Niching Into Specific vs. Small Targets

One of the fears about niching down is that you’ll restrict yourself to a too small group of prospects that will limit your ability to grow your business.

What Jonathan and I unpack in this episode is why (and ultimately how) you want to get specific in your niche vs. thinking “small”:

Why it’s more important for your target market to be specific than small.

What happens when you truly understand your group of target clients and buyers.

How to think about the revenue model you might build to serve your targets (and one incredible real-life example).

What changes in your business when you get specific about who you’re targeting.

How a handful of experts niched successfully into specific—but not small—markets.

Quotables

“It’s much more important for it (your target market) to be specific than it is to be small.”—JS

“If we can substitute specific for small, maybe it cracks through a psychological barrier to niching.”—RM

“It’s almost a revelation around how much easier everything gets…when the group is specific enough that you can understand them.”—JS

“We can also look at the other end (from bespoke services), where you can create a system…and you make up for what you lose on price in volume.”—RM

“At the beginning to get traction, to establish really solid, predictable cashflow, a great approach is to pick a very specific market that ideally you know inside out and serve some existing demand.”—JS

“You don’t start big—you start specific.”—RM

“She can speak with like comical specificity (to her specific audience) around the things that are going through their mind.”—JS

“When it (getting specific) works, it’s a thing of beauty.”—RM