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Value Creation Blog

4 Reasons 'Why' And Niche Management Go Together

Posted by Josh Patrick

Which wayI write a lot about the concept of ‘why’, ‘what’, and ‘how’.  I believe that when working on problems or opportunities understanding how those three questions work together can be the difference between success and failure.

Recently I’ve been thinking about using ‘why’ as a tool for developing a niche that drives your company’s direction.  I believe that having a compelling reason for doing something should always drive the niche you want to work in.

Passion is an important part of niche development.  Having a really strong ‘why’ in your life is important.  From a strong why passion develops.  Passion often gives us the reasons to keep going when things aren’t very fun or get difficult.

Understanding why we want to do something allows us to know who our customers are.  When we are clear about ‘why’ we can develop stronger ‘what’s.  What are the things we need to do to deliver on for a mission or niche to be successful?

Our mission is to help make our clients lives better.  The reason or why this is important is I have a passion to help business owners get more out of their business and their life.  I spend a lot of time working and researching activities business owners could do to make their life better.

Understanding not only your ‘why’ but your customers ‘why’ helps you know whether you should work with them.  The great thing about niche management is understanding that not everyone is right for you 

When you take time to not only understand your own ‘why’ in life but your client’s as well you can determine whether you’re the right person to help your potential client.  Many times saying no is just as important as saying yes to a new client relationship.

Niche management is about narrowing what you do.  Having a clear ‘why’ in your life also helps you narrow what you do.   Once you clearly understand why you want to pursue a particular activity you can then start thinking about how that activity can be a niche.

Combining a niche with a strong ‘why’ will give you direction.  This combination helps you know whether you are pursuing the right activities and moving in the right direction.

Have you thought about ‘why’ in your life?  Have you thought about using the answer to ‘why’ in developing a niche in your business segment?  It’s those business segment niches where the gold is hidden.

Josh Patrick

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Topics: for business owners, enterprise value, niche management, niche

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