If you want to be successful in business, stop thinking everyone, and start thinking of someone. Understand your target audience more than they understand themselves.
A few years ago, Target was able to figure out that a teen girl was pregnant before her father did. Target studies their customer's behaviors and habits that they can predict their next purchase. I know, "Scary."
1- Find Your Minimum Viable Audience
Target customers have a different profile and habits than Walmart shoppers and are not afraid to say so. Do you understand your customers and prospect, as well as Target does? By understanding their ideal customers, they were able to find their minimum viable audience. Who is your minimum viable audience?
2- Replace The Word "Niche" With "Need."
Once you find your minimum viable audience, solve one of its biggest problems. To make it easy for you to think about the niche, replace the word "Niche" with the word "Need." Niche is nothing but a need. What do your customers need?
3- Turn Your Solutions Into Products
As you find a solution, turn the solution into a product. Manoj Bhargava, the former monk turned entrepreneur, dreamed of an energy drink without sugar, unknown stimulants, and less fluid ounces. He invented 5-Hour Energy. What are you creating?
4- Frame and Name Your Product Properly
5-Hour Energy is one of the smartest names out there. There is no guessing about the product. You drink it, and you get five hours' worth of energy. Another smart name is The 75-Hard Challenge, the program takes 75 days to complete, and it is not easy. Andy Frisella describes it in a few words, "Tactical guide to winning the war with yourself." Products with smart names make marketing and sales easier. What is the name of your products?
5- Grow a Community Around Your Products
Andy Frisella is a genius businessman. He understands how to create communities around his products. The 75-Hard Challenge is a community of hardcore individuals who are willing to win the physical and mental wars with themselves to gain a mental edge over everyone who is not in The 75-Hard Challenge. Who belongs in your community?
Once you identify and define your minimum viable audience, find out their needs, solve one of their biggest problems, turn the solution into a product, name your product elegantly, build a community around your product, and start making money.
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