Here it is…
“If I narrow my niche, I’ll eliminate some of the people I can help?”
My answer – the purpose of narrowing your niche is to create proficient MARKETING that attracts more of your dream client. It doesn’t mean that you won’t work with someone who is outside of your niche!
Would you like to make your marketing easier?
Would you like more of your dream clients?
Would you like to simplify your business?
Then let’s explore exactly what a niche is, the benefits of niching down and several steps you can take today so you can simplify your business and still make more money!
Last week I introduced you to the FOCUS 5 (5 Powerful ways to simplify your business and still make more $$$). Today, we’ll dive deeper into the first of the FOCUS 5 – narrowing your niche!
So, what the heck is a niche?
A niche is simply a small group or a subset of a bigger group of potential buyers that your marketing speaks directly to.
- Women could be a subset group of people.
- Professional women could be a sub-subset group of women.
- Professional divorce women could be a sub-sub-subset group or
- Professional real estate women could be another sub-sub-subset group.
If we use the example for a financial advisor – marketing language used to attract professional women might be very different than the marketing language used to attract professional divorced women.
The marketing language and the problems experienced by real estate professional women would be very different than professional divorced women.
Example – professional divorced women’s primary concern might be that since they are the major breadwinner in the family, their biggest concern might be how to protect their own financial assets from the other partner. Marketing language would address this primary concern.
However female real estate agents may have a different concern – perhaps how to save money regularly when their income is often so erratic.
Setting yourself up as the EXPERT for this micro-niche will simplify your life, your business and your marketing! Here’s how:
- Creating content becomes more focused and easier
- It’s easier to recognize an ideal/dream client
- Strategic associations & referrals become easier & stronger
- You get asked to speak on your EXPERT topic because you are perceived as an authority (you aren’t chasing marketing; it’s coming to you).
- Everyone on your team knows how to identify your dream clients and they become your sales team
- Referrals become easier because your connections can easily identify your dream client – they know who you work with!
My client Cynthia is a superb example of success by micro-niching. Cynthia is a lawyer and before micro-niching, her business struggled financially, and she competed on price. Not a good place to be!
While working with me, she began to focus on serving serious real estate investors and their families (it happened that real estate investing was a passion and sideline of hers). By focusing her efforts on this industry, she joined their association, was frequently asked to speak and created several strategic alliances which has allowed her business to grow exponentially without increased effort or resources. Her business simplified and her profits soared.
How could you niche down?
How could you focus on a much smaller niche so that your marketing is easier and more efficient?
Here’s a couple of simple ways to help you narrow your niche:
- Identify an interest or passion (like Cynthia).
- Research your market
- where are they under-served?
- what are you willing to do that your competition isn’t willing to do?
- is there an opportunity for you to stand out and become known as the go-to expert in this field?
- Examine the profitability of the niche or micro-niche
- is there a good margin of profit
- is there a large enough market
- can you easily access that market (like Cynthia)
- Put a name to this micro-niche
When you can name your niche, then your dream clients can easily self-identify. Use a word or series of words that they can say yes or no – that’s me.
- Are you a mother – yes or no
- Real estate agent – yes or no
- Coach – yes or no
- Speaker – yes or no
- Author – yes or no
- Test, tweak and continue to adjust to improve
Marketing and business is all about continually testing, tweaking and adjusting because nothing stays the same for very long. The Japanese call this Kaizen!
Want more examples or some help on how you can narrow your niche?
Then I invite you to join me for Coffee with Diana – Thursday morning, 10 am, on my personal FB page (here)
YOU CAN DO THIS!
P.S. Remember, narrowing your niche is just ONE of the FOCUS 5s to simplify your business!
P.P.S. Mark your calendars for regular Thursday morning Coffee with Diana FB lives at 10 am.