“Niche Down Til it Hurts…So Good”
As the famous saying goes, the riches are in the niches.
Now if you pronounce niche as NEESH, then we can simply proclaim the “Niches are in the REESHES”.
Either way, you get the point.
When you laser focus on your core customer and ideal buyer, you create the opportunity to deliver dynamic solutions that no one else can touch.
That’s right, magic happens.
Singing the right song to the right audience creates raving fans.
Side note: don’t you hate it when you go to a concert and your favorite band doesn’t play YOUR Favorite song? You drove hundreds of miles. Paid lots of money. UGH!
Well, doesn’t your ideal customer deserve your top song and smash hit every time?
So what does it truly mean to niche down?
In particular, Niche Down Til it Hurts. Hurts SO Good that is!
For those of us with low pain tolerance, this can be extremely challenging.
On other hand, for those of us with ADHD and suffer from Shiny Object Syndrome, Niche Down Til It Hurts keeps us on track.
“Niche Down til it Hurts actually feels SO GOOD”. Especially when you see the powerful results.
No pain, no gain!
Well, let’s share a little journey together to explore how to niche down to UNLEASH those REESHES waiting for you.
It Hurts Saying “No”…Until It Feels So Good
What do you mean I can’t be everything to everyone?
Everyone likes me and loves my solutions, right?
Well, when jumping into entrepreneurship rather on your first month or 360th month, maintaining a laser focus on your core strengths and ideal customers plays a critical role to your success.
Especially when times are tough. It is extremely tempting to say YES to anyone willing to hand over a payment.
Cash is King, right?
Rejecting cash is extremely painful.
Telling a customer “thank you but no thank you” hurts.
“This is going to hurt me much more than hurting you”, comes to mind.
However, taking on a bad customer that breaks your system hurts MORE than rejecting them.
It also hurts telling an existing customer, one that is simply no longer in your wheelhouse, that you can no longer service them.
The reality? They simply no longer fit your formula.
Niche Down by Just Saying No
For example, a customer consistently paying you 90 days when you have 30 day terms is no longer acceptable. Especially those customers who live a lavish lifestyle and still pay you late all the time (You know exactly who I am referring to).
“Yeah, but they buy lots of product.” Yes, because you became their bank and credit line.
Another example is when you go out of your way to service a customer. WAY out of your way. Literally or figuratively.
Physically delivering products outside of your geographical reach or territory also hurts more than simply stepping away.
“Yeah, but they buy lots of product too.” Yes, but when you account for delivery time, mileage and labor costs, those precious sales failed to cover the additional expenses. Throwing away money every time you make the delivery.
How about when customers keep ordering items not on the menu? (not just at a restaurant, this occurs at any business)
“Our chefs and kitchen staff constantly complain that customers order outside of the menu which bogs down our system. However, we hate to upset the customer and say no.”
“The customer is always right, right?” Not always.
Providing excellent customer service is certainly a healthy strategy and creates a strong competitive advantage.
Yet, consistently stepping outside of your menu to accommodate high maintenance customers bogs down your system.
Plus, those who play by the rules and ordered off the menu suffer due to the time, energy and resources dedicated towards accommodating the nonconformists.
This negatively impacts team morale and most importantly profits.
Where do you draw the line?
Well, either you should consider adjusting the menu by listening intently to what your customers are requesting or stick closely to your profitable system and your current menu of options and services.
Striving to be everything to everyone will lead you to becoming nothing to no one.
Especially when you have rock solid solid systems in place. Stepping outside of your menu will lead you into treacherous waters.
Being busy is not the same as productive and profitable.
A customer who needs it “their way” when you are incapable of properly serving them breaks your system.
Doing so will exhaust your precious time, energy, resources and severely damage profitability.
The sad reality: when owning a business that struggles to earn a profit simply serves as an expensive hobby. Ouch! Now that hurts!
Bottomline is the bottomline:
My father always preached “Chase Profits, Not Sales.”
Staying in your strike zone while exposing your superpowers to the market creates dynamic results.
Therefore, “Niche Down Til it Hurts…So Good” so you can enjoy the Success and “Reeshes” that come with it!
Wrapping It Up
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