“Be the biggest fish in a small pond? Or an ordinary fish in a big pond?”
A niche is a specialised focus of a broad market that you deliver specifically to differentiate yourself.
Finding your niche is one of the key factors of your success, it may feel like you are limiting your success, but it’s not the case. By niching down you are focusing on a specific sector of the market. But why is niching so important?
1. Develop more trust with clients who would you prefer to work with, a web design agency that is experts within the construction industry and knows exactly how to deliver a website optimised for the construction industry or someone who jumps between industries and has no relationship with the industry at hand?
The answer is obvious, 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 the right audience, they understand the right message and they can do it effectively. This is also known as a master of all trades, experts of none.
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 on to 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.
A target audience is used to define your buyer’s persona, these can be quite broad, but the more specific you get the better. Here are some characteristics you would focus on:
• Job Title
We will use a kitchen fitting company as an example.
“My target audience is couples, 23-40, living in Essex, with an interest in home renovation.” This information is used to help understand your clients and how they make their purchasing decisions. Targeting a specific audience will allow you to reach the right people and convert viewers into paying clients. To dive deeper into your target audience, ask these questions:
1. Who are they? This is pretty similar to what we did earlier, try and identify everything about your target audience.
2. What are their biggest challenges, difficulties or desires? What struggles or problems are your customers facing? Maybe it’s not a struggle, maybe they desire something? Build up multiple situations why someone might need you and your business.
3. How can your service/product be their solution? So you have figured out why people need you, now conclude it with what your solution offers and what will be the end result.
4. Where are your customers? Where are your customers spending their time? Are they scrolling Facebook? Are they growing their businesses on LinkedIn? Identify every channel your audience might be.
5. What negative emotion attracts their attention? What pain points does your audience have? From being stuck with a run-down building or a leaking roof. By identifying these negative emotions we can use them in order to trigger an action within our audience. For example, for bookkeeping, we had a popular campaign where someone was “drowning in paperwork”. This pain point correlated with our audience and led to them passing the work onto SaintFG.
6. Who do they trust? Who does your audience trust? This might be through endorsements or partnerships and by identifying who they trust you can build connections and trust with your audience.
This article was written for Saint Financial Group, a multidisciplinary group based in the UK that helps construction businesses develop and grow. SaintFG offers a range of quality solutions in supporting businesses.
Saint provides the luxury of free business consultancy for of our clients, call now for your free consultation with a friendly business advisor to discuss your burning questions and put that energy back into your business!
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