July 24, 2011

5 steps to get rich in your niche


In my last post I told you about the importance of having ONE very clear ideal client to focus your marketing efforts. When the light bulb turns on for the coaches I work with around this simple concept, it opens up a brand new perspective about how to attract and reach their ideal clients. I love sharing the reasons why having one ideal client is so important.

In this post, I want to give voice to how knowing your ONE ideal client intimately well helps you grow a very strong and profitable niche.

I define niche as having a clear and purposeful arena in which you serve your ideal client. Your ideal client group may expand over time but the work you do is what you really want to develop. A solid niche affords the coach the opportunity to use a comprehensive approach with your client, ultimately supporting the whole client. That's what coaching is all about!

Begin by understanding my Power of One strategy:

  • Identify your one ideal client with great detail. Get to know your ideal client intimately well. Details matter!
  • Clarify one core problem faced by your one ideal client. Get to the root of the problem rather than addressing symptoms caused by the problem.
  • Determine the one solution to the problem offered by your coaching services.

As coaches, we know our client has more than one challenge she's facing so it doesn't end there.  As your relationship with your one ideal client grows, document additional problems that surface so you can revisit them and identify solutions you're able to offer with coaching.

Imagine identifying 20, 30, 40 or 50 presenting issues from your client that match the solutions you offer (your very specific coaching services). You have a product, program or service for every problem your ideal client has.  Cha-ching!!

Follow this 5-step niche-building strategy:

  1. Create, market and fill a group coaching program based on the core problem identified by your one ideal client. With your ideal client clarity, you will attract multiple clients to your group coaching program who are equally ideal.
  2. Match your coaching program to solve your ideal client's problem.  Your ideal client hires you as her coach because she wants change, help, support and resolution. You're well-equipped to handle that responsibility!
  3. Turn your program into an information product. You're also creating passive revenue and there's nothing kewl-er than that!
  4. Listen to the questions your ideal client asks and pay close attention to issues not resolved by the current program.  Opportunity is knocking and you get to be the one opening the door.
  5. Develop new programs, products and services based on each new problem. You ARE the solutions-provider after all, right?

Start back at #1 for each problem-solution combination. This process is so repeatable and tenacity is the key!

I've been where you are now and know this strategy works. I believe in it so much that I specifically train coaches on implementing this strategy in the Certified Group Coach® Program. Yes, it works that well.

Try it for the next six months and you'll be able to see your profits are way up. Now you have a really strong niche  - a clear and purposeful arena in which you serve many of your ideal clients. Most importantly, you're loving the coaching business you've created filled with those ideal clients who love you and keep coming back to you for more.

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by %author%, Comments on 5 steps to get rich in your niche »

August 2, 2011

Joe Mitchell @ 4:50 pm

Thanks for such great content. The Power of One is an awesome concept. I am ready to try it as my primary strategy to developing my niche. I'll keep you posted.

Wendy Y. Bailey @ 5:17 pm

You're welcome, Joe. I can't wait to hear how powerfully it works for you! Get ready!

September 23, 2011

Anthony Palmer @ 10:10 pm

Very powerful Wendy. I am going to start here as well. Your articles are packed with valuable information. I am going to try this power of one strategy for the next six months…..I am excited, thanks Wendy!

Wendy Y. Bailey @ 10:41 pm

You're welcome, Anthony. I so glad you've found this post helpful. I can't wait to see you soar!!

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