Episode 9 Define Your Niche

Episode 9
• Do you know what business you’re
competing in?
• Many business owners give a vague
answer.
Business Coaching Inquiries: (844) 884-8264 | titaniumsuccess.com
Specifically Define
the Business You’re
Competing in

vWhat Business are you in?
• Let’s look at a Dentist as an example.
• If you ask a Dentist what business they
are in,
• Their answer is “Dentistry” .
• Their ideal client is anyone who needs
dental work.
• This is wrong because not every Dentist
does the same dental work
• Some Dentists focus on creating a
specific environment.
• Others specialize based on region or
patient age.
• The more specific you are,
• The easier it is for people to realize if
they need what you’re offering.

v
Answer the Following Questions
to Learn What Business You’re In
• To learn what business you’re in,
answer the following:
• Is your business model business-to-
business or business-to-consumer?
• Who is your ideal client?
• What key products or service do you
offer your client?
• If you were going to be ONE thing, what
would it be and how would you
describe it?

v
You Need to Focus on Your
Whole Self to Thrive in Business
• You can do multiple things, but you have
to be 100 percent focused.
• I have six businesses in six different
industries.
• I know exactly what business I’m in for
each one.
• I can make it work because of my laser
focus.
• You can do it too!
• Focus on what makes your business
different from the competition.

vWho is Your Ideal Client?
Identifying your ideal client
comes down to three steps:
1. They must be high-
margin
2. There must be enough of
them to sustain your
business
3. You must be able to
provide them with a
high-quality product or
service.

vStep 1 -They Must be High-Margin
• Your ideal client is the
type of customer who
makes you the most
money.
• The products or services
you offer them must have
a high-profit margin.

v
Step 2 - There Must be Enough
to Sustain Your Business
• You have to be able to
reach enough of your
ideal client to sustain
your business.
• This is an extra
important step if your
business is an obscure
niche.

v
Step 3 - You Must be able to Provide
a High-Quality Product or Service
Your product or service has
to be of the highest
quality.
Getting the best results
for your ideal client is
your primary focus.

v
Having Multiple Ideal Clients
• You can have 2 or 3 ideal
clients.
• But rank them in order
of importance.
• Don’t go more than 3.
• having 5 or 6 ideal
clients spreads your
business too thin.

vWhat Happened to Blockbuster?
Blockbuster Video was
growing everywhere in the
year 2000.
• By the year 2014,
Blockbuster was
bankrupt.
• How did Blockbuster fall
so hard, so fast?

vBlockbuster Forgot Their Broader Business
• Blockbuster knew their business well at first.
• Blockbuster’s business was conveniently
renting movies to families.
• They were more convenient than the
video store.
• Then Netflix came.
• Blockbuster forgot their broader business.
• It was allowing customers to watch
movies in the privacy of their home.
• Instead of adapting to streaming,
Blockbuster got stuck on the retail
model.
• If they remembered their broad business,
they wouldn’t have lost to Netflix
• They didn’t think of streaming as a
competition to their business.

vWhat Broad Business Are You In?
• What is your broad business?
• What would do if your little niche
disappeared?
• Answer these questions and
you’ll be able to future-proof
your business.
• Schedule a business coaching session
with me to define exactly what
business you’re in so you can get
laser-focused on providing amazing
results for your ideal client.

BUSINESS DOWN
TO A SCIENCE
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Episode 9 Define Your Niche

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Episode 9 Define Your Niche