Niche Markets: Finding Yours in Emerging Markets

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Regular listeners know that the 2 Regular Guys have very strong opinions on Niche Markets. This Friday the conversation will be: 1) How to find your own best niche. And 2) new emerging niche markets in our soon-to-be post-Covid world. Terry and Aaron want to share with you our thoughts on how to find a great niche as well as looking towards emerging markets for ideas to find a niche that will be successful for you.

 

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Dad Joke – From Brian Bufka

Did you hear about the cow who said she was tired after giving birth?

She was decaffeinated

Finding Yours in Emerging Markets

Why is it important to find yours?

Aaron: It is important to focus on a niche that is right for you more than ever. With the rising costs of online advertising, a massive influx of new businesses online, you MUST have a niche to focus on. It seems like every crafter is suddenly becoming a business (not a bad thing, by the way, brings more exposure), and the market can be hard to reach if you are not speaking to your ideal customer. Suppose you are struggling to grow or meet your goals? The reason for that is trying to be everything to everybody. But what ends up happening is you are nothing to nobody. I saw this from Brendon Burchard on Instagram (Display on screen) This to me is why it is important to have a niche for focus.

Terry: Be an expert at what you do. Be an expert at who and where you sell.

What is a niche market?

Aaron: A niche market is a group of specific potential customers who connect to your message. A niche market is not in any shape or form and identification of the only people you do business with. I highly encourage you to accept any business that you can and make a profit. You also need to be happy taking those jobs. In fact, our niche might shift many times because of some of the new projects we get to do, so never look at a niche as limiting your potential business. It is quite the opposite. Having a robust and tight niche allows you to reach more people for less money, have more conversion (potential customers become customers). Plus, if your niche is a passion of yours, you will have more fun. Many people will look at niche markets as several small areas of focus, and they are not wrong. As you grow your business, you might very well be working towards several niche areas simultaneously, but when you are not growing or achieving your goals, it is most likely due to a lack of focus. I look at niche markets as a way to get laser-focused on who exactly our ideal customer is, and it not just the ones with money. These are the people whom you love doing business with, and they love doing business with you. The money almost seems inconsequential to both parties.

Terry: You know the SECRET. My favorite example of a niche market – printing at West Coast forest fires

Steps to discovering your personal and best niche market

Aaron: Big part of what we do in the OSG Community is working on finding clarity. Having a niche we identify gives you so much clarity. We normally start by walking through a one-page assessment. If people want to check it out they can at https://oursuccessgroup.com/niche/

-Niche, especially when starting out or leaving the “I have to be everything to everyone, but end up being nothing to no one” crowd really need to be something you identify with. An area of passion, something you’re good at.

-Also need to solve a problem that is currently underserved. Meaning what is in it for your ideal customer which is another part of the niche process we cover at OSG.

Some new emerging niche markets in the Covid/Post-Covid world

  • Terry: Building online stores have been here for a while, but Covid shifted the process into high gear
  • Terry: Farmers markets with very niche apparel… do it better than two folding tables
  • Aaron: Other effects are the Crafter Market continuing to explode as people leave their day jobs. So the ability to build a community and then train, offer supplies and art. 
    • This could also lead to wholesale opportunities if you have a great business foundation, like knowing your numbers, and having an efficient workflow and process.
    • Print on Demand Services where you just act as the manufacturing arm and ship for other companies. Must be “Terry” level efficient.

Aaron: Tie into virtual meetings. Jack Canfield is doing a program called Break Through to Success, and after signing up people got a box with all sorts of stuff in it, including a tumbler and pen. Our industry is such a good tie-in for virtual because it is the tangible things people can touch to feel connected to the community.

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#5Things

5Things

Five Ways to Address the Rejection of Fast Fashion

From Erich Campbell, ErichCampbell.com

  1. Start with good art and film positives
  2. Maintain proper screen tension
  3. Use the right mesh count for the art and substrate – most people use a mesh count too low
  4. Print off contact and one direction – push or pull, but not both
  5. Do not flash between colors beyond flashing your white underbase

Be Part of #5Things

If you would like to present your 5 Things, five quick points on any subject whether it be advice or five instructional steps, we would love to hear from you. You can come on the show and present them yourself, or we will share your list with our listeners or even play a recorded video of you sharing 5 things. Whatever is easiest.

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