What is a Niche?
Niching is a pretty simple concept, but a lot of businesses see it as a sales restriction instead of a tool that you can use to your advantage. Surely selling to everyone instead of a select few is better for sales right?
A niche is a specific focus that your business develops to closely relate to a specific set of ideal clients, and by doing so, your business, your brand and your efforts become more efficient and effective.
"By targeting everyone, you are targeting no one."
What does niching achieve?
1. Develop more trust with clients
Let's turn this into a simple example.
Who would you prefer to work with, a marketing agency that are experts within the construction industry and knows exactly how to deliver a construction business in front of their ideal clients or someone who jumps between industries and has no relationship with the industry at hand? One minute they are working with a hairdressers and then they have you next up.
There's no correlation. Working with someone who knows the ins and outs of your industry is going to be the better option. They understand what you do, they understand your ideal client, they understand the right message and they can do it effectively.
2. Why shout in an empty park?
When it comes to marketing, expenses can build up real quick. It’s a game that is not fun to play if you do not know what you are doing. A lot of companies jump onto the "hip-fire approach", where they try to increase awareness by sending their message to absolutely anyone.
This can only be won if you had an atomic bomb in terms of budget and we are talking about the budget of Apple or similar companies.
Most of us are not in this situation, so let’s scale things down and look at the numbers carefully. You want to target all of your marketing efforts in the right direction, be the big fish in the small lake. This approach allows you to make the most out of your marketing budget.
3. Expert in your field
Niching really allows you to hone down on your skillset, systems and deliverability. It is difficult to keep a structure when every job you do is completely different to the last, it can cause chaos and confusion. Niching down allows you to really develop your field, every job becomes seamless and systemised with an in-and-out process.
Do I need to Niche to be successful?
The obvious downside to niching is that you have a smaller audience to target, closing down your reach from everyone that you know and see to a small collection of individuals. Although we have already mentioned how we can turn this into a positive.
Niching also means that your clients do expect a high quality of service and end product. If a client is choosing you with belief that you are the perfect team for the job, your customers will expect nothing short of flawless results.
How to successfully niche your business.
When niching your business, there is no secret trick to making it successful, just like there is no secret tip to making a successful business in general, there are tonnes of factors and one, unfortunately, being luck. But what we can tell you is some of the best ways to identify and potentially dominate your niche.
1. Building your Target Audience
When building your target audience, you have to keep in mind your goals for your business, the areas you want to be working in now and in 5 years down the line. The type of work and how scalable you believe it can be.
2. Define an unmet or underserved need
When niching it is important to find an area with an underserved or unmet need, this can be as simple as a missing service in the area or delivering an extraordinary end product. Think about why would the end client choose you over a competitor.
3. Research your customer base
Research everything about your ideal customer and here is where you are really going to identify how you are going to build your business around them. Everything from how you are going to get seen by them, to customer loyalty plans, recurring work and so on...
4. Create your Business and Marketing plan
You have done all the research and the information is ready, its time to get structured and ready for action with a Business and Marketing plan allowing you to identify your step-by-step plan.
5. Work incredibly hard
Everything is now in place, it's time to get to work! It's no doubt that hard work was needed, you need to be sharp and effective and more importantly consistent. This is an area that we often find the Saint Coaching comes in very strongly as that level of accountability is what holds you to your original plan without allowing you to skew off the path.
That's a wrap
if you are looking for support in regard to your marketing, business development or even the stability of your business, reach out today by booking a FREE no obligation consultancy call with us here!
Frequently asked questions
This article has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the provided content.
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