What's up brand builders! Stephen Houraghan 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
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 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
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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!