In our digital world of online shopping, emerging brands, and competitive markets, it can be easy to dismiss your own business idea, no matter how passionate or skilful you are. But have you ever thought you might be blocking your own path by creating a problem before you even get past the first breath of inspiration? Not thinking about your ideal customers and who you’re selling to is a huge mistake.
I had this conversation the other day with a friend.
“I’d really love to start my own protein supplement brand, but the market is so saturated. There’s no point,” he said.
Oh, I was triggered! Immediately, I had 2 major problems with that statement.
One–I absolutely cannot stand to hear people speak negatively about an idea they have (especially before they know their perceived problem to be true).
And two–WHO SAYS the market is “oversaturated”?!
Not to mention the third issue–the total lack of confidence he had projected just in saying that one thing. If you know me at all, you know I will believe in your dream so hard that it feels like a punishment if I catch you speaking that way about yourself, your idea or anything remotely related to your potential for success. Don’t you dare talk about yourself like that.
Now, I know you’ve had that same negative thought pop up at some point–something that you think is an issue, without actually knowing for a fact. My friend’s assumption about a saturated market, meaning there are already too many companies doing the same thing, was something he perceived to be true.
He assumed that, because he knows a lot of supplement brands, there wouldn’t be room for one more. And you know what I say to that? FALSE.
How many times have you assumed that about what you currently do (or any idea you have)?
Do you think Nespresso said you know what, there are just too many coffee brands–why should we even bother? Absolutely not!
Or what about Apple? Ugh–there are just too many electronics out there, do we really need to create more? Imagine if Steve Jobs said it’s all been done, I might as well become an accountant. No way!
Think about Lululemon. Sure, you can find tons of yoga pants and activewear online for a much cheaper price, but what makes people keep coming back to buy their brand? (Seriously, their customers are some of the most loyal consumers ever.)
All of the above companies have 3 things in common, regardless of the price tag or amount of other options out there.
- The quality of their product or service
- The feel and message of their brand
- The subculture of customers they attract (niche)
Who you sell to is more important than what you sell. Here’s how this is also applicable to you and your brand.
The quality of your product or service
When you are good at what you do, it shows. Whether you make hand-knit sweaters for kittens, you’re a Virtual Assistant for Korean Entrepreneurs, or you own and operate a specialty coffee shop by the beach, every ounce of love you put into your product or service is felt by your customer. That passion is felt when they interact with you and makes them come back–to you specifically–for more.
The feel and message of your brand
This passion and feeling of quality should also translate in your brand. Just like you associate certain feelings to Nespresso or Apple, people also do that when they’re exposed to your brand. After visiting your website, scrolling through your Instagram, or reading your blog, they get a sense of the kind of personality your brand has. If you’re doing it right, your ideal customers will be attracted to your brand and will choose you over your competition doing the same thing because of the way you make them feel.
The customers you serve (your niche)
The people who resonate with your brand are more than potential sales. They are your ambassadors, your marketing vehicles, your cheerleaders. Your ideal customers are the ones who your service or product appeals to the most to help solve a problem, or improve their lives somehow. No matter what industry or market you’re in, your niche matters. Your niche sets you apart from all the others who do something similar, but not quite like you. The supplement market, for example, might have thousands of brands, but if you wanted to start a supplement brand specifically for overweight women in their 20s who are just beginning their weight loss journey, then suddenly the competition becomes slimmer (no pun intended).
Less noise, less competition, more authenticity and more connection with your ideal customers. Quality over quantity. Get it?
Before you dismiss your next awesome idea with a perceived problem, think of the specific crowd you are catering to and how you are doing things different than the rest. Most likely, you’ve got a much better shot at it than you think.
