During one of my business training sessions this week, an attendee had us review the business model of a financial advisor in the USA. This financial advisor is an African American in her early 30s charging a whopping $7,000 + per person for her advisory services !
How was she doing it ? Micro-niching.
You see, this lady is not even in the financial services sector by profession. On the contrary, she is a medical practitioner by profession ! She does have additional academic qualifications in various finance fields and she does have an impressive personal investment portfolio. So what she has done is open up a consultancy business that supports people to attain financial independence and freedom without changing their current lifestyle.
But there's a catch: she does not offer this service to just anyone. You have to be living in the USA, a lady, gainfully employed but most importantly: you have to be a medical practitioner.
Since the said lady has drilled down ( niched ) to such a specific customer base, she understands her customer better, knows how much they can spend, has gained immense trust from them by way of association ( they are all medics), has a portfolio to prove her systems work, an impressive website, great messaging that resonates with her clients and as such can charge a high fee for her services.
She has niched her offering so well, she can afford to adjust her price accordingly for her target market. She can go way further in business than the individual who sells to everyone and anyone.
What this lady has done, you can too. A small tweak into how you market your services can actually help you radically increase your revenues and the closer we get to a recession period, the greater the need to be more specific with our marketing strategy.
Before you seek to micro-niche ( or really drill down to your core customer ), you have to ask yourself 4 important questions as a matter of crucial importance:
Authority Question: Who am I that people should want to buy from me ?
Market Question: Who are these people I want to sell to ?
Solution Question: What do I have to offer that they will be willing to buy ?
Messaging Question: How well do I communicate all the above ?
If you are able to answer those 4 questions satisfactorily and further, develop a working strategy from this - then you are well on your way to test your micro-niching in the market.
The testing phase in of itself involves 6 major steps:
Developing a solution that works for a specific customer niche
Testing the product quickly with the target customer base
Feedback from your customer ( 30 to 100 responses min )
Refining your solution based on customer feedback
Relaunching product officially in the market
Building on customer loyalty
Done well, you will not only sell solutions to a specific group of people, you can also sell various combinations of your products or services to the same people over and over. The business model becomes a gift that just keeps on giving and giving.
Now, it only gets better...!
Continue giving quantifiable value to those niche customers and guess what ?
Said customer group refers you to others like themselves, in their circles ! And If you have been utlising a proper Keep In Touch strategy with them, you can then create a community which can continue benefiting from your services as your business grows organically.
All THIS from the power of your micro-niching strategy!
Would you like to DEVELOP a micro-niching strategy for your own business in one morning ?
virtually and from the comfort of your home ?
With access to powerful templates on the same ?
With me working with you every step of the way ?
You can sign up for my MICRO-NICHING 4 SUCCESS 4 WEEK CONSULTANCY SESSION by clicking HERE
TIME : 10:00 AM - 1:00 PM EAT
FREQUENCY: weekly, for 4 weeks
DELIVERY: one-on-one consultation
LOCATION : virtual, via ZOOM or physical
WHAT YOU GET : 5 POWERFUL Strategy Templates and a working Micro-Niche Strategy
INVESTMENT : ksh. 42,000 ( *Currently only open to Kenyan residents)
Click link above or HERE to get in touch today and take your niching to the NEXT LEVEL.
Jan Okonji is an entrepreneur, speaker, coach, and Founder of the Pan-African accelerator BGS – Business Growth Solutions.
He is passionate about helping employees transition safely into entrepreneurship whilst turning their great ideas into profitable businesses and has helped entrepreneurs collectively grow their revenue to over $ 10 Million in the course of running BGS.