Step 4: The Finish Line!
Over the past few weeks, I’ve been talking about the first 3 steps of the Finding Your Wedge framework. If you are starting a business, pivoting one, or just looking to introduce new products to your business, this framework is for you. (Pro Tip: Subscribers get a free starter version of it.)
Today is about step 4, the last step in the framework.
Once you’ve considered and re-considered the differences and similarities you discovered in steps 2 and 3, step 4 is to update your Starting Point Sentence. With this update, you’ll be able to more clearly state what you plan to offer, including additional details about your services and about who you’ll serve.
In your research, you may have observed the way in which your services are different than what is currently in the market. You may have a better understanding of your strengths based on your experience – strengths you can capitalize on.
For me:
Step 1 Starting Point Sentence (Before): The Idea Compass teaches entrepreneurs how to do their own market research.
Revised, Step 4 Starting Point Sentence (After): The Idea Compass supports solo entrepreneurs doing their own market research by teaching simple frameworks that help them quickly answer key questions about defining their wedge in their business’ niche.
A bit more fleshed out!
What this will help me do is create content and courses and marketing in a much more focused and relevant way. It helps me clearly speak to what I do and who I serve. It’s a map.
How did I decide what to add to create my ‘After’ sentence? By considering my research (step 2) and my expertise (step 2 & 3).
When I used this framework for my own business, I found plenty of businesses that offer market research. There were established brands, impressive client lists, and smart teams. (Actually, these were good to find…but more on that later.)
This is why step 3 is so important. It’s the thinking step. I had to look at my own experiences to really connect the dots about how what I offer is different. Not just different, but how what I offer is of value to my customers.
Done! Right? Well, sort of.
We all know that the market is a constantly changing place. You may decide to visit and re-visit this framework every year – as a check-in, as a tool in offering your next big thing, or as a guide for pivoting. Re-visiting the framework can help you refine your messaging and your offers. It can help you make little adjustments as you go, a much easier proposition than big adjustments later on (read: time consuming and expensive).
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 for truly thriving in your niche.
See you next week.