Riches In Niches

Research that Niche!

Understanding demographic data is the key to targeting the best niche for your products and services. As this recent article in DM News illustrates a sociological trend can have a real, powerful impact on the business world. 

The question then becomes, where do you find demographic data? Identifying trends can come about by reading the paper -- this article in the NY Times is a fascinating look at how seniors are exploring franchising as a way to jumpstart second careers -- or by searching online. 

The US Census Bureau has a great searchable site to help you find all kinds of demograhic information. Other countries have similar resources, although they’re not all online. If you haven’t yet decided on a niche, or aren’t sure where you’d like to locate, this information can prove to be an invaluable guide. 

Happy researching!

A Niche in One

From some humble beginnings in Scotland, golf has certainly become arguably the world’s favorite game. I was thinking about that this morning, after reading this BBC article  about the recent golf craze in India. 

You may be wondering what the popularity of what have some called a nice walk ruined by some little white balls has to do with your business. The answer might be quite a lot, if that’s where your target audience does their networking. 

It’s no secret that big business happens on golf courses. That’s a trend nearly as old as the game itself. However, if you’re new to either networking or golfing, you might not be sure how to merge the two. 

Believe it or not, providing the answer to that question turned out to be someone’s niche. (Tell me you’re not surprised!) This website is devoted entirely to that topic. If you’re curious, go check it out. 

The larger lesson here, though, has nothing to do with golf. Instead, in the course of four paragraphs, we’ve presented a trend, talked about the problems that might cause, and found someone focused on solving those problems. That someone could very easily be you. Sure, you might not be interested in weighing in on the great merging golf with networking problem -- but is there another issue out there with your name on it?

Riches in Niches Opportunity Tonight (January 21)

Things are starting to get a lot more
intense and I wanted to give you the heads up
that something is about to happen.

Some people are openly talking about it.

Others are staying quiet and are keeping
their best guess to themselves.

Either way, I think you should at least find
out for yourself tonight.

Talk to you soon.

Susan

P.S  Apparently there is going to be some
kind of exciting announcement at 9pm EST /
6pm PST.

How Green is Your Niche?

It’s not easy being green…

That’s what Kermit, the lovable Muppet frog, would have us believe. However, I think that might not be true. In fact, as environmental concerns become more and more mainstream, offering green products and services has become a lucrative niche for many entrepreneurs. 

Let’s follow the concept a little further, and practice using our "Niche vision". What role could you, as an individual Nichepreneur™, have in improving the planet’s health? Could you offer a green alternative to your competitor’s products and services? Some dry cleaners have created incredibly successful businesses centering on that concept, by opting to use and publicize the fact they use only organic, environmentally friendly chemicals.  

Other Nichepreneurs™ have capitalized on the green trend by advising others how to become more environmentally friendly. There is a green angle to everything, from fashion and beauty  to restaurants. Consider what opportunities exist for you!

Susan Friedmann, CSP

Reflection on Your Niche - Part 2

Last week we talked about the need for viewing your year in review. This week, I’d like to take a moment to examine the review process, specifically who you should involve in the review process with you.

Nichepreneurs™ suffer from what I like to call the Bane of the Lone Wolf.  We’re on our own a lot: it’s our judgement, our decisions and our actions that make up our careers. That’s a lot of pressure -- and it’s also incredibly difficult to remain objective when it’s our judgement, decisions, and actions under the microscope.

This is why every Nichepreneur™ needs a team of trusted friends and colleagues that they can turn to. Giving up the camaraderie and support that you had in an office setting might not seem like such a big deal -- but there are times when the insights and wisdom others can bring to the table can be very valuable. 

You need to be proactive about recruiting colleagues and peers to serve as your support mechanism. Reach out to people both inside and outside of your industry: often, a wildly different perspective can help you see things that would never otherwise would have seen. 

Places to find objective -- or nearly objective! -- support: 

• Mastermind Groups
• Networking Groups
• Chambers of Commerce
• Professional Associations
• Neighborhood Groups
  
• Family
• Friends 

This is by no means an exhaustive list, but it’s a good place to start. Form a small, trusted circle, who can help you look back at your first year in operation and assess it in a critical, constructive fashion.

Reflection on Your Niche

It’s that time of year again. Time has gone zooming by, we’re about to flip the last page on the calendar, and bid the old year adieu.

If this is your first year as a Nichepreneur™, you might find yourself astonished at how quickly time has gone by. There’s nothing like pursuing your dreams to make the hours fly: there’s so much to do and only a limited amount of time in which to do it.

Still, it is essential to take the time to review and reflect on the events of the previous year. It’s too easy to get caught up in forward motion, going, going, going -- until you discover, suddenly, that you’ve gone off track.

Reviewing and reflecting on an annual or semi-annual basis allows the Nichepreneur™ to accomplish three things:

1. Assess progress: Are you moving toward your goals? Is your practice shaping up the way you’d like it to? How does your company compare this year to where it was a year ago?

2. Identify weak areas: Could you have used more media exposure? Did you invest too heavily in equipment, a building, promotional materials? Are you swamped with work and need to hire an employee -- or were your plans too ambitious, and it’s really time to let someone go?

3. Begin the budget process: If you’ve got extra funds to invest before the end of the year, use this reflection period to consider the best use of the money. It might be prudent to consult with your tax advisor on the specifics, but you can begin researching on your own.

Check out new informational articles at www.richesinniches.com

(If Necessary) Make Lemonade in Your Niche

When life gives you lemons, the saying goes, make lemonade. That’s a simple saying -- but there’s a nugget of truth in there that many Nichepreneurs™ have used to build their practices or even identify an entire niche.

Lemons grow in unexpected places. One big lemon’s currently hanging over the toy industry. Contractors in

China

made a series of rather large mistakes -- namely using lead based paint on toys designed for small children, who have a disarming tendency to put things in their mouth -- which lead to a huge, highly publicized series of recalls.

This lemon has created opportunities for smaller vendors to capitalize upon. It’s a small, potentially lucrative niche. This was pointed out in Zable Fisher’s Practical PR Newsletter -- highlighting the fact that at this crucial holiday season, where parents are desperate to find gifts, marketing your lead-free, Made in the USA toys could be the smartest decision any toy maker could make.

Crisis spring up in every industry. A massive pet food recall a few months ago was a veritable gold mine for Dave’s Pet Food who could not only use this crisis to reinforce their position as the Expert (when it comes to feeding your pet) but to build a trust-based relationship with new customers who needed to know when they gave Fluffy her dinner, she would be safe.

No one wants to see their industry suffer, but as Nichepreneurs™ we must also be aware of the opportunities that arise when bad times show up. Innovative thinking and knowledge of our target audience are essential elements to making it as a Nichepreneur™.

 

Niching is Alive and Well

If you want to witness the strength of niching, you need look no further than the publishing industry. In a recent article in DM News, Lauren Bell tells us that science-themed magazines are experiencing a resurgence: good news for established titles Scientific American, newer titles such as Discover Magazine, and even titles once thought long dead, like Science Illustrated. 

Publishing news can often help us identify trends. In this case, publishers are responding to “a renaissance of interest in science”, and the results show up on the magazine rack. In fact, savvy entrepreneurs know that magazines and other time sensitive publications can serve as a barometer of public interest and the relative strength of trends. Right now, when knitting is as hot as hot can be, there are dozens of knitting publications on the shelf -- yet you’d be hard pressed to find a crochet-specific title. Careful attention must be paid, if you truly want to understand the substance and the nature of a trend. 

Successful Nichepreneurs™ look for the overlap between their professional skills and personal passions. Look to the media -- especially quick paced media: newspapers, magazines, and especially websites -- to see if opportunities exist for you to stake you ground. 

It’s good to consume media critically. A devoted aficionado can put together a top notch web publication in their home office without incurring a substantial expense, creating an impression of more substance than really exists. However, print media requires more capital investment -- if publishers are willing to throw substantial resources into covering a trend, there’s a good chance it has ‘legs’. 

Watch the number of publications focused on any particular market segment to gain an idea of that niche’s relative health. When Poker was enjoying record popularity, there were dozens of magazines devoted to the game: now that legislation has curtailed online gaming, interest has dwindled and publications have folded. 

Part of developing your Nichepreneur™ mindset is the assessment of opportunities. Critical perusal of the media can be a vital tool to have when developing that Nichepreneur™ mindset.

For a free copy of my special report "The Nichepreneur™ Mindset" subscribe to my Nichepreneur™ e-zine.

Narrow Your Niche: Six Ways to Define Your Target Audience

One of the most important things any Nichepreneurs^® can do is define their target audience.  Ask yourself: Who is my ideal customer?  If your answer is "Everyone", you've got some work to do! 

 

While it would be nice if every single person in the world wanted your products and services, the truth is that by trying to appeal to everyone, you often wind up appealing to no one.  Increase your chances for success by narrowing your target audience: selecting a crowd of likely customers and concentrating on meeting their wants and needs.

 

You might immediately know who your ideal customer is.  Great!  Having a clear concept of your target audience is a great first step.  However, if you don't have a target audience in mind, it's never too soon to start looking. 

 

Not sure where to look?  Don't worry.  Here are six strategies you can use to define your target audience.  Use these options as starting points: each one can be further refined to meet your needs.  Keep narrowing your niche until you find the one that's right for you!

 

Look Younger: 
Children, especially teenagers and those just about to enter their teen years (known as 'tweens'), are big business.  Direct spending by teenagers accounts for over $150 billion annually, with tweens hot on their tails.  Brand loyalties developed during these critical years tend to endure for a lifetime.

 

Look Older:
The arrival of the Baby Boomers may have been yesterday's news stories, but it's today's reality.  Those in or about to enter retirement have arrived at this stage in life well-financed -- and ready to spend.  They're also well-trained, if demanding, consumers: they know that there's a product or service out there designed specifically for them, and they intend to find it.

 

Explore a Common Passion:
Consider your own personal passions.  Is there a target audience for your products and services among people who share one or more of those passions? Could you offer financial advice to NASCAR fans who want to get on the fast track to retirement?  Is there people in your quilting circle who might need small business advice?  Shared passions can create a bond and trust that extends into other areas of life -- great news for your business.

 

Religious Affiliations:
Religious affiliation is certainly not a new way to niche, but it's a powerful one.  In fact, understanding the wants and needs of a particular religious community is a great way to target your products and services.  For example, clothing designers and wedding planners who cater to the Latter Day Saint community in the Midwest enjoy their success because they understand the modesty requirements of that group and offer products and services accordingly.

 

Ethnic Groups:
Ethnic groups make up some of the largest niches going.  In fact, I hate to include this as a niche strategy, but will do so with the caveat that you'll have to refine your niche further.  Targeting your services to the Hispanic market, for example, does offer you some of the advantages that being a Nichepreneurs^® brings.  However, because these groups are so large, and growing so fast, it would be a good idea to further refine your identity.

 

Economic Class:
Every market segment has a high end and a low end -- consumers who can afford to pay top dollar and others who are far more price conscious.  There's money to be made at either end of the spectrum, but you need to position yourself carefully.  Do your market research to identify where the most lucrative opportunities lie.

 

Finally, don't forget the GEL formula.  As you narrow your niche, searching for your ideal target audience, keep the following in mind.  Your niche should be Growing, in an area you have some Experience in, that you Love.  If you're niching yourself by the age of your target audience, you have nothing to fear: people continue aging at a fairly steady rate, and birth rates in most of the world have been steady or climbing for decades.

 

However, population changes and socio-economic shifts mean that niching by religion, ethnic group or even economic class can prove problematical.  Do your market research to make sure the group you're targeting is going to be around for a while: you don't want to be the only florist specializing in traditional Chinese weddings when there aren't any Chinese families in a hundred mile radius.

 

Good luck!  Remember, your niche is out there, just waiting for you to find it!

Click here to listen as

Jim Canterucci, author of Personal Brilliance,

and the host of "Personal Brilliance - Up Close & Practical Podcast"

interviews me about my latest book,

Riches in Niches: How to Make it BIG in a small Market."

Carving Out a New Niche

Reebok shoes was once one of the powerhouse players in the highly competitive athletic footwear industry. Along the way, they’ve lost their way, suffering from a lack of a clear image -- they had a poorly defined niche, and sales have suffered. 

Right now, the company’s getting ready to carve out a new niche for itself, according to a recent article in Brandweek. They want to occupy ‘the line between sport and lifestyle’, which means a lot if you’re in shoes, and not a lot otherwise -- but that’s not the bit I want to talk about.

What is critical here, and the takeaway lesson that can be emulated by Nichepreneurs^® of every size, is the fact that Reebok plans to do a great deal of this repositioning of themselves online. Uli Becker, Reebok's head of global marketing, said,
“Reebok will become a digital marketing powerhouse,” indicating the importance of having an effective online presence. Reported plans for Reebok include a revamped website, increased online advertising, and forays into gaming. 

Why this emphasis on having an online presence for a niche product? Reebok does this because they know that’s where their customers are. If you want to engage with your target audience, you need to direct your marketing and visibility efforts in a location where they’ll be seen. More and more people shop online -- especially if they’re considering a major purchase. If you’re not on the web, you’re invisible.

Make note of Reebok’s planned foray into gaming. This is an interesting move, as much of Reebok’s target audience is female -- and increasing numbers of online gamers are female. By creating an aspect to their website that will draw customers back time and time again, Reebok is creating multiple opportunities for those visitors to take the next step and do some shoe shopping while they’re there. 

What can you do? The web is a great equalizer: the smallest company, with enough savvy and insight, can have just as effective a web presence as the largest mega corp. Knowing your target audience is key. What would appeal to them online? What can you do to provide it?

Click here to listen as

Jim Canterucci, author of Personal Brilliance,

and the host of "Personal Brilliance - Up Close & Practical Podcast" interviews me about my latest book,

Riches in Niches: How to Make it BIG in a small Market."