How to Find Your Target Customer Niche in 5 Steps
👋 Hello! This is a free preview of today's paid post. If you have a moment, please fill out this quick survey so that I can write better content for you: How to Find Your Target Customer Niche in 5 StepsFollow these 5 steps to define a niche for yourself - it'll make everything else easierDear subscribers, Today, I want to share how you can find your target customer niche in 5 steps.
So let’s cover 5 steps that you can take to find and validate your target niche. Why niche down?Here are two examples of why niching down matters: a) Niche down to find a jobI started looking for a job over a year ago in a tough market. I targeted companies that:
I was able to land several offers in 2 months. When I interviewed outside my niche, it usually didn’t work out. If you’re looking for a job in today’s difficult market, it’s more important than ever to find a niche where you can stand out as the ideal candidate. b) Niche down to boost salesImagine that you’re selling a course on time management:
Put yourself in the shoes of a B2B power tools professional. That $1,997 course will seem tailor-made for you. You’ll pay a premium because there’s nothing else like it. The riches are in the niches, so let’s cover 5 steps to find a great niche for yourself. 1. Start with what you wanta) What gives you energy?“The audience comes last. I’m not making it for them, I’m making it for me. It turns out that when you make something truly for yourself, you’re also doing the best thing that you possibly can for the audience.” — Rick Rubin This quote might sound crazy to product managers who are trained to solve other people’s problems, but I’ve found it to be true for my creator journey. What’s more important than what the market wants is what you want. Everything becomes easier when you’re solving problems that you care about. So ask yourself: What can I work on or talk about for years without getting bored? For example, people are willing to pay alot for PM interview prep. But I can only talk about this topic for so long before it bores me out of my mind. In contrast, I can talk about crafting great products and creator businesses for years. So understanding what you want is priority #1. b) Where do you have credibility?There are two ways to build credibility in a niche - as an actual expert and as a curious beginner. Let’s take the “AI productivity” niche as an example:
The truth is: People often learn best from those just two years ahead of them. So think back to two years ago. Since then:
For example, two years ago I had no idea how to build an audience or a creator business online. Making progress on both has led to great opportunities and connections, so I want to share what I learned with readers like yourself. So consider targeting people who share your goals but are two years behind. You already know exactly how to help them achieve the outcomes that they want. 2. Craft an ideal customer profile (ICP) hypothesisNow that you know what gives you energy and where you have credibility, it’s time to craft your ideal customer profile (ICP) hypothesis. a) Draft your ICP hypothesisAn ICP hypothesis is simply an educated guess of who your ideal target customer is. Taking the time to create this hypothesis will help you find real customers later. Here’s an example of an ICP hypothesis for this newsletter:
#7 is the most important point. You want to make an educated guess on the specific outcome that your ICP wants to achieve. It can’t just be to “ learn about X,” it has to be an outcome that will improve their life in a meaningful way. b) Sanity check your ICP against four criteriaTo build a business off your ICP hypothesis, it needs to meet four criteria:... Keep reading with a 7-day free trialSubscribe to Creator Economy by Peter Yang to keep reading this post and get 7 days of free access to the full post archives. A subscription gets you:
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