How To Find Profitable Niches [For Brand Strategy]

What’s up brand builders Stephen Houlahan here of BrandMasterAcademy.com and in this video you’re, going to learn how to find profitable niches for brand strategists, so you can define your position clearly and identify clients that have the budget to pay for your services. Now, if you’re new to the channel – and you want actionable brand strategy, tips and techniques to grow your business well then hit that subscribe button and the notification bell and you’ll be well on your way. Now. Recently I reached out to the brand strategy community on Facebook.

If you’re, not a part of that yet I’ll leave a link in the description below get yourself involved, and I asked the group if you could ask me one question that I could do a video on what would it be and Sebastian got back to me and Said what are the top earning niches for a brand strategist to focus on now? Sebastian, I’m not going to give you specific niches, but what I will do is give you a nine-step process that you can use to go out and find your own now.

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. So in this video I’m going to give you a nine-step process that you can follow to find a profitable niche for your brand strategy services step number one: identify industries with high profit margins. Now. 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 step number two 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 step number three 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. Step number four identify the region that you want to target now.

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 is that 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. So it really depends on the type of business that you want to build and the type of market that you want to approach. Step number five calculate the number of businesses within the industry, you’ve identified and the region you’ve identified.

So, for example, if you identified the technology sector and you identified the US, 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 step. Number six estimate a conversion rate, so 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 the us 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 rate, but that would still be 100 businesses. Step number seven 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 step number eight 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 01 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 and step number nine, rinse, repeat and review. So, you’ve worked out now what 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 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, but I’d love to hand it back over to you. What are your challenges when it comes to nation?

What are your experiences? Do you have any questions when it comes to niching or positioning, I’d love to hear from you in the comments below?

If you like this video, please give it a thumbs up hit that subscribe button and hit the notification bell as well it’ll, let you know when we’ve got new videos coming out. If you want more actionable brand strategy, tips and techniques like this, then head on over to BrandMasterAcademy.com and get yourself signed up for the list, it’s free and I do keep some exclusive content for that list. We’ve also got some really useful resources on there as well.

That will help you build brand strategies from scratch, so get yourself involved, but I genuinely love to hear from you. What are your challenges? What are your experiences I’ll do my best to answer all of those until next time brand like a master, and I will see you in the next video.

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