We know their pain, their problems and their hopes and their dreams. And when we know all of this information, we can create marketing pieces that talk directly to them. We can offer ourselves up as the solution to their pain or as the vehicle to their dreams. And once we have found our niche, apparently we never compete on price (as we are the only people that can offer this). Perfect. Love it. Yes I agree, absolutely 100%.
What I don't agree with is that we should only have one niche market. I believe a business can have multiple niche markets. If the key reason we should choose a niche market is because of all the above, why can't we have more than one? The danger, of course, is that many small business owners will frantically flit from one niche to the other, not really focusing on any of them long enough to get results.
I also believe that deciding your niche too early could be a complete waste of time and money, as you may find later that other target markets are more enjoyable, more lucrative and easier to market to. Not only that but how boring would it be? The thought of only working with one type of business for the rest of my life would drive me nuts! As a business coach, I have never niched. I have worked with businesses in around 30 different industries over the last ten years and have loved the variety.
Here's my advice on creating your niche markets:
As always, please give me a shout if I can help or join us at one of the online Mastermind groups.
To your success
Jo Richings x
Business coach, Social seller, author, speaker, social entrepreneur, and chief pot and bottle washer!