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5 Critical Keys to a Viable Niche or Target Market

Picking a group of people as your niche or target market is a critical foundational piece
for building a really successful online business.

But you knew that already, right? 😉

Because once you do, your marketing messages become very clear and targeted, you know exactly how to talk to this group because you can speak their language, and it makes it much easier for others to refer business to you.

That being said, once you’ve chosen a group of people to work with, you’ll want to make sure that it’s a viable one to sustain your online business for the long-term.

It’s fantastic to be passionate about your niche, but if those people don’t have money to spend on your offerings, or there’s simply not enough of them, you’re not going to be able to grow and sustain an online business based on it.

Here are 5 keys to look for to decide if a niche/target market is a viable one for your business:

1. They are easy to find and reach.

Can you think of three places (online or off) where your target market gathers, whether it’s in a formal or informal fashion? Can you get easy access to them?

2. They hang out in some organized fashion.

Are there memberships, associations, organizations and online groups made up of your target market?

3. There are enough of them.

Your target market has to be large enough to sustain your online business for the long haul. It’s great to have a highly specialized niche that’s small, but if you do, see #4.

4. They have money.

In order for you to stay in business, your target market has to have enough money to pay for your offerings. In addition, they need to understand the value of what it is that you’re offering in order to invest that money with you. In other words, do they need to be educated about how your offerings will serve them in some way, or do they already get it?

5. They have a problem worth solving.

Every target market has struggles and challenges. But in order for you to build a viable online business within that market, they have to have problems that they will “pay anything, do anything” to get solved. Be sure to listen to the conversations the people in your target market are having to understand what they are struggling with the most to create the solutions they are willing to pay for.

In Online Business Breakthrough, there are several trainings on how to figure out who you are most meant to serve, how to find them and connect with them, and how to create products and programs they most want to buy to from you.

Click here to find out more about the #1 affordable and accessible online training for new and emerging service-based business owners who want to create a highly profitable business online in less than part-time hours.

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Where Are You Missing Leverage in Your Business? (Part 1)

 

 

If you’re a female entrepreneur who’s building a leveraged online business so you can keep your family first, this is for you.

As the same, I’m always looking for ways to leverage what’s already working in my business to improve my results so I can grow my business more quickly without more effort.

Where in your business could you do the same? Take this mini-assessment to find out.

__ 1. Do you know your priorities?

You need to know the highest-payoff activities to focus on in your business before you can fully leverage them for a far greater result.

If you often feel scattered, and that you’re too often flying by the seat of your pants, and you would LOVE to have a much more streamlined and simplified process for creating flow in your business on every level, it starts with knowing and focusing only on what matters.

What’s your #1 highest-payoff activity in your business today?

__ 2. Are your sales lacking?

If you’re not making as many sales as you want, there’s likely some missing pieces in your sales flow. I’m sure you know that just putting something out there online does not equal a successful offer. There are several critical pieces you need to have in place first, and then a strategy to convert from offer to sale.

What is the #1 missing piece in your sales process today?

__ 3. Do you abandon your current clients/customers?

It is far easier to sell something to someone who has already bought from you, and yet this is one of the most common places where entrepreneurs leave money on the table.

What is the natural next step you could offer to your current clients/customers?

__ 4. Do you leave your prospects hanging?

70% of your sales are in the follow-up. Don’t leave your potential clients and customers hanging just because your offer went live. Keep touching base with them, making sure they don’t feel abandoned, that you truly do want to help them.

Where in your current or next offer could you add a follow-up process?

__ 5. Do you have an “easy yes” offer?

Do you have a way to work with your market that’s an easy yes for them? I’m not talking about private work at your highest level. I’m talking about being able to experience your work in a way that leverages your time yet supports your client as well?

What simple product or program could you create that walks your client through your process in a do-it-yourself way?

These are just 5 areas to be looking at where you could up the ante on what you already have in place in your business – or what you should have in place to create the success you desire. We’ll cover 5 more in Part 2, but in the meantime, spend some time figuring out for yourself where you can apply the above to start seeing better results for less effort.

If you want to know where you’re not leveraging in your business, be sure to get my free mini-assessment here

5 Easy & Effective Ways to Seed Your Offer

Seeding your offers is an elegant, easy, and graceful way to let people know that there is an invitation coming, an opportunity to take the next step with you, that they can learn more and go deeper into your topic with you that you will tell them about soon.

It’s a really nice way to lay the foundation for an offer that you’re going to make at a certain point in time. It helps to create anticipation and excitement for what’s coming.

Seeding is giving people a glimpse of what’s coming within your talk or written document instead of waiting until the end of your talk, sales conversation or written document to make the pitch.

These five techniques are really effective whether you’re giving a live talk or using an email campaign to enroll people into a program or selling a product.

So, whether it’s something that you’re doing when you’re speaking or when you’re writing, you can use these five ways to seed your offer.

And the best part is that seeding is a great way to make things that you’re offering come off as far less salesy. 🙂

1. Define the Problem

Define the problem that your audience, readers or subscribers are really struggling with. It can be the overall general problem that you help your audience solve or it can be something that is very specific to what you’re talking or writing about.
This is a different school of thought than what you might be familiar with. Many times when we’re doing free talks, preview events, or special reports we hear about giving the “what” and “why” but not the “how.”

This means that you describe the problem and why your client or audience needs to solve that problem, but “how” to actually solve the problem comes later – in the paid product or program.

However, the way that I like to do business – and the way that a lot of my clients have followed and had success with – is to do this a little differently.

I like to give the “what” and “why” but also give a little bit of the “how.”

That way, people are comfortable that you know what you’re talking about, and they leave the time with you having at least the first one or two steps of an action step that they can implement on their own.

I always like to give something that someone can take away and put into place for spending that time with me. And being gently generous this way has absolutely worked in my favor as well.

So, you define the problem for your audience or readers, and then you offer them a piece of the solution.

That solution is just a suggestion. For example…

“Here’s one way that you could approach this…”
“Here’s one way that you could solve this problem…”
“Here’s one thing that will help you do X, Y, Z and solve the issue that you’re struggling with…”
“Here’s what we’re here to talk about today. Here’s one way you can solve it.”

This is a very gentle, very light touch way to seed.

This kind of seeding shows that that you are an expert and that you have more information to share.

Here’s another example:

Maybe you have a seven step program. You can give a little bit of that first step as an opportunity for that listener or reader to understand where you’re going with it, your process and your perspective on the solution.

They can decide for themselves, “I think she really knows what she’s talking about. That was a really good idea. I wonder what else will come through for me in this (paid) program or product?”

They’re paying attention a little bit more. They might look into it a bit more and think, “This is really interesting. I think I’ll keep listening or reading.”

 

2. What’s Coming

This is a way of talking or writing that can come naturally for some people, and it’s a skill that can be learned as well.

It’s remembering at certain points throughout your talk or within your writing to mention that you’re going to go further into it. For example…

“In the program, we take a deep dive into X. Coming up, I will be offering something that will go into this in much more detail. For now, I want to give you this to take away.”

That is the little piece of the solution. It’s about inspiring them to know that there will be more coming.

There is an opportunity to learn more, that there’s additional training, tools and support available.

It’s plugging this language into your natural talk or way of writing. You mention, or seed, that there will be an opportunity to go deeper if they so wish.

 

3. Mention your clients

This is educating people and making them aware that you do work with clients.

There may be people who are reading what you’re writing or listening to you speak who already know that. There also may be people who don’t.

So, be sure to mention your clients. Again, this is a skill that can be learned if it doesn’t come naturally to you.

As you prepare your talk or as you write, think about the clients you’ve worked with who have implemented your strategies or ideas with success, and who you could mention in support of what your sharing for the people who are listening to your talk or reading your writing.

At this stage it can be something as simple as saying,

“My client Lisa applied this list-building solution that I just shared with you. She saw how effective it was in her market because her subscriber base increased by 30% within the first month.”

You can get specific or stay more general. It’s making them aware that whatever it is you are teaching, you have guided someone else through implementing it and you’re sharing their results.

You could say,

“Many of my clients experience this particular problem. I often find with my clients that their biggest question is X.”

Think about what you could mention about your clients that would support what you’re teaching.

 

4. Share a Case Study or Client Success Story

To take #3 a step further, you seed with a case study or a client success story.

For example…

“My client Lisa implemented this particular strategy. She saw her subscriber base increase by 500 people within 6 weeks and ultimately enrolled the 10 people she wanted into her program from implanting this strategy that I just shared with you.”

That’s a quick example of being able to share case studies and client success stories as it makes sense through your talk or writing. Sharing those stories really grounds you and your potential clients.

It makes people able to see themselves in that same position. It’s telling that story, giving the results and then crediting the results to that specific part of your program or product.

5. Give a Gift

You seed by giving a gift in the form of a fun drawing or a contest.

Maybe one person who throws their hat in the ring gets a free spot in your program. Maybe one person wins the product.

(You can also use this strategy as a lead generator to get more prospects to sign up to receive your initial information.)

Your potential client or customer has a certain number of decision points before they will get to a ‘yes’. For most people, it’s three. So, the first one may reading your email that invites them to sign up for a free preview call. They decide to do so, so that’s the first ‘yes’. Then they show up live for the call or listen to the recording. That’s the second ‘yes’. They get to the end of the call where you’ve used some of these techniques and that tips them to the third and final ‘yes’ into your offer.

But some people will be thinking, “This sounds really interesting. I’m not quite ready to sign up or buy but I’d like to know more.” Giving a gift can help move those people a little further towards making a decision.

You always want them to make a decision one way or another, “yes” or “no.” You want to push them off the fence one way or another. Giving a gift or offering a contest or drawing can help people take the next step.

I would do something where you create it once, it’s out there and people can download or watch it. Maybe you can do a video. It can be something really simple like a special report.

It goes deeper into the material in more of a strategic way. You are leading them through the decision-making process about taking the next step with you.

You can at least offer the opportunity to win a spot in your program or a copy of the product. You can do a drawing. Consider doing something like a special report that leads them further into the sale.

This is a little more advanced but I always like to give you an advanced tip in moving people further along into the sales process for you.

Caution: You don’t want to overdo any of these.

You can do each of these once or maybe twice as it makes sense in your presentation. It will depend on how long your presentation or campaign is. Then you can give a gift.

That’s a great way to close it, especially for those people who still need a bit more for the decision-making process. Give that gift and continue to follow up with them in your regular sales process.

Want more support on implementing these tips into your business? Join us in my free Lively Biz for Female Lifestyle Entrepreneurs Facebook Group here.