How do you choose your niche?
This is a hard question for almost everyone.
We've had so many clients in the past who had no idea who they should sell to.
Without market research, proof of concept and continuous reviews, is hard to pin down that very specific audience you need.
However, there are a few basic rules.
If you are selling a $18,000 course, it's pretty clear to me you are going to be aiming it at men and women who can afford that. And usually, that's people over 40 with a high end job or have their own company. Sure, you have the occasional prodigy, but you shouldn't market it to 18 old kids in the hopes you find that prodigy.
If you are selling houses and apartments, you want to aim for the decision makers of a family. (And you won't find them on Snapchat. Hint, hint) During my 2+ years in upscale real estate, I only met one buyer (that ended up buying, not just viewing for the sake of doing it) under 40. And he was a celebrity. Not all your clients are going to be celebrities. If they are, congrats! You are already doing better than most.
If you are selling beauty products, again, it's really simple. Everything make-up related, to teenagers and 20 something year olds. Everything skin care to 25+. It's just playing the odds. Good makeup is cheaper than good skin care. I have more buying power now than I had when I was 20. I also pay more attention to what I put on my face. If your product has something really special that can appeal to another age bracket, sure, go for it. But I'll tell you something. I'm 26, I used to be a makeup artist in my spare time and I know my makeup. I love doing it. However, I will go with my tried and true products and since I don't wear makeup that often, I'd rather not experiment too much. However, I will try new skin care products as long as the ingredient list looks good. But if you tried selling me skin care products 6 years ago, I wouldn't have paid any attention to you. Back then, paying 100 quid for a night cream seemed outrageous, but I would have happily spent 50 quid for a good eye shadow palette.
If you are selling bourbon, you shouldn't aim for college kids that can barely afford beer.
If you are selling life coaching or anything of the sort... Well, that's on you 😂. Sorry, I just don't see the point of that. But unless you are already a proven millionaire, you shouldn't aim to train millionaires or people on their way to become millionaires and who can afford those thousands of dollars. And hence you should have lower prices than you currently. The people who are going to choose you don't have that kind of income. Because whoever chooses to work with you, will look into you. And if you don't anything to show for yourself, why would they choose you? And if you are already a millionaire, that crosses into mentoring, which is a whole other subject.
And the list goes on and on.
While these may seem simple rules, business owners often forget to put themselves in the buyer's shoes. You won't sell a house on Snapchat. You won't sell your $18,000 course on IG. You can't sell your printing services to an employee. You won't get wholesale orders on social media (maybe LinkedIn but there's a debate about the new LinkedIn restrictions to be had). You won't sell beauty products using low quality pictures, because the industry is.. well, simply put, vain and widely Photoshopped. There are businesses where traditional marketing may be better suited than digital marketing. Restaurants still benefit from flyers probably a lot better than just doing social media, since you can control the exact area people get access to you. Unless you're Gordon Ramsay and you don't really need flyers.
And there isn't an exact formula I can give you to discover your niche. But you could put yourself in the buyers shoes and try to think like them. Where are they spending their time? Where are they spending money? How can you get to them efficiently?
Just posting everywhere and hoping they will find you won't work. You need a targeted aim. And it is possible you may be wrong the first time around. This is why we review our tactics every 3 months with every client.
I hope this may have shed some light.