Have you ever spent money on advertising, PR, or SEO that didn’t work?
Have you ever wondered why some people seem to launch their business and obtain rapid growth, while you seem to struggle to get the phone to ring at all? You know it can’t be that they’re better at what they do—after all, you’ve learned your craft for years and have made sure to offer the best product or service in the market; isn’t that why you get all those referrals? I bet you’re also tired of customers focusing solely on price and being forced to constantly discount it just to win clients. Aren’t you sick of people not understanding the true value of what you do? So what is it? Why can’t you seem to get a break? The answer will surprise you. its all about Niche Marketing!
“Your job isn’t to make money. It’s to find a problem that needs solving.” – Robert Kiyosaki
The truth is that running a successful business has less to do with offering a quality product or service and more to do with your ability to speak to a certain type of customer or group. Obviously, it is important to offer a quality product or service, too, or your customers may never come back. But ask yourself how many great product or service companies you know of that have gone broke while focusing purely on the delivery of quality—thinking the customers will come—rather than the marketing of what they do. What they were actually doing was focusing on what they knew—what came easy—while avoiding what they considered difficult. In their book Zero-to-One, Peter Thiel and Blake Master stated,“No matter how strong your product — even if it easily fits into already established habits and anybody who tries it likes it immediately — you must still support it with a strong distribution plan.” You are probably great at what you do and have spent years mastering it; maybe that’s why you went into business for yourself. Surely, you should get rich off your amazing skills instead of a boss, right? Unfortunately, however, this strength is actually also your greatest weakness as a business owner. If you’re great at what you do, you think that if you focus on that, the customers will come. This is exactly why in Michael E. Gerber’s book, E-Myth, he suggests that you should open a business doing something where you’re not the technician; it forces you to actively work on your business, instead of in it. Now, I’m not suggesting you do this; however, keep in mind that this is especially true when it comes to marketing. What this means, unfortunately, is that the highly skilled companies tend to spend all their time fighting in a crowded market to get noticed and constantly discounting prices to win clients; whereas, the companies that obtain rapid growth focus on marketing to small markets (niche markets) that they can have all to themselves.
So what can you learn from this?
Stop trying to be an expert “just like everyone else” and learn to specialize, find a niche, and succeed.
Want to know more? Take a second to listen to the Rapid Growth Guy, Matthew Pollard, explain in more detail during his interview on the CoachZing Show.Show Transcript
One of the biggest mistakes a business can make is trying to be seen as everything to everyone, rather than essential to a select group or niche. This level of blanket branding leaves nothing but price to discuss. For instance, if you build houses “just like everyone else,” price is your only bargaining chip. In short, you will be constantly discounting your prices just to win clients over your competition.
Conversely, if you specialize in environmental housing or historic home restoration, you are now one step removed from price being the only determinant on securing your next client. Instead of offering everything to everyone, you have decided to focus on delivering on the unique needs of a smaller group of high-profit customers, a subset of a larger market. In a nutshell, this is niche marketing.
You must put a lot of effort into picking which subset of the market to place your focus, and don’t worry, we will get into that. For now, it is important that you understand the power of niche marketing comes from picking a group of people to market to, within the larger market, instead of the market as a whole and focusing your products on servicing that market.
For many businesses, niche marketing strategy is often completely overlooked, yet, if you find a niche market untapped by competition or deliver extra value to a niche that is currently underserviced, you have the makings of a rapidly growing success story.
Let’s start with definitions. Wikipedia defines niche marketing as “the subset of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality, and the demographics that is intended to impact. It is also a small market segment.”
Matthew defines niche marketing as the process of breaking a market into smaller parts, based on specific characteristics, then determining which select group(s) or niche(s), if entered, and their needs met would provide the business the best reward for its investment.
Matthew Pollard, well-known as the Rapid Growth Guy, has made a career out of finding niche markets in industries as vastly different as telecommunications, construction, and nationally accredited education. With five multimillion-dollar business success stories to his name, Matthew suggests the secret to niche marketing and his success is looking at an industry, analyzing all the market segments and asking the question, “what is/are the unmet need(s)?”, then simply picking the right segment(s) and unmet need(s) to service—or, in other words, which is the most lucrative niche to enter.
Never be a “me-too” business again!
Finding a niche market, in many ways, is like solving a problem – when it is someone else’s, you know exactly what advice to offer, but when it’s yours, you can’t see the forest from the trees.
Why is this?
The answer is simple; you’re emotionally invested in the outcome, or, more specifically, you’re “in the problem.” Looking from the “outside in” allows you to solve it impartially; whilst “inside the problem,” there is so much emotion attached, your vision/perspective becomes pre-framed.
Niche marketing is exactly the same, especially if you’re a technician in your own business. This is also exactly why you need an outside perspective.
So how can Matthew help?
When it comes to an outside perspective, there is none better.
“No one knows and understands the sales and marketing side of business like Matthew. His experience and drive are second-to-none. Anyone who wants to move away from linear growth and align it to exponential growth should work with Matthew.” – Juan Gonzalez, The Growth Institute
Talk to the man who has actually done it, who has been responsible for 5 multimillion dollar success stories and earned himself the name “The Rapid Growth Guy.”
Get Matthew on your team today.
Want more than just niche marketing?
Integrate the power of differentiation, unified messaging, niche marketing, and a working sales system into your business today.
Yes, Matthew makes it sound simple, and that’s exactly why he is sought out all across the world to assist companies—large and small—crack the puzzle that leads them to rapid growth and eager-to-buy customers.
A niche market of willing-to-buy customers, customers who go out and share your unique marketing with the world, really is the Holy Grail of business success, yet, for many, it goes undiscovered.
You see the value, but perhaps you’re wondering how to find a niche market:
Note – if you would prefer to work with Matthew directly, click on the link below to discuss how:
“Matthew has unlimited energy and it is all focused. His ability to understand business opportunities and make them happen is more than just impressive, it is amazing!” – Don Moore, Education Institute
Finding a niche market for yourself can be done by following the three steps below:
Market Segmentation can be achieved in a number of ways; however, the key criteria for the process is listed below:
After market segmentation, you should see a multitude of attractive and possibly viable segments available to you, but you’re still far from an answer. Now, you need to know what you can offer these segments that others can’t. In step two, you will learn to discover the unmet need of each possible segment.
Once you have established the market segments, you need to then ask yourself the question, “What is the segment’s unmet need?”
As a business owner, you need to be careful not to let your own view delude your answers. To achieve this, it is better to communicate with customers, prospective customers, and non-customers within each segment to discover the answer.
Asking the questions below can help you understand what their unmet need(s) might be:
While people may not be able to give you extensive details, they often have a general sense of what it is they want that they’re not yet getting. These questions will help you gain a much better understanding of what their unmet need could be—it will help them understand it, too. There are many possible solutions to fill these unmet needs; your job is to decipher which unmet needs, if met, would give you superior market advantage, and which would simply be nice to have. We discuss this in step three.
Whatever the size of your business, you probably have a clear idea of what resources you have. This gives you a good idea of how viable it is for your business to address any unmet needs you may see in the market. However, matching the resources you bring to the table to each niche you’ve identified isn’t enough: you must also take into consideration three important factors before you commit to one.
First: Is the segment economically viable?
Economic viability has a lot in common with the story of “Goldilocks and the Three Bears.” If you remember, Goldilocks tries to eat porridge that is too hot and too cold—before finding one that is “just right,” (much like the segment you want to choose). You want to make sure your segment is big enough—otherwise, even if you dominate it, you won’t make enough to survive—in other words, it’s “too cold.” Additionally, you don’t want to choose a segment that is too competitive (or “too hot”); otherwise, you’ll find yourself and your business getting lost in the noise. The segment that is “just right” is one that is big enough for one or two players to make a good deal of money and, preferably, doesn’t have anyone else working in it yet.
Second: Can you effectively communicate with your market?
This one may seem obvious, but it’s worth stating. If your market is made up of 1,200 people who live in disparate areas and lack a common method of consuming information, it may be so difficult to reach them that you cannot succeed.
Third: Do people with similar needs populate the niche?
The people in your niche don’t need to have precisely the same need, but the need does have to be similar enough that you can cater to it. For example, manufacturing formal wear for larger and/or taller individuals allows you to target those with similar needs; due to their specialized requirements, your prospective customers are likely looking for the garment to fit well, rather than for it to conform to this season’s style trends.
For a more detailed explanation of this process, check out Matthew’s recent article in Top Sales Magazine:
Just head down to Page 10
This process will help you crack the code to selling in a market of willing-to-buy customers who love your brand and the product or services you provide. Though this process is a little in-depth and can seem confusing at first, the rewards will repay you a thousand times over.
Need a little help?
Why not take advantage of talking to the Rapid Growth Guy himself with a FREE thirty-minute call. There is no obligation and no commitment, so what have you got to lose?
Doug: Matthew Pollard, thank you so much for joining me on the Coachzing Show. I thought where we could start, would be to talk about this – the idea of a niche market and why is it important to find a niche market?
Matt: The simplest way to answer that is to talk about a story of one of my, one of my past businesses that I’ve worked with. And that really is that – I worked with an education company, who successfully acquired 2500 clients in just 3 years. And most new education facilities take years and years and years just to get a few hundred clients. Because people want to study with a place that provides them high levels of education and has huge amounts of credibility. So that level of success was phenomenal, and the reason why we achieved it is we went after a niche that nobody else was focused in.
So, as opposed to offering the message that everybody else offers, to the group of people that everybody else markets to, we had a completely different message to a whole different demographic of people. And we created a whole opportunity of no competition for ourselves. Now sure, people started to work in our niche about 12 months later, but can you imagine having no competition in any sort for about 12 months? It’s such an unbelievable opportunity for growth.
Doug: That’s amazing, yeah.
Matt: And look, I’ve done that, I’ve done that in telecommunications. I’ve done it in so many other industries for my clients. And the thing that I always say is, “What can you do that other people aren’t doing? Who can you sell to that other people aren’t selling to?” See, a common thing for most people that– If you like are, especially technicians in their own business. They want to tell you what the industry’s doing and what everybody else is doing. And that’s what they do, they replicate that. Because they’ve grown up in that industry, and as a result they just provide the same services that they’ve grown up in and that they’ve been used to providing. The problem with that is that they’re also competing against the people that taught them, other people that were taught by other people. It’s a horrible thing, and then it forces you just to compete on price.
So what’s great about a person like myself coming in is, a lot of the time I don’t understand anything about your industry. So I learn about your products and the services that you offer, and I almost don’t want to hear how you currently marketed it or who you currently sell to. What I want to do is focus on the possibilities and who it could be sold to, and the possibilities of how it could be done. And generally the ideas that I come up with are so, so different to everybody else. And what I’ve done through my courses and my training, is I’ve helped to break that down for people so that they can start to look outside their comfort zone. Which, as we know, that’s where the magic happens – and actually start to target demographics that they may have never thought of before. That could be so much more lucrative and so much more easily to grow in than anything else they’ve done before.
Doug: One of the things that – it’s funny, I hear there’s so much resistance in my experience of talking to coaches, speakers and authors. And they have this resistance, and I hear this over and over again. I’d love to get your take on it. Where people say, “But if I choose a niche, aren’t I limiting myself? Because now, I’m narrowing it down to a specific group of people instead of everybody.”
Matt: Well you’ve got 2 options. You could be everything to everybody, just like everybody else. Or really nobody to no one. Or you can be somebody to a small group of people. And I think the best explanation I can give you, and I’ve just written an article on this actually. Which is, if I sold ice and I was trying to sell ice to everybody, and my message was, “The best ice.” Well I’m gonna blend in with every other company selling ice, and ice is ice. So the price that you can charge for ice gonna be the only determinant on whether or not somebody uses me. Unless I’m a very good sales person and I’ve got a great relationship, and that’s a whole ‘nother story. You can always get people that can sell ice to Eskimos, to use the pun. However, why not start with an advantage of a group of people that really just want to buy off you? What if I decided that I wanted to be the best shredded ice in the snow cone industry?
Now all of a sudden I’ve got people telling me that they want to buy my ice for snow cones. They do research on which is the best snow cone ice, and all of a sudden they’re realising that I’m the only one in the market that really specialises in this. Now I’ve got people calling me and asking me when I can provide my products and services to them, as opposed to sending an email out to 5 people, getting prices and just picking the cheapest one. What we’re really trying to do is separate ourselves.
from the crowd. Because if you can imagine, the crowd is targeting everybody, and there are a million people searching, and there are a million people looking for clients. What I’m looking for is the 5 or 6 or a hundred or thousand people that are looking for something more unique. And those people won’t look anywhere else but me. There is no competition, there’s nobody selling to them, but me. That gives me such an advantage.
Doug: That makes a lot of sense, absolutely. I – it’s such a powerful message for listeners and an important thing for us to keep in mind. You actually also touched on another piece that people ask me, is, “How many people do I need? How big a following do I need to create a growth business?” And so maybe you can say a little bit about that as well.
Matt: What’s funny is that I do content marketing, and I’ve got a podcast like yourself. And I do all of that, because what I’m trying to do is give back. But the real answer is, if you’re truly differentiated, you don’t need to go and have such a huge network, because you’re not speaking to everybody, and therefore trying to get noticed in the crowd. You speak to a unique group of people, and you’ve just got to look for where those people hang out. But secondly, I find that I get a lot of my clients from networking events. Because I’ll be sitting in a room talking to somebody like yourself, and there’ll be 12 other coaches in the room.
And when I say, “I specialise in differentiation and niche marketing, and helping people stand out from the crowd.” They’re like, “Well hold on a second, what do you do?” “Okay, that’s not general coaching, explain to me exactly what you do? Because I’ve heard the same coaching story about how I need to systemise my business so many times. But what you’re telling me is different. Talk to me about it.” And all of a sudden, they’re pushing me for information, and they’re starting to tell me about all of their problems. I’ve got clients, so I’m in a room with 4 people – I’ve got 4 potential clients. And I’m likely to close on a substantial number of those, because they’re hounding me.
And you’d be surprised how many business coaches I have as clients, just because they want advice on how they can stand out. People say you need to go and write a book to stand out, and that’s fine, I’m doing the same thing -and I’ve got several books that are being published this year. However, that’s a lot of effort. Without starting with the absolute basics of, “What is my unique skill?”
The other thing that happens is you’ll get so many coaching clients if you’re sending the same message out as everybody else. And those clients that you get, and they want help in sales and marketing. Well what if you’ve got no experience in that? Then all of a sudden you’re a fish out of water, and they’re gonna tell your network that they should probably try a different coach. So I’m actually attracting the right clients to me, where I can give them the best outcome, the most successful opportunities. Basically, I can provide what I love doing, and that I know I can get success with. And the message I’m giving out is – if you’re in a situation where you need help with this, come to me.
Matt: I mean, the benefit that I have is that because I’ve also been a successful business owner in my own right, and I’ve coached people on businesses as well – obviously I can provide a full, full suite of things. That doesn’t mean that that’s how I market. I market based on niche marketing, differentiation and sales. People come in as clients with that, and then what I do is I then give them the whole suite of backend becasue the last thing you want to do is have a massively rapid growing sales business, yet don’t have the systems and processes to support that growth. So you need to be able to coach across all of it. However, the first message I send is telling people uniquely what differentiates me from everybody else.
Doug: And that’s very powerful, because I think of – one of the biggest challenges in coaching. To me, I think of, especially the word “life coach.” You say, “Well I’m a life coach.” People almost just tune out, because that’s just such a generic term.
Matt: Exactly right, and as you mentioned in your introduction, I’m launching a podcast. Well actually by the time this airs, it will be of launched. Called “Better Business Coach Podcast,” which is available at betterbusinesscoachpodcast.com. And in the initial sessions, I actually talk about the fact that most people will say, when they’re asked, “What is it you do?” They’ll say, “I’m coach.” Or, “I’m a life coach.” And the conversation just dies. Sometimes they may have had a bad experience with a coach, or there’s just no reason for them to continue that conversation. It’s just, if you’re a coach – I know that this is personal to you and I know that you believe, and you can help them in substantial ways.
Just like an insurance sales person can, that doesn’t mean you want to talk to them. However, if they talk about a disaster that happened and they explain to you all the problems those people had – and that their job is making sure that that doesn’t happen to other people. Then all of a sudden you’re like, “Well explain to me, what do you mean these people got hurt, and how can I prevent it happening to me?” It just turns the tables. And what I always suggest to people is that you don’t start by talking about what you do. And I’m sure as a coach when you teach sales, you say, “Talk about the benefits of the product when you’re out selling it, not the features.”
Then your coach is a feature. It’s what you do, it’s the product name – but not what you actually achieve. It’s not the outcome that you get for the customer. It’s not the liberating experience that a client will find when they first go into their business and all of a sudden their processes, their systems are working – and they can finally feel comfortable to step away from their business. So, there is so many things that a coach can do. A life coach can help people walk away from all of the stresses of their life or come to terms with them, or work out what their goals are.
There are so many things people can do, but a life coach doesn’t sound exciting at all. But if – say, “You know how most people don’t have any goals, and they really struggle with where they’re heading. And then they find 10 years goes by, and they’re still in the same spot they are now. Do you know anyone like that?” “You do? Okay. Well what I do is I help people figure out where they want to be so that they can more successfully get where they want to go.” And something simple like that, people are gonna be more likely to identify with, as opposed to, “I’m a life coach.” “Oh okay, no worries well I do this.” And that’s the end of the conversation.
Doug: Makes so much sense, and of course as you’re saying that, I’m thinking, “Well, once I get that down, I can use that in my videos, I can use that in my podcasts, I can use that on my blog.” So I get that niche down, obviously I can use any content strategy at all to share that, as opposed to, “I’m a life coach.”
Matt: Exactly right, and you’ve got to understand how important this is. I’ll give you an example. I posted an article on Entrepreneurial Magazine, going back last year. And I got a huge amount of emails and Twitter followings and Facebook followings from that article. However, most of the people that contacted me responded with, “I read your article and I noticed that you specialise in niche marketing and differentiation. I’ve always wondered whether or not I could differentiate, because I’m really struggling to get clientele to buy into my message. What exactly is it you do?” And then all of a sudden, I’m talking about what I do, however they’ve already told me that they’re interested.
Matt: Imagine if it said, “I’m a coach.” Just like every other article that they’ve read. It’s just going to blend in. They may add me because they like hearing about my articles, but they probably would never email me, because there’s nothing unique about my message. It’s just the same as they’re used to seeing from everybody else.
Doug: Yeah, I mean, as you say that too – the difference to for me is, when you talk about, “This is what I do.” All of a sudden I’ve started thinking about how you could help me. Versus when you say, “I’m a coach.” Yeah, it’s so generic now. It’s like saying, “I’m a human.” Or, “I’m male.” I’m whatever. Describe (12:08?), “I wear pants.”
Matt: It is exactly like that, however it sends a horrible other message. Which is, “Not only am I describing myself just like everybody else, but I’m about to sell you something.” Because everybody knows the word “coach” now means, I’m going to talk to you about what your problems are on the basis of trying to convert you into a client. ‘Cause everybody knows, 95% of business coaches, their main problem is they don’t get enough customers. So by introducing yourself as a coach, you may as well be saying, “I’m gonna try and sell you something now.” As opposed to saying, “What I am, is I’m a niche marketing differentiation and sales specialist.” Or, “Do you know how many people have – start up their businesses with dreams of having their own mark on the world, and to work their own hours, and to be their own boss. Yet, for some reason, they don’t get the clients behind them and they struggle with this and they struggle with that. And as a result, they kinda lost faith in themselves. Do you know anyone like that?”
“Okay, you do. Okay, well basically what I do is I create niche marketing differentiation and sales strategies to really flip that around so that they have a core demographic of people that they speak to. And when they actually get those people contact them, they have a locked down process, as opposed to saying, ‘Oh yeah I sell business coaching, do you want to buy from me?'” Which everybody knows doesn’t work, yet no one spends any time learning how to fix that situation. It’s like they learned the functional skill for 10 years, yet when it comes to selling the products and services, which is the life blood of their business, they spend no time actually learning how to phrase those 10 sentences that they need to actually translate it into a customer.
Doug: I love it. Matthew Pollard, you have shared such great content with us today. So appreciate you coming on and sharing your words of wisdom with us.
Matt: You’re more than welcome Doug, I really enjoyed this.
Doug: Thank you, same here. And I want to remind people again, then go to matthewpollard.com. And I also want to remind all of you that nothing you’ve heard here is going to make any difference in your life, unless you get out there and take some action. So go out there and make it happen. Till next time, this is Doug Forrester at the Coachzing Show.
Thanks for listening to the Coachzing Show. Need help getting your book out of your head and onto paper? Need help marketing your books or speaking engagements? We can do it for you. Go to coachzing.com to learn more. Are you a Coachzinger yet? Join the Coachzinger’s community, where the world’s best coaches, therapists, authors and speakers meet. You’ll get exclusive access to private Mastermind calls, where you can get instant marketing help from industry experts. Plus we’ll help you forge deals and partnerships with other like-minded professionals. Go to coachzing.com/community to join now