Evaluating Your Niche
A niche is a small, specialized section of the market your product or service targets.
The size of your market, the leads you target, and the way you communicate will be determined by your niche.
From personal experience, the niches with the following offers are easier to sell:
- Makes money
- Saves money
- Saves time
- Is a priority
- Has many competitors
- Has a guarantee
- Doesn't lock customers to 1 product/service
🤑 Makes Money
Every business' goal is to make more money. If you can help them do this while keeping the cost fair, people will pay.
Ex. For every $1 they pay for your product or service, they make $10.
It's a no brainer.
🏦 Saves Money
If you can save a business money, you're increasing the profit they make. In times of economic downturn, this makes it easy for customers to say yes.
🕒 Saves Time
Money comes and goes, but time will never come back. If you can save your lead time and open up their schedule, they will gladly pay.
🚨 Is a Priority
People will gladly pay for someone to solve a high priority problem for them. This will all be dependent on the stage of the company. Startups will have a different priority than enterprises.
🤼 Has Many Competitors
Most people see competitors and get discouraged.
You may be thinking "Someone already built my solution and people are using it."
That's why it's a great niche - people are paying and using it. There's demand in the market, you need to bring your own twist and start selling.
✅ Has a Guarantee
Adding a guarantee adds a layer of trust.
A guarantee doesn't have to be a refund. Take a look at what your competitors are offering and iterate on it.
The stronger the guarantee, the more valuable your offer will be.
🔓 Doesn't Lock Customers To 1 Product/Service
An offer that doesn't tie a customer to you exclusively will make it easier to sell. If the company is already using a similar service, it makes life difficult to switch.
No one like to be locked into 1 vendor. It makes our offer much harder to sell.