5 Reason’s You Want all 3
Everyone who knows anything about building a coaching business will tell you that you simply have to have one of each of these elements.
Some might just use the overall term ‘Niche’ but what they mean is you still need all 3 even if they all seem to be wrapped up together in a nice little package with a bow.
Sometimes it seems as elusive as the Holy Grail. It’s hard to put your fingers on each of these elements and too many people have too many different ideas about the right way to find it.
So, here are my thoughts and you can do with them as you will.
You absolutely do need all 3. You must have all 3 legs of the stool. I you miss out on one, you will be wobbly. Who wants that?
Think of it this way: Your Target Market + Pain Points = Your Niche.
Your Target Audience is a group of people you would like to work with. It is the WHO of your business.
Examples might be baby boomers or moms with young children at home, or newlyweds or divorced fathers.
Your Ideal Client is taking your Target Audience and breaking it down to who you truly want to work with. Are they in the work force, do they stay at home to care for children or parents? How old are they? What do they like to do? Ski, knit, run marathons or write books?
A key point you need to know is what their Pain Points are. What are they hurting about? Are they willing to spend money in order to fix and resolve their pain?
Next step is to put it all together. You put together your Target Audience, your Ideal Client within that Target Audience and be very clear about what their Pain Points are. Now you have your Niche. This is the What of your business.
I hope this helps explain more clearly, what each of these terms are and how important and vital they are to your business.
Let me give you 5 reasons why you want and need all 3.
1. When you have 3 elements in place you don’t have to stand there and cringe when someone asks you “What do you do?”
2. Potential clients are easier to find because you know them through and through. You know where they hang out, you know what professional groups they are involved in and you know what they read. At that’s just the beginning of what you know about them.
3. You are perceived as an expert because what you offer in your products and services speaks right to their wants and needs. You are speaking to their hearts. You can help them move away from their pain points.
4. You can plan out your business activities for an entire year because you are so clear on what they want. This makes your life much easier so you are not scrambling each month to figure out what to do next.
5. You become the expert or the ‘go to ‘person in your particular market which means you can charge higher fees for your work.
I hope this helps clarify why it’s so important in your business to have these 3 pieces figured out. It will make a world of difference in your business.
There are a lot of experts out there who can help you narrow down your Niche, your Ideal Client and your Target Market. This can be a tough piece to do on your own so don’t be shy about asking for help.
To your life and business success,
PS: Action Step to move you forward: Write a letter you might give to a colleague or
buddy coach. Write it in the format of a real letter. Dear Susie Q, I’d like to introduce you
to Betty Bop. She is a 24 year old women….and continue. I believe this will help you
clarify who your Ideal Client is and it will be fun in the process!