Product-Market-Fit: Niche, Transformation, Offer, & Pricing For Your Coaching Biz Or Agency 🔍⏩🎁💲

All right so in this video we're going to be going over determining the right Niche transformation to offer and pricing let's get right into [Music] it this is the bird's eye view of what we're going to be covering today standard operating procedure for one determining the right Niche so the different steps such as one self-reflection and assessment two market research three ideal client Persona creation four Niche validation and then step two um in the process is determining the right transformation to

Offer so step one understand client pain points and desires step two Define your transformation step three validate your transformation and then three is determining your right price so one step one is cost analysis step two value based pricing step three market research step four pricing strategy and then extra tools so Google Trends Sam Rush Buzz Sumo customer development interviews Hub spots make my so there's a bunch of tools here we'll go over them Frameworks and methodologies we'll go over those as

Well so determining the right Niche all right so here is a diagram the Micro Niche pyramid so here's what we see health insurance then health insurance UK Private health insurance UK and then Private health insurance UK for the over 60s right as you can see every level there's it's more dialed in it's more honed in and we like to say for every level there's a different devil so if you're just targeting health insurance you know it's very Broad and your messaging

Your offer and everything is going to be a lot different than if you're specifically targeting Private health insurance UK for over 60s right now step one self-reflection and assessment so think of your strengths and passions reflect on your past experiences and qualifications and identify areas where you have proven expertise or unique insights and guys a lot of these steps and things we've covered in other videos and this is more of just a bonus training all right just to really let people

Flush it out and the reason I'm doing a few of these is because when it comes to Niche and offer and messaging you can never rehash and rear uh it enough and think about it and hear it in different perspectives and in different ways so there are a lot of new things in here but at the same time it's kind of an overview and a lot of the stuff we we already touched on and you know and whatnot but anyways step

Two market research conduct Market opportunity analysis use tools like Google Trends sem Rush Buzz Sumo to identify trending needs gaps and opportunities in the industry all right it says coaching here in a lot of places but this applies for any business whether you're marketing agency service based business all right now research your competition using SWAT analysis all right so you can check out this guide here there's also a video on SWAT analysis how to do it identify areas where your competition

Competitors are lacking and where you can stand out step three ideal client Persona creation so use customer development interviews to gain insight into your potential client's needs and challenges develop an ideal client Persona using tools such as hubs spots make my Persona this should guide your Niche choice and help you tailor your services to your ideal client's needs also guys of course the stride foundations um systems workbook is going to be pivotal for all this stuff you haven't watched that training

Go watch it and a lot of these trainings will feed into that so you can pretty much take the information from a of these Chang and just plug it into there all right now step four and that's like a central Hub all right step for Niche validation test your Niche using Lean Startup principles create a minimal viable product MV or if you're if it's a course MVC or service so mvs to offer potential clients and gather feedback conduct surveys to your

Network or in relevant online communities to validate your chosen Niche two determining the right transformation to offer so step one understand client pain points and desires use the information gained from your I ICP and customer development interviews to understand their biggest challenges and desires step two Define your transp transformation so apply the spin selling technique to identify that transformation you're uh off that you can um offer and the spin selling model which stands for situation problem implication and need payoff is

A sales technique developed by Neil rakman it's used to understand the client situation and needs identify and explore potential problems they are facing discuss the impl implications of these problems and finally present the need payoff which is essentially the benefit the client would get from using your services or products to apply this model uh to define the transformation your offer for your offer follow these steps so situation understand the potential client's current situation your goal here is to gain a comprehensive

Understanding of the potential clients's current situation use questions that help you to explore their current situ uh circumstances needs and objectives so what is their current situation both personally and professionally what are their long-term and short-term goals what are primary responsibilities and concerns and we cover a lot of these we have like a even a script for you that um you probably would have seen in the other training for doing like interview uh style um you know questions and research so

Two problem identify problems in your potential client Uh current situation so once you understand your client's current situation you can begin to identify potential problems or issues they might be facing these could be challenging preventing them from reaching their challenges preventing reaching their goals or factors that are causing them stress or dissatis dissatisfaction what are the problems they're facing in in achieving their goals what are there any issues in their current situation that is causing them discomfort what are their biggest

Challenges right now and then three implication understanding the implications of these problems after identifying these problems it's crucial to explore the implications of these problems if left unresolved this stage involves demonstrating the urgency and importance of addressing the identified issues what is the impact of the problems on their personal or professional life how are these issues affecting their performance or happiness if left unresolved how are will these problems influence their future and then for need payoff presenting your uh you know

Service or offer as a solution the final stage is where you will present your transformation um the transformation your service coaching or product can offer this is your solution to their problems and the benefits they will get from working with you make sure to tie in the benefits directly to the problem and implications discussed in the previous steps how can you your offer help them overcome their identified problems what are the benefits they can expect from your offer and how will

This their situation improve once they're undergone the transformation for your offer remember the spin selling technique is based on the understanding of empathizing with your potential clients this isn't about selling a generic solution about but about tailoring your offer transformation to address their unique problems and aspirations and we have a very very in-depth um and thorough sales training module and section so um in terms of all that stuff you once you get to that section you're going to you know become

A veteran and once you really digest that and internalize it and start implementing it and see the results so um it's we go way more in depth anyways so throughout this process it's essential to keep open communication listen listen actively and provide responses to show that you understand and value their perspectives and then this builds trust and shows your potential clients that you genuinely care about their transformation and then step three validate your transformation so present your proposed transformation to a

Small group or potential clients or peers for feedback use focus groups or one-on-one interviews refine your transformation based on the feedback step and then three determining the right price so step one cost analysis calculate your cost this includes both fixed and variable cost cost associated with providing your service this gives you the Baseline for your pricing step two value based pricing understand the value you are providing to your clients reflect on the transformation you're offering and how will impact your client's

Life or business use the van Weston D dorp's price sensitivity meter to ask potential customers at what price they would consider the product to be priced so low that they would question its quality to be a bargain getting expensive or too expensive all right so that's a strategy that you can ask um you don't need to do all these strategies this is just kind of like more strategies you can use I'm not telling you you must do every single one of

These strategies because some of them may may or may not really be your you know work for you but some of them even if you may not feel like they are and you're not really getting it not it's things aren't clicking you should try them because um that could potentially be what you're missing in order to get that feedback from the market or whatever the case may be all right step three uh market research research the Market's rates for service for

Similar Services consider the prices of both lower end and higher-end services use competitive positioning to understand where your offer stands compared to competitors and then step four pricing strategy develop a tiered pricing model providing different levels of service at different prices now this is not necessary this is just potential like I said and then ensure the pricing reflects the value you're providing and is aligned with your brand positioning so ultimately you know if you're just starting out you don't need to

Have like all these different tier prices and all these different things you can keep it very simple but this is like this whole thing of defining your Niche transformation offer price it's like a long-term thing and even when you're doing really good you're still going to be doing this like if you're hitting 50k months 100K months even 30k whatever you're still going to be working on this foundational stuff like you're going to be tweaking it constantly for for years right so

These are things that you may not need right now but I'm giving you the tools and different strategies so you know that they're there and whether you use them now or later or you don't use some and use some that's what this is for all right now remember the process for determining your Niche transformation and pricing is iterative like I just said and as you gain more experience and feedback you'll refine these aspects to better serve your clients and grow your

Business so some extra tools that you can use that uh you know may help you along this process so Google Trends Sam rush and Buzz Sumo these are digital tools to help understand market trends and audience so Google Trends show you how often a term is searched over a specific time find it here all right we link to all them sem Rush is a comprehensive SEO tool for keyword research competitive analysis and more it's a pretty pricey one I believe believe

It can get pricey but I think the basic one's like at 90 bucks um you don't need these right this is free uh I believe this is has a free version this is more of an advanced tool that and you would need to maybe know a bit about kind of SEO keyword research for that we're not going to get into that um in this video um it's really not necessary it's more like it's more advanced it's more you know icing on

The cake I I would say but it it can be very you know um very beneficial as well at the same time um now Hub spots make my Persona so an iterate interactive online tool that guides you through the process of creating a buyer Persona which represents your ideal customer access it here all right Google Trends um I believe we already had that yep we already had that so just delete that got Uber suggest so this is a tool by Neil

Patel he's AAL guy marketer guy kind of like uh sem Rush as well so provides keyword ideas content ideas and website audits it's useful for research and validation you can access it here I believe it's paid so it's not necessary um these are just extra tools like I said answer the public so this tool provides insights into questions people are asking on particular topics or keywords it can help identify needs and problems of a potential Niche you can find it here

Facebook audiences sites provides demographic and behavioral data about audiences on Facebook which can be help you understand car characteristics of a niche access it from your Facebook ads manager here LinkedIn website demographics provides demographic data about your website visitors including their job titles companies Industries Etc you can find it within linkedin's campaign manager here uh Google Keyword Planner this is a tool from Google can provide insights into the volume and competitiveness of different keywords related to your Niche helping you understand

The demand and competition and then Reddit and Niche specific forms these platforms can provide raw insights into potential audience's thoughts feelings and discussions giving you a better understanding of your Niche you can find it here and there's also a few other tools like there's some good tools on app suumo or tools that start on appsumo um off the top of my head um there's a few may make some more videos on those but ultimately like these are just bonus tools that

You don't need to use all these you don't even need to technically use maybe really any right maybe a few um but uh Frameworks and methodologies Lean Startup methodology these are just a Frameworks and methodologies that uh are kind of within the whole def finding your Niche offer and all these stuff so these are things you could potentially look more into or you could potentially just know okay this is what it is to give you some kind of um understanding so

Lean Startup methodology this methodology developed by Eric re encourages entrepreneurs to create a minimal viable product MVP you may hear this word used a lot or MVC minimum viable course or mvs minimum viable service and it measures its Effectiveness in the market learn from experience and build on the learning in iterative Cycles you can read more about it in Reza's book The Lean Startup here customer development interviews this involves talking directly to potential customers to gain a deeper understanding of their

Needs desires and challenges there's no specific tool for this but you could use video conferencing software like Zoom or remote interviews van Weston dorp's Price sensitivity meter at a market research technique to for uh determining cust Consumer Price preferences it involves asking a consumer at what price they would consider a product to be too expensive too cheap a bargain or getting too expensive um and then pyramids of influence a framework that helps identify the key players of a niche from thought

Leaders to Casual enthusiasts and understand their influence or piece of marketing product uh product price place and promotion uh this framework can help help you understand and plan how to offer a product or service to your target audience in your Niche empathy map so this is a tool that uh teams can use to gain a deeper insight into their customers it helps understand the needs and motivations of a potential audience within a niche empathy map worksheet is right here and there

Is a video as well that you can watch on that the Eisenhower box a productivity tool that can be applied to help product product uh prioritize your Niche refinement uh tasks it's divided into four categories urgent and important important but not urgent urgent but not important and not urgent and not important the story brand framework this seven-part framework by Donald Miller helps businesses clarify their brand message it can help you refine uh how you communicate within your Niche Blue Ocean strategy

This strategy involves creating uh a new uncontested market space a blue ocean rather than competing in an exist existing Market a red ocean and you can learn more about it in the book Blue Ocean strategy by wchan Kim and Renee um mourn mour however you say that right here and then jobs to be done framework um this consumer Focus framework suggest that people's people hire uh hire products or services to get specific jobs done it's useful for understanding the task of

A potential Niche needs to accomplish which can inform product or service development learn about more about it here orders five forces framework this model helps and analyze the competitive landscape of a market it considers competitive rivalry supplier power buyer power threat of substitution and threat of new entry learn more about it here and guys don't be overwhelmed you don't need to learn all these Frameworks these are this is like the resources section of uh you know you know of this training

These are just additional things you can look into and the main ones that could be useful did videos on them and provided a worksheet so um SWAT analysis this is a strategic planning technique used to help a person or organization identify strengths weaknesses opportunities and threats related to business competition or project planning a detailed guide to conducting a SWAT analysis can be found here it can be useful uh a useful tool for identifying opportunities within potential Niche and understanding where you

May have an advantage over competitors and the worksheet is here and then Tam Sam and sum analysis this is a potential method of uh of Market sizing to evaluate the potential of a market Tam stands for total addressable Market Sam for serviceable available market and then Su for service serviceable obtainable Market this framework can help you understand the potential Market size of your Niche a detailed guide can be found here um actually a detail guide here I'll give you the worksheet

So this actually a worksheet that we did a video on so you can check it out and watch the video and then customer development model this is a four-step framework developed by Steve blank allows businesses to discover and validate their target market business model and growth strategy it's useful for understanding the needs of your customer within a niche you can learn more about this in blank's book the four steps to the Epiphany and it's right here all right and then the

Value proposition canvas developed by Alexander auster waler and this tool helps businesses ensure that their product or service is positioned around what their customers value and needs uh it can help in refining your Niche to be better catered to your target audience a detailed guide can be found here and each of these tools and Frameworks provides unique ways of understanding and analyzing a potential niche market utilizing a combination of them will give you a comprehensive understanding of your chosen Niche all

Right so guys this is like giving you more than you technically need I'm just showing you because this is something that over time you may run into issues and I want to make sure you're equipped do in these this is kind of the step-by-step uh process we've covered a lot of this in other videos right here and then these are extra tools just that you can have in Your Arsenal I'll give you more in other videos as well different specific ones

And show you how to use them um potentially and then these are just different Frameworks and methodologies you'll be able to have in your vocabulary you'll be able to understand them and some of them you may be able to look into and some of the main ones that I believe are most useful I did a specific I have a specific guide and provided them for you within a worksheet on how to specifically use them and that's things like empathy map uh

SWAT analysis um and ham Sams um and a few different other ones but some of these you won't even need to do right off the start over time you'll be doing you you may be needing to do more um SWAT analysises with your team and stuff like that but this also will help within the niche selection process and just like I said this is a constant process it's an iterative process that's how I want you to think of everything when it

Comes to defining your KNE transformation offer and pricing if you're completely new and you don't have any of that this process like you can still have success in your business within this time frame that I'm about to say but like it's it's could take you know any months to a couple years to really really dial it in that's but you you can still have does doesn't mean you're not going to be able to succeed when it's not fully dialed in but

I'm talking about really honing in these things and really getting an offer a transformation and a niche and the pricing right dialing it all in um if you're 100% new and don't have any of that um it's a process right now now that you're going through this training and implementing things it it's going to accelerate that a lot but um just be ready cuz even at this point where we're at we're still doing a lot like a lot of these things

Consistently dayto day it's something we're always iterating and improving on it's really like you can never fully Master this stuff all right everything's consistently Chang changing so that's kind of the the Paradigm I want you to think about this stuff with other other than that guys I hope this helps if you have any questions definitely reach out to us and other than that I will see you in the next video guys keep hustling keep grinding and of course guys accelerate your

Stride take care