Let's start with...WHY vs. HOW.
Our go-to instinct when figuring out any problem or answering questions is to ask how.
• How are we going to solve this?
• How are we going to answer this?
• How are we going to improve this?
But perhaps we stop concerning ourselves with HOW and ask ourselves WHY?
Why is narrowing your niche going to attract ideal customers or clients that ultimately increase your bottom line? If you can answer why, then how will follow.
Grab a friend or business partner and try this exercise. Start with one tidbit on WHY you started your business. Have your partner ask you "And why is that important?" Follow this pattern until you've been asked WHY five times. The results are eye opening!
KNOW YOUR WHY
• Why are you in business?
• Why is your business unique?
• Why does your product or service help your customers?
Ask yourself these question and be sure to record your answers. Too many times I talk to clients and they haven't written this all down: "it's in my head." And I get that. But if you're like me, my why's and one million other things are in my head too. I'm bound to forget it unless its recorded somewhere. Plus, writing it down allows you to reference it everyday. And referencing your why's everyday only enforces your understanding of your business and conviction when it comes to telling your brand story.
Whether you have a service based business or product based business, you are building a brand. Like any other “thing” you build, you should have a strategy. And this too stems from your why. Which explains the reason it's such a pivotal starting point.
WHO DO YOU SERVE?
The answer is not everyone. We have a natural inclination to want to serve everyone, but the truth of the matter is our business is not for everyone.
Identifying who your business helps, is the first step to achieving success. This is where target marketing comes into play. It's important to understand demographics are not enough, so I encourage you to dive deeper by asking yourself these questions:
• Who is your perfect customer? Build an avatar. I’ve even built a vision board. If you need it, this is your permission slip to break out the magazines, scissors and glue stick; get crafty!
• Why do they need your business? One of the most important questions to ask yourself, because as we all know, there has to be a need you are fulfilling.
WHATS YOUR STORY?
Do you have one?
Building a business means building a brand. Building a brand, one that is successful I might add, means having a story. You are not in the business of selling your product or service, despite what you might think. You are in the business of selling the story behind your product or service. This is what people buy. This is why people become loyal customer/followers. They, in someway, can relate to the story that you are telling.
This is where all these points come together, because If you don’t believe in the story behind your product, why would your potential customers?
WHAT DOES THIS HAVE TO DO WITH MY BOTTOM LINE?
Taking the time and energy to dive deeper into your business and identifying that niche is how you’re going to connect with the perfect customer. Thats when everything starts to align: your story, your product/service, your messaging, and your overall branding.
At this point you’ve positioned your brand and let me tell you - there are people out there looking for what you offer in your business - ideal customers. The same ones YOU are looking for, to serve, to help. But without doing this work, how will THEY find you?
That’s how you increase your bottom line: positioning your brand so clearly, that customers CAN find you.