Are you struggling with how to choose your niche market? Maybe you have a couple of niches and want a way to test them to discover which will be the most viable. If this concern is keeping you from launching your business or moving to the next level, here are a couple of ways to approach making your selection. A lot depends on how big your list is.
If you have several thousand people in your data base, you can test which niche market is most viable by segmenting your list. You actually create two different marketing messages and send each one to just half of your list. For example, send the first niche message to A-M in your data base and the second to N –Z. If your current data base is all in one big list, this can work well.
On the other hand, if you already have separate data bases for each niche market – that makes this process even easier. Simply direct your niche messages to the appropriate list. You’ll probably need to send a series of emails before you can draw any solid conclusions. You might need to offer a couple of program ideas to successfully determine which niche market holds the most opportunity for you.
When your list is smaller (less than a thousand), it’s difficult to conduct a proper test of your niche market. For example, if you have 500 people and 30% open the email (which is a high percentage) the number who take action could be very small, making it difficult to learn anything. The response numbers will be just too small to come to a clear conclusion.
Believe it or not, what I recommend for the client who has a smaller list might sound like heresy – go ahead and market to both ideal client groups. Thomas Leonard who founded Coach U and Coachville and is seen as the grandfather of life coaching said the best way to find out what your best niche is, is to coach 100 people. After coaching this number, you will know who you absolutely never want to work with and who you love working with. And that is a big enough sample size to know about your ideal client’s finances and things like that.
This is a longer approach, but with a small list, it would be difficult to figure out how viable your niche market is in a short period of time.
If this sounds like your situation, the best thing to do is create an umbrella marketing message to cover both niche markets. This way, you can easily speak to both groups with some tweaking, without having to create two completely different approaches. Over time, the best niche market will become obvious.
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Have you chosen a niche market? If you are struggling with narrowing your ideal clients down to just one group and feel you have more than one viable option, take time to test this out. Whether you do the email testing method or the longer method marketing to both groups, you will learn where your best money-making option is.© Copyright 2013 Fabienne Fredrickson