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The dark side of niching

nathan.fradley

In my last video, I (maybe) sold you on the benefits of niching. But it's not all sunshine and ewoks – you're going to have to get comfortable with ways of doing business that may seem counterintuitive at first.

So, in this video, let's explore some of the potential downsides of going down this path:

https://player.vimeo.com/video/1120015263?badge=0&autopause=0&player_id=0&app_id=58479

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Comments

Joel.Perryman69420

Love the Star Wars theme!
And I feel niching is even more difficult when you are just starting out, your still fresh and unsure on who you like to serve and what you really enjoy doing. Do you suggest it is better to be a generalist when starting out?

nathan.fradley

How can you know your niche if you don't know what is out there? If all you have known are the sandy dunes of Tatooine, having never sought refuge in a tauntaun to protect yourself from a snowstorm on Hoth, or done flips in the swamps of Dagobah with a tiny green man on your back - can you honestly say that Tatooine is the best planet for you?

I think when you start you need to work with as many different types of people as you can, to develop a sense of who you like working with, and who likes working with you. That can also be challenging if the adviser you work with, or the practice you work for has niched.

anthony.mcinnes

Hmmmm, yes, the production values are strong with you. I can sense it.

I like the idea of a niche. It seems to make things simpler.

However, whenever I've come back to thinking about it, I always end up with a 'type of person' as opposed to a 'person of type' e.g. someone who is happy with working through a process and is responsive vs retiring doctors.

It makes marketing very hard.

nathan.fradley

@anthony.mcinnes I actually think that's better. I think a lot of the time 80% of a person of type business, are probably very similar types of people anyway, just accidental.

My niche is a type of person; and my specialty is working with them on the issues they face. The business can then be built around that, from copy, through to communications, how advice is presented, how technology is used etc.