May DIG Homework - Niche Worksheet

How to Find Your Niche

I. Start with your goalsSetting goals is a great way to think about what your company is trying to achieve beyond the daily details of doing what you do. Goals create boundaries and can help you make decisions about where you spend your time.

A. What is most important to your company? (i.e. financial success, achieving goals, helping clients, doing what you love)?

B. What are your company’s goals?

C. What do you feel are the strengths of your company?

II. Analyze the situation Go to the data: You might be surprised at what the data tells you over what you perceive your niche to be. In filling out the worksheet below, think about one product or service at a time. This may result in several worksheets and will help you narrow your niches!!

A. What do you sell? (product or service)

B. What’s unique about it? (Your unique selling proposition – be specific and truthful and think about your competition)

C. What problems do your customers have that you can help alleviate with this product or service?

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D. Who is it selling to? (target market)

E. Where are they? (geography)

F. Who are they? (demographics/ psychographics)

G. Where do they congregate? (groups, events, associations, other?)

H. Are you a part of this target group personally or professionally?

I. What marketing, advertising, or PR have you done in the recent (or not so recent) past on this specific product or service to this audience?

J. What has been most successful?

K. What was not successful?

L. What does the competitive landscape look like for this product/service and this target market? (Is someone else already doing it well?)

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M. Do you personally prefer to sell this product/ service to this market?

N. What are your personal hobbies/ interests and do they align with this particular segment?

III. Narrowing the NicheAfter you have your product and service worksheets, choose a few to focus on and answer the questions below.

Now that you have the data, ask yourself:A. Who is your best customer by category? (Who spends the most money, most frequently with you)

B. Who is your ideal customer? (Ease of transaction, shortest sales cycle, least amount of “issues” ongoing)

IV. Checks and balancesNow that you have set goals, analyzed many of your product or service lines and detailed what is most profitable, easy to sell and seamless to maintain, it should be simple to weigh the facts and choose your niche market segments.

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May DIG Homework - Niche Worksheet

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