It came up three times in the past two days – how to find your niche and work it to best advantage. It seems like such a simple idea really. Make a list of all the things you do. Pick the one that you do best. Voila! All done. You now have that market differentiation and positioning you need. Or do you?
Sadly, that "knowing what you do" thing – or “focus”, is way more elusive than people think. And, way more valuable too…
If it were really that easy to do, we’d have all figured it out years ago. Me too. Think about it. Even the biggest and most successful companies don’t figure it out after years of trying. Isn’t GM rethinking the whole thing for themselves? Yep, they are.
Turns out that focus is a moving target. Like a little red-haired boy chasing an ant on the driveway with the beam from a magnifying glass on a hot summer’s day. You have to keep adjusting to keep the heat up and the target in your sights. There’s a lot of moving going on…
So, don’t sweat it. If you are still searching, you are normal. This is an ongoing battle. The key though is to keep at it. You get better with practice. But you have to practice.
I often speak about the Confucius advice (my version – likely he didn’t say it in English): “When you find something you love to do and at which you excel and for which you are well paid, you never have to work a day in your life.”
That’s the ultimate in focus -- both for expertise and audience. If you are still “working” you have work to do.
In fact, your niche audience is the single most important focus decision you ever make. Unless you know the people with whom you work with best, you will work very hard for a long time for much less than your effort is worth. That’s frustrating and fatiguing.
So first, chose the right audience for the benefits of your work. You aren’t everything to everyone unless you expect to compete with Wal-Mart. Then you better have their money and clout.
And there aren’t just two ways of looking at it… discounter or boutique, fast food or gourmet. Not likely. There are as many business styles as there are styles of business owners. That’s why when you hear about a wildly successful new business it invariably sounds wacky – just as wacky as the owner.
I hear yesterday on TV about how it is hardly ever that the same person who creates a start-up that is the same one that can take it to billions. Then, they talked about Lazaridis and Balsillie at RIM. Somehow they didn’t get the memo. They did both.
Business success is personal. You have to find “your highest and best use” (thanks Jeff Davis) and then aim it where you can do the most good. When you do, you will experience results unlike even your most optimistic dreams.
That’s the thing. You can be successful without finding that one thing you do best. You just won’t find full expression of who you are and what you can accomplish.
You need to do that. And, you can.
The second thing to discover is your “best use” or your expertise. You want to do only those things that only you can do.
One tool that has proven very helpful in accomplishing this is the Million Point Business T.A.P. Analysis. Here, in both audience and expertise, you write down what you do and for whom you do it. Make that list.
(You can find this process in ExpertInstitute.com and “Expert Identity Marketing – How to sell yourself so people buy like crazy”)
Then appraise each audience or service for your overall “Talent, Appeal and Payoff”. Then score each out of 10. Can I do it? Do I like it? And, if I do it right, do I get the payoff I need? 1 to 10.
Multiply all three scores together for your total score in that area. The best would be 10 x 10 x 10 = 1000 points. Remember your math. A zero in any area leaves you with zero.
You’ll be amazed at how one or two of the audiences and areas of expertise will jump off the page. I promise.
Then, find the highest in audience and the highest in expertise and you have your best niche. This is just a subjective test and that’s what’s so good about it. It’s about your gut. Your gut is the truth. Don’t fight it. Just do it.
Be one of what Celia Ciotola at GAMA Canada calls the “Get ‘er Done ‘ers”. Don’t let your ego interfere. Get ‘er done.
So, if you can find a 1,000 point audience and a 1,000 point expertise… 1,000 x 1,000 = 1 Million points. Where there are points you can have dollars. Count on it.
Capture both your niches – really know what you do -- and you will explode your results.
I’m Jim Ruta and that’s just the way it is.
