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Listen "Episode 5: Build Your Business Step 2 - How to Determine Your Niche and Why Do You Really Need One?"
Episode Synopsis
When you are just beginning to think about your brand, should you think Big or Small?!?
I’d argue that it’s good to think Both! By that, I mean that it’s good to be thinking BIG in terms of what your Brand could grow into and become but SMALL in terms of what your initial product line will be.
To successfully get a business launched, it can be very helpful to be hyper focused on just one, small Niche!
In today’s episode, we’re going to talk about why that is …
Without further ado … let’s discuss the 5 Reasons You Should Focus on a Small Niche when you are just starting out:
By niching down, you have a much better shot at competing in the marketplace because you are better able to become an authority and build social proof within your product line.
2. You can hone your skills to become an expert in your niche. This will give buyers the confidence in your brand they need to purchase your products.
3. All of your efforts, systems, and advertising will build upon and complement each other, giving your products the best chance for success. When you are hyper focused on one niche, everything you do works together to build a product or product line that is more competitive and hopefully better than the competition.
4. For anything to be done successfully, it has to be done well and it’s much better to do one thing well in the beginning, thus giving you the best chance to be successful. When you spread thin, nothing gets done well.
5. Focusing on one niche not only Increases your Focus, but it Reduces Overwhelm and Burnout. The biggest risk to the success of your business is Burnout because as soon as you give up and quit, the business has failed.
6. Lastly, Targeting a niche gets your products in front of shoppers who are almost ready to buy instead of casually browsing and it does so with your best foot forward. Once people are searching for very specific products they know what they want and are more likely to buy so by standing out in a niche you are more likely to convert those shoppers into customers.
Now that we’ve talked about why it’s sooo important to niche down, it’s equally important to know HOW to successfully identify a niche that you will be able to compete in and gain market share to begin building a reputable brand.
This includes things like:
How to determine the advertising spend you will need to be able to compete in your niche
How to determine the monthly sales that your competitors products are making
How to run the numbers and determine if there is sufficient profit margin for you to compete
And a whole lot more!
If you are serious about creating an E-Commerce business then these are some of things we detail out and teach about in our course on How to Build a Profitable, Scalable, Multi-Million Dollar Ecommerce Business which you can get at BusinessAndInvestingSherpa.com.
I’d argue that it’s good to think Both! By that, I mean that it’s good to be thinking BIG in terms of what your Brand could grow into and become but SMALL in terms of what your initial product line will be.
To successfully get a business launched, it can be very helpful to be hyper focused on just one, small Niche!
In today’s episode, we’re going to talk about why that is …
Without further ado … let’s discuss the 5 Reasons You Should Focus on a Small Niche when you are just starting out:
By niching down, you have a much better shot at competing in the marketplace because you are better able to become an authority and build social proof within your product line.
2. You can hone your skills to become an expert in your niche. This will give buyers the confidence in your brand they need to purchase your products.
3. All of your efforts, systems, and advertising will build upon and complement each other, giving your products the best chance for success. When you are hyper focused on one niche, everything you do works together to build a product or product line that is more competitive and hopefully better than the competition.
4. For anything to be done successfully, it has to be done well and it’s much better to do one thing well in the beginning, thus giving you the best chance to be successful. When you spread thin, nothing gets done well.
5. Focusing on one niche not only Increases your Focus, but it Reduces Overwhelm and Burnout. The biggest risk to the success of your business is Burnout because as soon as you give up and quit, the business has failed.
6. Lastly, Targeting a niche gets your products in front of shoppers who are almost ready to buy instead of casually browsing and it does so with your best foot forward. Once people are searching for very specific products they know what they want and are more likely to buy so by standing out in a niche you are more likely to convert those shoppers into customers.
Now that we’ve talked about why it’s sooo important to niche down, it’s equally important to know HOW to successfully identify a niche that you will be able to compete in and gain market share to begin building a reputable brand.
This includes things like:
How to determine the advertising spend you will need to be able to compete in your niche
How to determine the monthly sales that your competitors products are making
How to run the numbers and determine if there is sufficient profit margin for you to compete
And a whole lot more!
If you are serious about creating an E-Commerce business then these are some of things we detail out and teach about in our course on How to Build a Profitable, Scalable, Multi-Million Dollar Ecommerce Business which you can get at BusinessAndInvestingSherpa.com.
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