Marketing Syndrome is also beating the drum of focusing upon a niche market to create success for your small business.
It take more than going to a book store and flipping through some magazines looking for a nich.
No truer words were ever written.Â Focusing upon a niche market because it’s “profitable” is probably the WORST reason in the world to target an audience.Â Â Why?Â Because passion will trump profits every time.Â About the time you’ve begun harvesting the rewards of your “secret” niche market, suddenly you’ll discover the competition has discovered your “secret” niche market as well.Â Then the competition begins and your highly lucrative secret niche market is now a battleground.
Believe me when I tell you that I’d rather go “up” against a competitor who is focused upon profits rather than one who is driven by passion.Â The passionate entrepreneur will ride out the storm of price competition…. until the other profit driven competitors are bloody from battle and ready to find a “new” secret niche market which to exploit.
In finding your niche market, be sure it’s one that you’re passionate about serving.Â In speaking with a client last week, she reflected that she LOVES going to the gym.Â Through our conversation, it turns out that it’s not her passion for exercise that drives her to the gym, but rather that’s where she finds the people who need her help and guidance. Â The gym just happens to be where her favorite type of clients hang out and THAT is why she loves spending time there.Â If she were just there for the work out, well, that she could do at home.
The point is, if you would decide to enter into the nutritional behavioral coaching field merely because it’s profitable, watch out because my client is more than willing to perform her services for next to nothing because she’s passionate about it!Â It will become a highly profitable niche for my client when she has more people signing up to be her client than she has hours in the day, but she’s passionate and willing to perform her services at rock bottom pricing and is willing to wait until the end of time for that market to become “highly profitable”.
So instead of being driven by “profit” focus instead on where your passion lies.Â Chances are, by focusing on your passion, you’ll find yourself well on your way to selecting a highly “profitable” use of your time and energy.