On today’s show, Vicky will talk on the benefits of finding a niche for your business and how it can be highly profitable to do so. Finding a niche can also be mutually beneficial for your business and for your customers. Vicky will also touch on other ways you can think about a niche and share examples on how you can identify it.
Key Takeaways:
[01:13] Why does Vicky think Japan is a splendid place?
[03:00] Why chewing gum is not welcomed in Japan?
[04:22] How would you sell chewing gum in Japan?
[05:24] The creator of Hi-Chew found a highly profitable niche.
[06:02] Joe talks about his company's niche.
[08:15] You can also think of a niche as doing something no one else can do.
[10:23] Still wondering why you should choose a niche?
[11:40] As a small business, you can't compete with the mass market companies.
[12:00] A story about Levi Straus that is a good example of finding a niche.
[16:14] The point of the Levi Strauss story…
[17:56] Do not try to reach as many people as possible because of a low conversion rate.
[18:52] You'll get a much better ROI if you find a niche.
[19:19] Joe looks at a niche from the customer point of view.
[21:27] Find your niche. Don't go after everybody!
[22:58] What if you're not a marketing professional like Vicky?
[23:42] You've got to identify your niche within your market.
Mentioned in This Episode:
http://www.businessforsuperheroes.com/podcast/