HOW TO FIND YOUR PROFITABLE NICHES FOR BRAND STRATEGY IN 2020

NINE-STEP PROCESS THAT YOU CAN FOLLOW TO FIND A PROFITABLE NICHE FOR YOUR BRAND STRATEGY SERVICES



PROFITABLE NICHE FOR YOUR BRAND STRATEGY SERVICES



Branding 101 Is All About Positioning You Need To Identify A Position In The Market That You Want To Own So You Have A Reason To Give Your Clients That They Should  Choose You Over Your Competitors But Most Branding Professionals Don't Position Themselves Effectively You'll Find Most Branding Professionals Will Offer Their Services To Small Businesses 

Which Is The Same As Not Positioning At All Because Nobody Looks At Themselves As A Small Business No Entrepreneur Looks At Themselves As A Small Business They Look At Themselves As A Specific Business 

So If You're Able To Be More Relevant To A Specific Business Then They're Far More Likely To Look At You For Your Services So How Do You Position Yourself Effectively Well It's All About Knowing What You're Going To Offer And Who You're Going To Offer It To 
Now If You're Offering Brand Strategy Services Already Then You've Already Differentiated Yourself From 99% Of The Branding Professionals Out There So Now The Next Step Is Identifying Who You're Going To Offer Those Services To 
Now If You're Able To Identify A Profitable Niche That You Can Offer Your Services To Then You Can Go In And Own That Position In The Market And Own A Very Profitable Position For Your Business 



BRAND STRATEGY SERVICES


* IDENTIFY INDUSTRIES WITH HIGH-PROFIT MARGINS


* IDENTIFY SUB INDUSTRIES  


* ANALYSE INDUSTRY BRANDING 


* IDENTIFY THE REGION THAT YOU WANT TO TARGET 

* CALCULATE THE NUMBER OF BUSINESSES 

* ESTIMATE A CONVERSION RATE 

* ESTIMATE YOUR AVERAGE INVOICE 

* CALCULATE THE POTENTIAL REVENUE 

* RINSE - REPEAT AND REVIEW 





* IDENTIFY INDUSTRIES WITH HIGH-PROFIT MARGINS


The Reason For This Is Obvious If You Find An Industry Where The Businesses Within That Industry Have High-Profit Margins Then They Have A Decent Cash Flow And They've Got Cash To Spend On Their Branding Services 

So Go On To Google And Look For Industries With High-Profit Margins Now It Can Be As Simple As A Google Search Or You Can Get A Lot More Detailed And Granular With The Search That You're Doing


There Because There's A Lot Of Information On Google And You Can Really Go Deep In Finding That Type Of Information But Really What You're Looking For Quite Simply Are Industries With High-Profit Margins


Now An Example Of This Might Be Real Estate Agents Or Accountants Or Technology Companies So Go Out And Find What Industries Out There Operate With A High-Profit Margin And Shortlist Your Options.


* IDENTIFY SUB INDUSTRIES



So Now You've Identified Industries Operating With High-Profit Margins But Now You Want To Get A Bit More Specific And A Bit More Relevant In Your Messaging So You Can Look At Sub Industries So For Accounting Maybe You Can Look At Tax Accountants For Real Estate Maybe You Can Look At Commercial Real Estate And For Technology Maybe You Can Look At Software.


* ANALYSE INDUSTRY BRANDING



So Essentially What You Want To Do Here Is You Want To Take A Look At The Businesses Within The Industries You've Identified And Look At Their Need For Branding Services So Is There A Strong Need There Within The Industry For Your Level Of Branding Services


So When You Look At Technology Companies For Example Or The Technology Sector They Tend To Be A Little Bit Above Average In Terms Of Where They Are With Their Branding Compared To Businesses In Other Sectors But Maybe When You Look At Accounting Services Or Accounting Businesses


They Might Have A Higher Need For Those Branding Services So You Really Want To Identify The Industry That You've Looked At Or The Sub Industries That You've Identified And Look At Their Overall Need For Your Services.




* IDENTIFY THE REGION THAT YOU WANT TO TARGET



This Will Come Back To The Type Of Business That You Want To Build As Well Do You Want To Offer Your Services Globally Do You Want To Offer Them To Anywhere In The World Or Do You Want To Stay A Little Bit More Local Now Obviously The Benefit To Offering Services Globally


You Can Be Anywhere In The World And Your Market Is Much Broader The Benefit To Offering Localized Services Is That You've Got That Opportunity To Be A Little Bit More Personable Be A Lot More Face To Face And Have More Involvement With The Business It Really Depends On The Type Of Business That You Want To Build And The Type Of Market That You Want To Approach.



* CALCULATE THE NUMBER OF BUSINESSES



The Industry You've Identified And The Region You've Identified So For Example If You Identified The Technology Sector And You Identified Something Else Then You'd Be Looking At Businesses Upwards Of A Hundred Thousand There So You Really Need To Understand The Region That You've Selected The Sector That You've Selected And Identify The Number Of Businesses Within That Target Market.



* ESTIMATE A CONVERSION RATE




You've Identified How Many Businesses Are Within The Region And The Sector That You're Looking At And Now You Want To Estimate How Many Businesses Out Of That Number Could You Potentially Convert Into A Client


Now You Want To Be Pretty Conservative Here Let's Look At The Technology Sector In India Again So Let's Say We're Talking 100,000 Businesses There Now If You Were To Estimate A One Percent Conversion Rate That Would Be One Thousand Businesses But Let's Be A Bit More Conservative And Say That You Would Only Get 0.1 Of A Percent As A Conversion RatemBut That Would Still Be 100 Businesses.



* ESTIMATE YOUR AVERAGE INVOICE




So The Work That You Did Earlier In Identifying The Industry And The Level Of Branding Within That Industry Really Comes Into Play Here Because What You Want To Do Is You Want To Estimate The Amount Of Work That You Could Potentially Get From The Average Client


So Would They Need Brand Messaging What They Need Brand Identity Would They Need A Full Brand Strategy So You Can Then Work Out Based On Your Costing Based On Your Pricing How Much Your Average Invoice Would Be Would It Be Five Thousand Would It Be Ten Thousand Would It Be Twenty Thousand?



* CALCULATE THE POTENTIAL REVENUE 


From Your Sector So Let's Say For Argument's Sake It Was A Ten Thousand Average Invoice That You Identified And We Went With A More Conservative Number Of 0.1 Percent Of That Hundred Thousand Group From The Technology Sector


So Here You'd Be Left With One Million Dollars Revenue From Those 100 Clients And That 10 000 Amount So Let's Be A Little Bit More Conservative And Say That Your Average Invoice Would Be Five Thousand Dollars Instead Of Ten Thousand Dollars That Would Still Leave You With A Revenue Of Five Hundred Thousand Dollars Per Year.


* RINSE - REPEAT AND REVIEW



So You've Worked Out NowWhat Industry You've Identified And You've Worked Out How Profitable That Can Potentially Be So Now You Want To Have A Look At The Other Industries That You've Identified As Well And Compare Apples With Apples But It's Important To Take Note Here That You Don't Just Go And Chase The Numbers If All You Do Is Chase The Numbers And You Just Go After The Most Profitable Niche Without Considering Anything Else


Then You Might Find Yourself Ending Up In A Niche That You're Really Not Interested In The People Within That Niche You're Really Not Interested In The Types Of Messaging And The Types Of Brand Identities That You Might Create So Really Take The Time To Understand Not Just The Profitability Of The Niche But Who Is In The Niche What Type Of People Are In The Niche What Types Of People Are You Going To Be Dealing With What Types Of Businesses Are You Going To Be Dealing With And Ask Yourself If That Aligns With You Who You Are And The Type Of Business That You're Trying To Build


Now At The Moment Brand Strategists Are Undersupplied In Relative Terms Compared To Designers Within The Market But It's Not Always Going To Be That Way So Now Is The Time To Position Yourself Effectively So Take A Look At What It Is That You Want To Do And Who You Want To Do That For And If You're Able To Identify A Profitable Niche Then You Can Go In There And Stake A Claim For That Niche And Become The Go-to Brand Strategist For That Industry.


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