Definitive Guide to Finding Your Profitable Niche - Part 2

How To Find Your Niche

Psychological triggers that multiply your success

Accurately identifying and claiming your “tribe” (the people you serve) and then delivering a result to them they want is what it’s all about.

Download the free PDF: “The Definitive Guide to Finding Your Profitable Niche”

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First, What is a Niche?

Let me show you the 3 pieces you need to have when you are crafting your “niche statement” for your business:

A Niche =

(1) a particular target audience or tribe of people

(2) with a specific, painful problem that they are willing to invest into resolving

(3) and an ultimate result that they want to get more than anything else.

When you’re working on your niche, you want to be sure to include all 3 of these pieces. Note that your niche can only be profitable if there’s a clear and compelling problem and ultimate result that your audience is willing to invest into.

Here’s an example from one of our clients:

“I work with professional women (audience) who are too busy to find love (problem) to help them find their soulmate and the relationship of their dreams (ultimate result).”

Start By Focusing On An Urgent Problem or Result That People Want

I hear it all the time…

“I don’t know which audience to focus on…”

But what if you don’t have to actually worry so much about WHO?

The truth is, finding the right niche for your business isn’t about looking at what audiences are out there and trying to pick one.

It’s about discovering the urgent needs people have and then offering them a solution to get that need cared for.

That’s right…

It’s about identifying urgent needs in the marketplace and building your business around that.

So your first step, really the most important step for any business owner, is to choose to focus on the urgent needs and results that a tribe of people are literally waiting for someone like you to come along to help them with.

Identify unmet needs in the marketplace and build your business around that.
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My #1 Proven Method For Discovering a Profitable Niche: The “Niche Interview”

The best way to understand the needs of your target audience is to ASK clients or potential clients. Sometimes you’ll be shocked to find out what they really care about!

Here’s the biggest mistake many business owners make: it’s to assume they know their clients’ needs – with your expertise, you can sometimes overlook the basic concerns of “ordinary” people.

So rather than guessing what your audience wants – ask them!

Here’s the set of interview questions I developed over 5 years to make it really easy for you find out EXACTLY what your audience wants (and wants to invest into).

How to Interview Members of Your Audience

  • Choose 6 people from your target audience (clients or prospective clients) and set up a time for an interview (or a free initial consultation). You can schedule one 15 or 20 minute consultation with an actual prospect or client per day, by phone or in person.
  • You can let them know that you’re doing research to better serve people like them and their opinion really matters to you. People love to help.
  • Ask questions and then just listen. Be sure to write down their specific words that relate to problems, pain, and emotions. You’ll want to use the exact language of ordinary people in your marketing. Do not rephrase their words into the technical jargon of your field, it will resonate less than the language your audience uses.

When you’ve discovered the most pressing problems of your audience, this will be a catalyst for your business to grow. Because now you can go out into the world and offer your audience a specific solution to their most urgent problems (instead of what YOU think they want)!

Interview Questions

Please tailor these questions to apply to the area you work in.

Listen for emotional hot button words and write them down.

The more tangible and specific, the better.

  • What’s your biggest fear or frustration in your life right now related to ___________ (the problem area you work with, such as health)?
  • What worries you? What about this area keeps you up at night?
  • What are your biggest challenges?
  • What would you like to change / make different?
  • What’s the biggest result you want to have in this area?
  • What would help you achieve this result?
  • How much time would you invest into getting to this result?
  • How much money would you being willing to invest into that result?
  • What would you like to learn more about in this area?
  • Who do you consider to be an expert or authority in this area?

How To Discover A Business Niche That Is Virtually Guaranteed To Succeed And Make You Happy

A successful niche is one that you have PASSION for, and it solves an urgent PROBLEM or PAIN, and there’s a significant group of PEOPLE who are willing to invest into have their problem or pain solved.

If any of these 3 pieces is missing, then your choice of niche is going to hold your business back. Having a niche that is profitable is the foundation for EVERYTHING in your business.

Answering and exploring the following questions will help you discover a successful niche:

PASSION (You)

  • What do you love to do? What areas are you passionate about?
  • What are you good at? What are your areas of knowledge or expertise? What skills have people paid you for in the past?
  • Which problems or results do you enjoy helping people with the most? What impact do you want to have in the world?
  • What ideas do you want to share?
  • What do you enjoy learning about?

PAIN (An Urgent Pain Or Problem That Many People Have)

  • Make a list of all the problems you help (or have helped) clients with.
  • What problems would your tribe pay the MOST to resolve or get rid of?
  • What primary emotions are people with these problems experiencing?
  • What results and outcomes would your tribe be willing to invest into getting?
  • Have you determined whether people are actually paying for these results?
  • If you could be well known for solving a particular type of problem, what would it be?

PEOPLE (Your Target Audience or Tribe)

  • What groups of people do you want to serve?
  • Are there particular places where your tribe hangs out or congregates?
  • Are there specific groups of people who often have the pains and problems mentioned above?
  • What groups or communities do you belong to? If you're a member of your own target audience, then you can understand what challenges they have and the results they want.
When you commit to a niche, it becomes absolutely effortless for you to attract clients.
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How Do I Know If I Can Make Money In My Niche?

How “hot” is your niche? Find out by checking out the 7 Characteristics of an Ideal Business Niche

Download the free PDF: “The Definitive Guide to Finding Your Profitable Niche”

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The Definitive Guide to Finding Your Profitable Niche | Bill Baren
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