How niching is one of the simplest ways to shift who your business attracts

I've spoken about niching a lot on this podcast—but here's the thing: Niching down is one of the simplest ways to shift who your business attracts. So if you're struggling to stand out and find that you're getting people shopping around for the cheapest option, rather than seeing the value in what you sell, it could be that you need to switch up what you offer. In today's episode, I'm sharing some new ways to think about niching.

- The common link between the niche you serve and your offers.
- The answers to the most frequently asked niching questions, such as "how niche is too niche?" and "won't niching limit my business?"
- How thinking about your business differently will help you to clarify your own niche.
- The 3 different ways to niche your business and the people this will attract.
- How your niche can help you stand out in an otherwise crowded, oversaturated market.


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Episode Transcript

Speaker 1 (00:00):
I think too often we will look at what our
competitors are doing, or we'll look at what everyone else
is doing, and we assume that that's what we need
to be doing, because if it's working for them, then
it must work for us. For example, if everyone's doing
Masterminds and you see everyone around you doing Masterminds, of
course you're going to think, oh, I have to deliver
a mastermind. Welcome to Imperfect Action. I'm Steph Taylor. For years,

(00:22):
I read all the books, downloaded all the freebies, and
did all the courses, but it wasn't until I started
taking imperfect action that my business had its first million
dollar year. Imperfect action is about doing things before you're ready,
prioritizing consistent action over perfect action, and moving forward even
when you're not sure you're doing it right. On this show,

(00:45):
you can expect mindset advice, actionable marketing tips, and strategies
to build a business that brings you more profit, more freedom,
and even more joy. Are you on the list to
get my daily businesses? Every day, I'll send you a
bite sized prompt designed to help you grow your business
in a more intentional way. Sign up at step Taylor

(01:06):
dot co. Forward slash DBB or at the link in
the show notes. Hey, welcome back to Imperfect Action. This
is episode eight hundred and thirty nine. Today we're talking
about what you sell and how this can impact who
your business at trunds. Now, this episode is going to

(01:28):
be a really nice, short, sweet one, but it's super
relevant for you if you're struggling to stand out in
a really saturated market right now. I know what it's
like online. I'm in one of the most saturated markets
right where I'm talking to online business owners and so
is everybody else. But if you're feeling like me right

(01:48):
now where it's really noisy online, this episode's going to
help you to stand out. It's also relevant for you
if you are noticing that you've had a lot of
people shopping around for the cheapest option, and when they
do to you, they might be a little bit painful.
They don't value what you do and they demand the
world right. You get those painful clients who just want

(02:09):
you because you're the cheapest or they're just looking for
the cheapest option out there. Now, I've spoken a lot
about Niching on this podcast, but here's the thing. Niching
down is one of the simplest ways to shift who
your business attracts. It's one of the simplest ways to
shift who your business attracts. And a lot of the

(02:32):
time we think about niching as I only serve these people.
I only work with cost creators, I only sell to
online business owners, I only work with professional women. That's
what people think of as niching. And as soon as
I talk about niching, the questions that come up are
inevitably always how do I niche down? How niche is

(02:56):
to niche? Which niche should I choose? Won't I limit
my business by niching down? And this is when we
think about niching as a way of limiting our market
rather than as a way of getting really clear about
who we want to attract and who we want to
work with. When we think about niche as limiting our market,

(03:16):
that's when we start to think about which niche should
I choose? Well I limit my business? Am I gonna
have enough people to sell to? But when we think
about niching as who do I want to serve? Who
do I want to attract? That becomes a very different gain.
That becomes you're not just niching so that you can

(03:37):
say that you've niched and tick that box. But it
becomes you're niching down to particular people that you really
want to help, or you're niching down by particular things
that you really want to do, particular outcomes you really
want to deliver. Let me put it in a really
easy to understand way. Think of your business like a restaurant.
Now in most major cities there are hundreds or thousand

(04:00):
of restaurants and they're all competing against each other for
a certain number of people who are going out for
dinner that night or lunch or whatever. And think about
the last time that you chose a restaurant. What made
you choose that particular restaurant. You probably didn't just think, well,
i'm hungry, let me pick the first one that I see,
or maybe you didn't think I'm hungry, let me just

(04:22):
find a place that sells food. To be fair, though,
that is sometimes my approach, like if I'm in a
shopping mall and I'm hungry, just give me the first thing,
because if I'm hungry and there are people around, I'm
not a pleasant person. But when you were picking that restaurant,
you might have chosen it because you were craving pizza,
you're craving sushi, or because you'd seen photos of it
on Instagram and you thought, oh, the vibe looks great,

(04:44):
or the food that that food looks like a great experience. Right,
So when we are niching down, there are actually three
different ways that you can niche that restaurant. Let's call
it a restaurant. Niching your restaurant. So the first way
is we only serve kids. This is how way too
many businesses niche. This is the the I only work

(05:05):
with high performing women. I see this a lot with
coaches as well, like business coach for creatives or coach
for overachievers. Great, that's one way to niche the other
two ways. So the next one is niching your restaurant
by saying we only serve Italian food. This is now

(05:28):
where you are niching by what you offer. So you're
not then trying to sell Italian food to someone who
is craving Japanese food, and it means that you are
not then trying to create Japanese food when you really
don't enjoy doing it and you really just want to
be making pizza and Italian food instead. And then the

(05:50):
third way is niching by saying, well, we offer a
high end experience. Niching by the kind of experience that
you deliver, and it doesn't have to be a high
end experience. Thinking like with the restaurant analogy, Right, there's
a restaurant there used to be a restaurant here, I
don't know if it still exists where you could go
in and they would blindfold you and you would have

(06:11):
this entire dinner not being able to see any of
the food. Now, that's a fun experience that not many
other places offer. So they're not having to compete against
the restaurant that's only serving Italian food for somebody who's
looking for a really fun experience, fun unique experience that

(06:31):
they could maybe take somebody on a date to. Right,
And again like fast food, McDonald's is a particular type
of experience that they deliver, and because of the experience
they are delivering, they're not trying to compete against Novu,
which is like one of the high end restaurants that
I think is pretty well known around the world. So

(06:51):
the people that these restaurants, these different niches of restaurants attract,
they are attracting different people because of the different things
that they sell. That we only serve kids restaurant, well,
if they don't serve parents, then that's going to be
a bit of an issue. But somebody who if it's
a kid's food first kind of restaurant, then parents with

(07:12):
picky eaters are probably going to prioritize going to that restaurant.
Somebody who's craving Italian food is going to go to
an Italian restaurant. Somebody who wants a really fun, unusual experience,
they're going to go to that blindfolded restaurant. Or somebody
who wants a really high end, you know, completely out
of this world food experience is going to go to

(07:32):
a high end restaurant that sells that high end experience.
So if you are struggling to stand out and you're
finding that people are just shopping for the cheapest option
rather than seeing the value in what you sell, it
could be that you need to niche down what you
are offering. You need to think about what you are
offering and think about how could you potentially choose to

(07:56):
offer just one particular particular niche right, So the Italian food,
it doesn't mean you only only do pizza. It doesn't
mean you only do one type of pizza, but it
means you aren't creating pizza and sushi. You aren't selling
pizza and sushi. Or maybe you need to think about
what is the experience? What is an experience that you

(08:18):
can offer? Right, so some questions for you to reflect
on it. Two questions for you to reflect on that. Firstly,
what could you offer? What is something new that you
could offer that nobody else in your space is doing.
I think too often we will look at what our
competitors are doing, or we'll look at what everyone else
is doing, and we assume that that's what we need

(08:40):
to be doing, because if it's working for them, then
it must work for us. For example, if everyone's doing
Masterminds and you see everyone around you doing Masterminds, of
course you're gonna think I have to deliver a mastermind
Or if everyone around you is delivering VIP days, you're
gonna think, oh, I have to do a VIP day?
Am I missing out if I don't have a VIP day?
And then suddenly you're now competing against all of these

(09:01):
people who are also offering VIP days when there might
be somebody in your market, or there might be a
segment of your market who is like, I don't want
to do a VIP day, I want a VIP week. Cool.
That's a new offer, right, and now you're not competing
against those people who are selling vip dates. The second
question to reflect on what kind of experience could you

(09:22):
offer that would attract your dream clients. If you are
wanting to attract premium clients, you need to offer them
a premium experience. Right. Premium clients will pay pay a
premium price point for a premium experience, but they won't
pay a premium price point for a McDonald's experience. So
what kind of experience could you offer that would attract

(09:43):
your dream clients. Somebody who really inspired me with the
whole experience idea is Darcy Bennenkosa. She's a photography business
coach and she I met her at a retreat that
we were both speaking at in Tuloom earlier this year,
and she talked about how one of the experiences that
she put together for her clients is they meet her

(10:05):
in Paris. So she travels to Paris a few times
a year and they meet her in Paris and She's
put together this beautiful long day for them where they
visit all of these different locations and they eat these
amazing meals, and at all of the different locations, she's
taking photos for them so that at the end of
the day they have all of their social media content sorted.
That is a premium That's an example of a premium

(10:27):
experience that nobody else is really doing. She's not having
to compete against other people because it's a one of
a kind experience. So what could you offer that somebody
would pay that premium price tag for and that will
help you to stand out? So there you have it.
Nice little, short, short, sweet episode. It actually ended up
being a little bit longer than I thought it would oops,

(10:51):
But a short, sweet episode to get you thinking about
how you can really shift who you attract just by
shifting what you sell. Now, thank you to all of
you who have been leaving some amazing reviews. I've been
reading all of them. They are incredible. So I really
want to say thank you to everyone who has I
appreciate you endlessly. And if you haven't yet, and you

(11:14):
have thirty seconds to spare right now, I'd love it
if you could please open up your podcast app and
leave me a quick rating and a review. It has
a huge impact on who chooses to listen to the show,
so I appreciate every single one and it means a
lot to me. That is all for today's episode. Thank
you so much for listening. Catch you next time.