INDEED, WHY DO YOU HAVE A NICHE PROBLEM?


INDEED, WHY DO YOU HAVE A NICHE PROBLEM?

Hyper-growth companies have perfected in nailing a niche. If you are facing a niche problem, then it’s the main hindrance stopping you from growing your business and achieving predictable revenue.

Why is there a niche problem in the first place?
When you have realized that there is a niche problem, it’s vital to understand why and what to do about it. 

In businesses, the early adopters will mostly comprise of networks, friends, their friends and some more people who get what you offer. This helps your business to get into momentum and grow big. But when you hit that $1 million to $10 million mark, that’s when the phase of ‘plateau’ starts. 

The previous word-of-mouth marketing and referrals will begin to run out. This is the indication that you have to figure out how to evolve your business from the early adopters to the mainstream buyers. These mainstream buyers can be those who don’t get what you do instinctively and won’t trust you enough as your early adopters did.

This painful difference requires ‘bridging the trust gap’ between:

I. The early adopters
II. The mainstream buyers

The trusting early adopters on one side
These early adopters can be your parents, friends and other acquaintances who know you and trust you. Therefore, when you ask them to sit down and review your offerings, they are ready to spend time on it, even if it doesn’t make any sense to them.

Apart from these people who know and will buy what you offer no matter how crappy it is, there are a few others who are ready to invest their mental energy to understand your product. Even when your website is worse and the product descriptions are all over the place, they intuitively get what you are trying to put across. They also give a lot of leeways which actually becomes a liability to you. You start expecting others to give you the same leeways which is a rude awakening to your business.

The no-trust mainstream buyers on the other side
These are people who don’t know you or your business. Therefore, they aren’t interested in giving much attention to you. All you may get is a tiny sliver of attention after which they move on. This small window is all you have to impress and convert. Since they don’t know you, they aren’t ready to give you any leeways. 

How can you bridge the trust gap?
If you want to nail your niche, you must know how to bridge this trust gap and market better to convert the people who haven’t heard about you or your business. There are two things you can do:

1. Figure Out How to Get Your Message Across Within That Short Attention Span
When you have not more than three seconds of attention, it’s similar to the mental attention of a fourth-grader. Therefore, the message has to be so simple that they understand it within a second of reading it and are ready to act on it. This is why many stress on shorter cold emails and short videos.

Make your messages shorter, so that it fits into their attention span, and simpler so that it’s easier to understand for your prospects within that short attention.

2. Expand the Attention You Get
Have you heard of dinosaur-brain thinking? This kind of thinking is more about reacting than logical and conscious understanding. The contrasts in the visuals, newness, surprises, and movement are those few details that appeal to our dinosaur brain before it hits our conscious thinking. 

This is one of the main reasons why you see lots of ads with contrasting background colours and attention-grabbing headlines for videos and blogs with attractive and surprising images. 

Think about how you can appeal to the dinosaur brain. Keep it attractive, intriguing and not over-promising often.

Now you know how to Nail a Niche...
Start with identifying your niche problem and nail your niche. The FaceValue Application is all you need to create predictable revenue and achieve hyper-growth. You easily define the right target groups (Nail your Niche!), build a predictable pipeline and make sales scalable. Load the Brains with your brand information and with one click you activate all 20 Points of Purchase - the best way to create predictable revenue. Discover here how.

Interesting read for more predictable revenue: Indeed, are you anice-to-have?

 

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This blog is excerpted from: ‘From Impossible to Inevitable: how hyper-growth companies create predictable revenue’ co-authored by Aaron Ross and Jason Lemkin.

Break your revenue records. The Silicon Valley’s 'Growth Bible' makes very clear how to get to hyper-growth and the work needed to actually get there.

 

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