ardently desire most? How do they feel about your product/service? List all your emotional customer assumptions and prioritize them by importance.
4. Get Frisky – If you want to know your customer, you actually have to *gasp* talk to your customer. Grab your benefits and your emotional assumptions and validate them one by one. If you’re right – Great! If not – Pivot. Then go back to question #1. Everything you’ve done ’til now is pure speculation. Get ready to adjust your product. This process isn’t over until you’re clocking sales.
Now get your notepad out and start answering some questions. You’re already on borrowed time, don’t waste another minute.
PS: This exercise will do wonders for your cocktail party confidence. Less “I’m a mess,” more “My niche is buying like crazy!”