Know Your Niche
Remember the old phrase “Jack of all trades, master of none”? For business owners, this can be a recipe for failure, or at the very least, have a negative impact on future business growth. Identifying your niche market can make your marketing efforts substantially more effective– and put you in touch with clients who are the best match for your products or services.
Before you start to identify your niche market, examine the products or services that you’re selling. What sets you apart from others in your field? What types of clients or customers would most strongly benefit from your services? When you think about your competition, consider any special insights you have that would be an asset to your ideal customer.
In a post about focusing on your passion to discover your niche, author Kate Erickson at Entrepreneur on Fire tells readers that she went from making $0/hour to over $75/ hour just by finding her niche. She explains how, in offering a generalized portfolio intended to appeal to everyone, she was selling to no one.
Delivering your product or service at the lowest possible price point won’t get you anywhere in the long run – differentiating yourself from the competition will. Follow the tips below to propel you on your journey of identifying and targeting your niche market.
FOCUS, FOCUS, FOCUS
1. Be clear and realistic about your current and future business goals.
2. Focus on who your clients are, what you’re selling, and why clients would choose you over a competitor.
3. Find out at least one thing that could make what you’re selling even better.
4. Determine if there is anything that your ideal customers need – but aren’t getting – in the current market.
5. If your niche has competition – and most do – develop a plan you can reference to give your customers an experience that’s at least a cut above the rest.
REACHING YOUR TARGET AUDIENCE
“Build it, and they will come.” Not so much…
Be practical – just because you’ve established your niche doesn’t mean your customers will magically find you and buy what you’re offering.
1. Learn as much as you can about your customers – how are they most likely to find your products or services? Online, in-person, or via word-of-mouth?
2. Find out exactly where your customers go to learn more about the products or services you’re selling. Are they visiting specific websites or blogs? Do they frequent certain establishments, belong to particular organizations, or participate in certain events where they might find out about you?
3. Optimize your website and tailor your blog, if you have one, to appeal specifically to your audience. Encourage feedback from visitors so you can continually improve your offerings.
Why would you waste your time and money marketing to a general audience when you could be targeting a specific niche of customers who actually need and want what you have to offer? Identifying and targeting a niche market is your chance to establish yourself as industry authority while giving you the opportunity to connect with the clients who will have the greatest impact on your business growth.