When I first started laying out this framework, I called Step 3 Finding Your Wedge. But, the more I hashed out the framework, the more I realized that we’re not really looking for something, as much as defining it. Finding feels a bit happenstance. Defining feels empowered, like we’re doing something…and we are.
First, we created a starting point (step 1), then we researched the market (step 2). Here in step 3, we are using our perspective of where we started in combination with what we learned and our own expertise to define how to best address our niche or market.
For this step, we’re actually going to be referencing what we learned in step 2.
From your top few Inspo-Competitors, start considering how you are or plan to be different. What – perhaps big, perhaps small – differences do you see in what you plan to do as it compares to your Inspo-Competitors?
These are the things that will start to form your wedge. They might not be the things you expected them to be when you first started your research!
Study them. Spend some time on this step. Revisit those Inspo-Competitor sites. Revisit the news articles, industry associations, etc. Dive in, take a step back. Let this take shape as you read and write and think.
Have any of your ideas shifted? Has your research solidified an idea?
Defining your wedge will give you:
1. Clarity. As you research your niche, it will become clearer to you what’s really going on in the market and with the businesses and people who are already there.
2. Direction. No on wants to run in circles (unless you are on the track team). Researching your niche gives you an understanding of your starting place and insight into where trends are taking it.
As you finish thinking and considering your options here, create a statement (or paragraph) that better defines how YOU want to help customers solve problems in your niche. This is still a brainstorming step, so it can be messy (preferably), include too much stuff, overstate, understate…all the things. Look at details, then look at it from a 10K foot view, broadly. You are hashing this out.
Again, it’s only going to help you to be realistic and honest with yourself. You are doing this to keep moving your business forward! This step may take you some time depending on your niche and your experience/expertise. As you look at your sources and the different perspectives, your goal is clarity and direction, but it won’t feel like you’re getting there at first.
Once you’ve made it through step 3, you are *almost* there! Stay tuned for our final step, step 4.
My goal in laying out a 4-step framework is to help you create an easy process for looking out into your market to get a better understanding of what customers need, and getting a clear picture of how you can provide it with your offers. It’s an organized and repeatable way to stay knowledgeable about your niche.
So, that’s it. Regardless of your current size, market research and finding defining your wedge isn't just helpful; it's essential. It's your secret sauce for not just getting by but thriving in the world of entrepreneurship.
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See you next week.