{"id":2340,"date":"2019-06-10T04:45:25","date_gmt":"2019-06-10T09:45:25","guid":{"rendered":"https:\/\/ellevatedoutcomes.com\/?p=2340"},"modified":"2026-06-24T13:05:25","modified_gmt":"2026-06-24T13:05:25","slug":"the-riches-are-in-the-niches-target-market","status":"publish","type":"post","link":"https:\/\/zudigitest.com\/ellevatedoutcomes\/the-riches-are-in-the-niches-target-market\/","title":{"rendered":"The Riches Are in the Niches: Target Market"},"content":{"rendered":"\n

Here’s an all-too-common conversation that makes the hair on my arms stand up: I’m talking to a business owner, trying to learn more about his \/ her business, and I ask who their clients are. And they reply, “Everyone.” <\/p>\n\n\n\n

There aren’t many wrong answers in business. After all, one of the big jokes in b-school is that the right answer on the test is always, “It depends.” However, here’s your exception: “Everyone” is, in fact, the wrong answer to this this question.<\/p>\n\n\n\n

If you’ve ever seen the Netflix series Stay Here<\/em>, real estate marketing expert
Peter Lorimer<\/a> says something corny and <\/em>catchy<\/p>\n\n\n\n

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The riches are in the niches.<\/p>\n<\/blockquote>\n\n\n\n

When you think you have your niche, niche down three more times. Be so precise that you’re not sure it’s even possible to get more precise. Here are three steps to get there… riches are in the niches
<\/mark>
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1. Examine your current business by revenue.<\/h2>\n\n\n\n

Pull up your revenue numbers for the past year. Break your revenue* down by by product line or customer segment – whichever is more relevant to the way that you currently have things organized. <\/p>\n\n\n\n

*Bonus points if you can do this by profitability, not just revenue.<\/p>\n\n\n\n

For example, we have four product lines at Ellevated Outcomes: Dreaming of a Creative Career; Launching a New Business, Taking Things to the Next Level<\/a>, and the Business Manager (the last is by invite only, hence not on our website). So when I take a fresh set of eyes to this analysis each year, I look at revenue and profitability, organized by these four product lines.

<\/p>\n\n\n\n

2. Separate out your top product or customer segment.<\/h2>\n\n\n\n

Part of the reason I’m so emphatic about looking at the numbers is that many of us operate from our gut. We think that we know the answers to some of these questions, or we feel <\/em>like x, y, z; but I’d suggest checking that gut and confirming if our inclinations are true. I’ve never met someone who didn’t learn – at least a little more – about his or her own customer base by going through this exercise.<\/p>\n\n\n\n

Once you have this segment clearly identified, identify the most common and obvious characteristics – ones that you probably already know from your market opportunity<\/a>.

<\/p>\n\n\n\n

3. Drill (way) down. riches are in the niches<\/mark><\/h2>\n\n\n\n

This is where those of us who love detail and analysis get to do the happy dance. Take the “common and obvious characteristics” from step two and think about how you can break these down even further, into both tangible and intangible characteristics. <\/p>\n\n\n\n

Tangible looks like things that are black and white – demographics, for example. Intangible characteristics take more insight because they sit below the surface; but they’re actually much more telling. They’re psycho-graphics and subtleties; this is how we learn about why <\/em>someone is buying from you.<\/p>\n\n\n\n

For example, in our current work with a Nashville-based bridal shop, our list of questions looks like…<\/p>\n\n\n\n