Riches Are In The Niches

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Daily Thought.

"In the universe of marketplaces, niches are the black holes; small yet immensely powerful. They draw in a specific audience with a gravitational pull of specialized needs." - Kevin Kelly

What defines the boundaries of your success? Is it how many people you reach or how deeply you connect with them? Success is not always a numbers game; it is a value game. Your niche is a specific area where you can deliver unique value to a specific audience. It may be small, but it is deep and rich.

Niche is not a limitation; it is a strategic advantage. It gives you the clarity and focus that generalists often lack. Within your niche, there is a loyal tribe of customers who want exactly what you have to offer. Niche specialization allows you to sharpen your skills and become the go-to expert or provider. By finding your niche, you can carve out a space where you have little competition, but high customer retention.

Use the power of your niche to create your own path to success.

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About two years ago, I sat down with Joe Foster, the founder of Reebok to bring him onto my podcast.

He had just written his book “Shoemaker”.

Well, fast forward to this morning (we’ve become good friends and stayed in touch), we had a chance to sit down and grab coffee in Fort Lauderdale.

After sitting down with Joe, I was reminded of one of the most important lessons he wrote about in his book.

The power of niches.

I went back, read through, and thought it would be nice to dive into some of his life’s work here, to hopefully help you building your own thing.

Joe’s story is remarkable.

From a small factory in Bolton, England, Foster spun up a global company called Reebok.

And Joe didn’t just start a company. He sparked a trend in a corner no one was watching.

Women’s aerobics.

Here's the playbook he followed.

1. Spot the Gap. Foster looked beyond the general to the specific. Women's sports shoes were an afterthought in the 80s.

2. Test the Waters. Validation didn't come from assumption. It came from fitness instructors, real users who gave real feedback.

3. Craft Uniquely. He wasn’t a copier. He was an innovator. Soft leather, cushioning, Velcro straps, and colors that popped.

4. Build Identity. Reebok became more than a shoe; it was a statement. The name and delta symbol weren't just identifiers, they were emblems of a lifestyle.

5. Influence the Influencers. Before the term 'influencer' was a thing, Foster was already there. Free pairs to the prominent and charismatic created an organic buzz.

6. Innovate Relentlessly. Success wasn't a signal to relax but to push harder. Reebok kept refreshing with new designs and responses to customer desire.

So, take a leaf from Foster’s book for your business.

Find your overlooked niche, fill it, and keep pushing the boundaries.

Remember, it's not just about creating a product. It's about creating a category.

Your legacy is waiting. Not in the wide-open, but in the narrow spaces you never thought to look.

The riches are in the niches.

Ask yourself…

What's your unique niche?.