Are the Riches Really in the Niches?

ColeOnline Business

One of my buddies, Pat Flynn of Smart Passive Income always likes to say “the riches are in the niches”.  In case that phrase doesn’t resonate with you, let me explain a bit about what he means.

Let’s start off with a literal definition of “niche” – the situation in which a business’s products or services can succeed by being sold to a particular kind or group of people

So the key to the above definition is “a particular kind or group of people”.

Sadly, most online business owners or content creators have a fear of excluding too many people within their respective topic so they choose to go after a wider and larger audience with their topic and message, however, quite often they struggle to be seen or their voice heard.

You see, the key to marketing is to get the right message in front of the right people.

But before you can get your message out you need to know exactly WHO you are trying to reach.

Reader Action Item – who specifically are you trying to reach? (write it down)

Unfortunately, this is often not considered while starting your business and often looked at much later on, but I want you to get started on the right foot!

Example bad answers:

  • photographers looking to improve their photography (too broad of topic & no specific result)
  • men or women looking to get out of debt (too broad of topic, age and gender)
  • people looking to live a healthier life (what age group? Gender? Diet or exercise etc…)

Example good answers:

  • women beginner photographers looking to improve the quality & speed of their photo editing using Adobe Lightroom software
  • 35 – 50 year old men looking for actionable guidance with how to get out of debt
  • Women aged 24-30, looking to improve their health & appearance by eating healthier food without sacrificing flavor & taste.

Do you see the difference?

The power lies not in how large of an audience you can target but how effective you will be with your marketing.

That will make all the difference in the world and really the message behind “the riches are in the niches”.

Lastly, I’ll leave you with this quote: “when you try to please everyone, you end up pleasing no one”.

Chat soon,
Cole