I’m sure if you’ve been reading anything at all about marketing these days you’ve heard of the need to niche!
But what is a niche exactly? A niche is a profitable subset of the market with a very particular set of needs or preferences (notice the word ‘profitable’).
An example might be that you’re a dating coach – that’s a pretty big market. But a subset might be young men seeking life partners; however you could narrow this down even further to young Christian men seeking life partners.
Here are 6 reasons why you should narrow your niche:
1. Statistics have proven that people who specialize make more money! A heart surgeon makes more money than a general practitioner. A plumber makes more money than a general contractor. (This alone should be good enough reason to narrow your niche).
2. Narrowing your niche allows you to go much deeper to understandyour dream client so much better and thereby helping them better.
3. It’s easier to keep up to date in your industry if you have a narrow focus. If you’re a inheritance tax lawyer it’s easier to stay up to date on just tax planning versus all the other specialties. The same is true for any industry. If you are narrow in your focus, you become so much better at what you do.
4. It is easier to systematize and automate your business when you are dealing with one particular type of client. Your business becomes easier to run.
5. The more you specialize the less competition you have and you set yourself apart. Most generalists are inexpensive and compete on price alone.
6. It’s easier to market to a very specialized narrow niche than a broader one. Remember the example of the dating coach from above. Marketing to young men looking for a date would be very different than marketing to young Christian men looking for a life partner. The wording, the language and even the photos on a website would be totally different.
There are often 2 BIG common objections to narrowing your niche (yes, I can hear you!).
1. You might be asking …. BUT why would I want to narrow the pool of clients that I would work with – won’t it make it more difficult to find clients? The reality is the opposite … since there is less competition for a specialist, your client base is then world wide rather than being a generalist whose competition might be within 20-30 mile radius. People will travel to seek out an expert.
2. You might say …. BUT I work with so many different types of clients now; how could I possibly narrow my niche. While that might be where you are in your business right now, ask yourself what types of clients fascinate you, what industry do you love working with, where do you have the desire to learn more. This is where you could take your business in the future.
Also consider that there are generally 3 different types of niche:
1. SECTOR – what sector or industry do you love working with i.e. could be dentists, daycare, construction workers
2. STAGE – perhaps you love working with clients in a particular stage of their business growth or a particular stage of their life. Perhaps you love working with start up businesses or teenagers.
3. SERVICE – this is the ‘thing’ that you do. What part of the service do you love and are you passionate about learning more? For instance, tax planning, profit improvement, reviving dying relationships.
In general it doesn’t matter which one you choose but the more narrow, the more profitable you will be in your business.
One of the easiest techniques I’ve found for narrowing your niche is to focus on something I call your Entrepreneurial DNA (distinctive natural advantage). Your DNA is actually comprised of 3 components: your Acquired Mastery; your Demonstrated Results; and your Effortless Talents.
In all the years I’ve been an entrepreneur, I’ve come to realize that every person has a gift (magic, zone of genius). With some help, you too can discover what that is and this will lead you to your niche. Why struggle to create your niche when it is most probably already within you?
If you’d like to Discover Your Difference, book a complimentary Growth Strategy Session with me here.
More on your Entrepreneurial DNA:
NEXT week – 7 Strategies to position yourself as an EXPERT once you’ve chosen your niche!!!
UPDATE ON #SHIFTmarketing: Sponsorships are selling fast but there are still a couple of Silver Sponsorships available at very reasonable prices! Info here. Perfect for any business that wants increased visibility – – lawyers, financial advisor, real estate, chiro, dentists, networking group, life coach, etc.
New content, new exercises, new VIP tables – oooo, so excited!
Till next week … BE UNSTOPPABLE