RR#121 - Niching down: outdated strategy or marketing goldmine?

You've heard it before: "Riches are in the niches."

But lately, some marketers claim niching down is outdated. That you are the niche. And niching down is limiting your business.

So what gives? Have the rules of the marketing game really changed?

Let's dive in.

Fundamentals of Sales & Marketing

Marketers like to claim the game has changed, presenting "their way" as the new solution. But as someone with over 20 years in sales and marketing across multiple industries, I can tell you this:

Tactics, hacks, and tricks come and go. But the underlying psychology of sales and marketing? That's based on human nature—and it doesn't change very much.

People need to believe not just that your solution will work, but that it will work for them. Which is where niching down becomes incredibly relevant.

Niching Down: Still Effective for Conversions

Targeted messaging drives results. Here's why:

• Landing pages and social media content addressing a specific audience’s problems and pain points makes it more relevant to the reader, which leads to higher conversion rates.
  
  It’s tough to write with that degree of specificity if you don’t niche down to a specific market.

• Video testimonials and case studies from people who are relatable to the person watching or reading them makes them more believable, and thus more impactful.
  
  When your social proof is from random people singing your praises about random things, it’s unlikely to resonate deeply enough to move the needle.

Simply put: The better you understand who it's for and what they really want, the easier it is to position your marketing and sell your stuff.

Brand vs. Offer: A Critical Distinction

But, there is a caveat, especially if you're leveraging a personal brand to sell services.

There's a crucial difference between niching your offer and your brand.

While a clear target market for your offer builds trust and confidence, your entire brand doesn't need to revolve around just one niche.

It's natural—even beneficial—for your brand to be multifaceted.

Let me break it down with my own examples:

• I sell consulting services to 7- and 8-figure service businesses, leveraging my 20 years of experience in sales leadership roles.

• Occasionally, I will be more hands on and build out sales teams & processes for equity in perfect-fit situations.

• And I run a community and coaching program teaching others to productize their expertise and market themselves online to generate high 6- and 7-figures in income.

My personal brand covers business management, sales team building, online marketing, and service productization. I even touch on lifestyle, living abroad, fitness, and family.

But each offer, and its supporting marketing, remains targeted.

My community page won't resonate with an 8-figure service provider, just as the examples in our sales playbook page won’t resonate to someone selling $20k/month in services.

Finding the Balance

For almost two years, I hyper-focused all my content on teaching people how to productize their knowledge and sell services online. It boosted sales for my coaching program but potentially overshadowed my other strengths.

A high-profile consulting client candidly told me that I was underselling the strengths I used to help him and his sales team increase sales by 7-figures as a consultant. That conversation led me to start differentiating between my brand strategy and my offer strategy.

So, in one sense, I am the niche. But my offers? They need laser focus on the markets they serve best.

The Bottom Line

When it comes to niching down, context is everything (as with most things in life).

Your brand can be broad, but your offers should be targeted. This approach allows you to showcase your multifaceted expertise while still delivering highly relevant solutions to specific audience segments.

So, has the marketing game changed? Not fundamentally. The key is understanding how to apply timeless principles in a rapidly changing digital landscape.

What do you think? How do you balance broad appeal with targeted offerings in your business? Just let me know if the feedback section below.