BNI & The Power of One Podcast Summary

Episode: BNI 809: Business Matters 118 - What Is My Niche?
Release Date: April 16, 2025
Host: Tim Roberts
Guest: Michael Martin
Podcast Focus: Success, Increased Referrals, Tips, Strategies, and enhancing BNI membership through the Power of One.

Introduction

In this episode of BNI & The Power of One, hosts Tim Roberts and Michael Martin delve into the critical topic of defining a business niche. Drawing from a listener-submitted question by Sanja, an HR consultant from British Columbia, they explore strategies for narrowing down target markets and leveraging unique expertise to stand out in a competitive landscape.

Listener's Query: Defining Your Niche as an HR Consultant

Sanja, a new HR consultant with a background as an internal HR leader in the professional and financial services industries, seeks guidance on identifying her ideal target market. Her main concerns include:

• Target Market Options:

  • Professional service firms due to her industry understanding.
  • Female-owned businesses leveraging her experience with family leaders.
  • Industries prevalent in her region.

• Skillset Dilemma:

  • As an HR generalist, she can handle various functions from talent acquisition to workplace investigations.
  • Struggles with positioning her generalist skills as a differentiator rather than being perceived as a "jack of all trades."

• Integration with BNI:

  • How to align her niche with BNI’s referral-based framework while establishing her business independently.

Timestamp Reference: [00:56 - 03:12]

Strategies for Identifying and Narrowing Your Niche

1. Leverage Industry Strengths Michael advises starting with industries where the consultant has the most experience and can communicate effectively with decision-makers. For Sanja, this could mean focusing initially on the financial services sector where her background is robust.

“Focus on financial services because, you know, that's her background and there's a lot of financial… institutions are turning to external HR… consultants that have more access to things going on through all of their contacts that they can bring to the table.”
— Michael Martin [03:12]

2. Articulate Strengths and Weaknesses Identifying and clearly articulating strengths and weaknesses is crucial. Michael suggests Sanja should pinpoint her top three strengths and center her marketing around these areas.

“Be able to identify, articulate your strengths. The other is to identify and articulate your weaknesses.”
— Michael Martin [06:05]

3. Tailor Your Pitch to the Client Instead of a one-size-fits-all approach, develop customized pitches based on the specific needs and cultures of potential clients. This ensures relevance and sincerity in communications.

“Develop a pitch based on the client you're hoping to get or at least hoping to see.”
— Michael Martin [06:05]

4. Avoid Being Overly Broad While versatility is valuable, being perceived as a "jack of all trades" can be detrimental. It’s essential to solve specific client needs rather than presenting a wide array of services that may confuse potential clients.

“Don’t try and be overly broad in an initial conversation because people who say I can do pretty much anything almost always get dismissed.”
— Michael Martin [07:13]

5. Use Networking to Discover Needs Engaging actively in networking platforms like BNI allows for real-time feedback and identification of common client needs. This can guide the evolution of the niche over time.

“Networking is a great way to do it. What is their personality and culture so that you can kind of tailor your presentation.”
— Michael Martin [07:29]

Developing a Value Proposition

1. Define Why You Made the Leap Understanding and communicating the reason behind transitioning from an internal HR role to consultancy can clarify the value proposition. Whether it's to offer more comprehensive services or to provide specialized expertise, this narrative enhances credibility.

“Why did you make this change? Was there something missing that you could… bring to the market?”
— Tim Roberts [14:19]

2. Tailor Value Proposition to Different Markets Different target markets may require distinct value propositions. For instance, pitching to large firms versus female-owned businesses necessitates tailored messaging that highlights relevant strengths and experiences.

“The value proposition can be similar but pitched differently to each one of these targets.”
— Tim Roberts [15:01]

Implementing the Niche Strategy within BNI

1. Focus Weekly Presentations Sanja should concentrate her weekly BNI presentations on one specific target market at a time. This could involve dedicating a month to financial services firms, followed by focusing on female-owned businesses, and so forth.

“Pick one laser focus that week and I would do it for a month.”
— Tim Roberts [11:30]

2. Adapt Based on Feedback As feedback and questions accumulate from networking interactions, adjust the niche strategy accordingly. Recognizing trends in client inquiries can help refine services and market focus.

“You might identify the needs just by people asking if you can do this… now you know that there's a need.”
— Michael Martin [12:18]

Conclusion and Final Tips

• Be Selective Yet Flexible: Start with a defined niche but remain open to expanding as expertise and opportunities grow.
• Continuous Feedback Loop: Encourage feedback from clients and networking groups to refine and adjust the niche.
• Highlight Unique Experiences: Use personal career milestones and recognitions to substantiate expertise and differentiate from competitors.

“Find your problem and then tell them how you can solve it. Don't go and be like, I have all these things.”
— Michael Martin [15:49]

Call to Action:
The hosts encourage listeners to submit their business topics and engage with the podcast through bnipowerofone.com. Feedback and interactive communication are highly valued to enhance the podcast's community and content relevance.

Notable Quotes:

• Michael Martin [03:12]: “Focus on financial services because… consultants that have more access to things going on through all of their contacts that they can bring to the table.”

• Michael Martin [06:05]: “Be able to identify, articulate your strengths. The other is to identify and articulate your weaknesses.”

• Michael Martin [07:13]: “Don’t try and be overly broad in an initial conversation because people who say I can do pretty much anything almost always get dismissed.”

• Tim Roberts [14:19]: “Why did you make this change? Was there something missing that you could… bring to the market?”

• Michael Martin [15:49]: “Find your problem and then tell them how you can solve it. Don't go and be like, I have all these things.”

This episode provides valuable insights for new consultants and business owners seeking to define their niches. By leveraging industry strengths, articulating clear value propositions, and utilizing strategic networking, listeners can effectively position themselves to attract and retain their ideal clients.