When I refer to niche market, I’m not referring to your target market. Your niche market is actually a combination of your target market and a specific service that you specialize in offering to them. It’s a small market segment that is highly specialized. The more narrowly you can define it, the better. Additionally, strong niche markets don’t just fall into your nap; they must be carefully crafted. Below are seven reasons you need a niche market for your business in order to market yourself efficiently, proactively and with intention.
1) You won’t spread yourself too thin. Instead of saying that “everybody” is your potential client, niche marketing will help you focus on a specific group of people, and what their specific needs and wants are. You won’t be able to serve everybody, so focus on what you do best and for a group of people who will buy from you.
2) It becomes easier to identify and target potential clients and partners to work with. This is especially important as you become more targeted with your marketing efforts.
3) It becomes easier to become an expert and well known. You will easily be able to answer the question of “what you do” and “for whom.” And, as a result, your visibility and profile will also increase tremendously within this group.
4) As it becomes easier for others to understand what you do and for whom, it simultaneously becomes easier for them to refer more and better clients to you.
5) You can finally differentiate yourself from your competition! There will be less competition, as you provide specific services for specific people, in a specific way. The big advantage to this is that you cannot be replicated, and you become more unique.
6) Marketing becomes easier. Niche marketing will really help with your marketing, positioning and branding as you will attract the ‘right people’ much more easily.
7) As you can provide an increasingly better service or product, based on your client’s needs, the chance is that you will get more repeat business – people will come back for more, and often will start spending more with you as the relationship grows.
Below is a quick exercise regarding niche marketing, just so that you can begin to think of what your niche market might be. You will do this by analyzing your current clientele.
Write out the answers to the following questions:
What type of client makes up the majority of your client base? Describe that client in detail. Is it new moms looking for support pre and post natal? Is it elite, professional level athletes?
Who do you enjoy working with the most? Describe that client in detail.
And my favorite question, who would get the most bang for their buck with what you have to offer? Describe that client in detail. Yes, I’m sure anyone could benefit from your services, but who would benefit the most? The answer will guide you to help people more, which leads to (obviously) helping more people and making more money.
Once you find your niche market, visit this blog to learn about how you can focus and specify your brand for them.