There Are Riches In Niches... Cash In On Yours
“The more tightly you niche your products, the more you reduce and even eliminate potential competitors.
As the marketing saying goes, riches are in the niches, and there’s a market for every product, even yours.”
There are plenty of women who go into business thinking that they want to attract everyone.
That thinking is a mistake.
You simply cannot be all things to all people, and the tighter your niche, the more revenue, and profit you will actually make. I know that may seem counterintuitive, and many of my clients start out thinking that they should be attracting larger, diverse audiences when the exact opposite is true.
There are digital products for just about any topic you can imagine.
There are people who specialize in teaching others not just about gardening through their digital products, they’re specifically teaching about growing the very best tomatoes… and they’re very profitable products!
In the case of extreme market niches, I love to use the example of my private coaching client, Kerry.
When I first started working with Kerry, she had been a passionate and devoted middle school science teacher for years. Family obligations and the pandemic, however, took her out of the classroom. She wanted to find a way to leverage all those years of detailed lesson plans and student resources she had poured her heart and soul into. She also wanted to find a way to continue to be a part of inspiring the next generation of scientists.
That’s when she reached out to me.
In Kerry’s case, she knew what her passion and expertise were, but she wasn’t sure if there was a market for her resources. One of my favorite things about the work I do is learning about new market niches. It’s endlessly fascinating to me that there are millions of dollars spent on products, and digital products, in the most obscure sub-markets. Some basic market research for Kerry’s products quickly revealed that there was an entire world of products, memberships, books, and podcasts not just for science teachers but specifically for middle school science teachers.
Even in my own example, as a former dance studio owner sharing my Princess Ballerinas Dance Program, you’d think that the market I served would be dance studio owners, which as a market only has about 25,000 locations across the U.S., Canada, U.K., and Australia. But really, there’s a sub-market of studios that specifically teach preschool dance. I sold over $1,000,000 (and counting) to just under 2,000 studios, which is less than 10 percent of an already microscopic sub-market.
The more tightly you niche your products, the more you reduce and even eliminate potential competitors.
As the marketing saying goes, riches are in the niches, and there’s a market for every product, even yours.
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