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NICHE Selection Formula

Niche Selection SOP This SOP document will walk you through the process of creating an Ideal Customer Persona that portrays the values, demographics, and needs of your target customer. After creating your Ideal Customer Persona, you will be better equipped to select a niche that works for you and your business. Chapter 1: What’s a Niche? And Why Niche? ● In marketing terms, niche is a specialised segment of the market for a particular kind of product or service. ● The niche is always about the market and the people in the market, not about what you offer them. ● You’ve two things going on here ○ Specialised segment of the market ○ Particular product or service that serves this specialised segment. ● But why is niche important though? ● It takes care of 80% of your marketing and sales efforts. If you’re selling to a hungry market, you probably won’t need crazy sales skills. ○ A Hungry Market triumphs a Good Offer. ○ A Great Offer triumphs Good Sales. ● If you were selling toilet papers amidst COVID in US, you probably won’t have to learn marketing and sales to do so. Why Just 1 Niche? If I sell to one niche, won’t I be missing out on a whole lot of market? What if someone comes to me from a completely different niche? What should I do then? Here’s what’s wrong with targeting multiple niches ● When you’re starting out, you don’t have the time to do market research on multiple niches. ○ There’s a hell and heaven difference between marketing to one niche vs. the other. ○ There’ll be just too much going on in your head. ● Selling to multiple niches would mean ○ Multiple systems ○ Multiple copywriting styles ○ Multiple offers ○ Sales reps specialized in multiple industries ○ Big operations team to scale multiple verticals ● Result: ○ More time cost ○ Less focus ○ More manpower cost ○ Lack of culture and vision ○ You become a commodity ○ You’ll charge less to stay in the game and whoever wins the price game, loses.