I recently finished creating a productized service for my income source eCommerce Warriors (an eCommerce strategy consultancy) along with a 14-part free course 14 advanced lessons for online retailers for education and list building.
While setting up a process to directly contact retailers in my niche via a cold email, I had an epiphany. The idea came to me a few days after having a couple of beers with a fellow digital nomad here in Chiang Mai, Thailand.
My eCommerce consulting target niche, “Lifestyle Brand Retailers” was too broad.
Heck, Apple is considered a lifestyle brand. To me luxury goods and mainstream clothing / accessory companies are pseudo lifestyle brands. I define lifestyle brands around activity interests which have passionate communities discussing them, lots of product up-sells/upgrades and a direct correlation to the actions people take in their daily lives. Not ‘wear this brand of apparel and be cool.‘
I narrowed things down to the Body, Mind & Spirit industry, of which I have experience, connections and interest.
This will affect my site verbiage and product offering options since some of these sub niches (ex. New Age Shops) don’t make 200k+ a year in revenue, while others (ex. Yoga supplies) generate more as it’s a huge market.
From a marketing perspective, there are specific conventions, forums, events and even festivals where I could network at or present how retailers can increase conversions from their existing shoppers in the digital world.
This is an obvious choice, I just couldn’t see before, despite being right in front of my face. I didn’t want to niche down to a specific platform like Magento or Shopify, I wanted it to be a vertical market. I think it’s a good way to incorporate my personal interests into business ethically, instead of doing niches I don’t care about. When speaking with a prospect shop owner, it lends credibility being able to speak in their lingo with real word examples of your participation. It makes you ‘one of them’, paving the way to know, like, trust and do business with you.
I’m excited to continue building this, as the path just became a lot clearer!