OK, OK, so it’s not my headline, but one I’ve borrowed from The Sunday Times heading up its small business column.
And it’s absolutely right.
This article is about making sure you determine your niche..and it says “Companies that become highly specialised stand a good chance of beating bigger competitors during tough times.” It goes on to say “The benefits [of a niche] are an unrivalled depth of knowledge and understanding that ultimately draws in more customers.”
And anyone who has been following me for a while, know this is exactly what I say! The tighter and more focused your niche, the better it will be for you.
I’m not the only one talking about niche marketing. There are plenty of other marketers out there (the good ones anyway) telling you the same thing. But what exactly is a niche? And how do you find it? And more importantly, how do you find the one that “bears fruit” for you?
A niche is actually a melding of three things: it’s when your skills (the one thing that you’re brilliant at) meet your perfect target market, and the particular problem that they want solving.
The example in the Sunday Times article shows of three small businesses: one who creates jellies in the shape of famous buildings to supply to caterers; an insurance company specialising in insurance for provisional drivers to practise their driving outside driving lessons and a boutique financial recruitment consultancy.
All of them identified a particular problem area of one defined target market and matched their skills set to them. As one of the owners says, “working in such a narrow field has produced spectacular results.”
And you can get these results too.
Far too many times I see businesses trying to be all things to all people, or spreading their net far too wide, desperate for customers. The trick though is to bring this net in and be as focused as you possibly can so that you get to know one particular group of customers really well. When you understand your customers really well and have a depth of knowledge and understanding about their problems, issues, and frustrations, you can then go about matching your skills to provide the solution that they need.
You then become the recognised “go to” person in that field, and that draws more customers to you.
So, spending time on getting your niche right is absolutely key to your ongoing business success. And, by the way, it makes your marketing SO much easier!
Dedicated to your success,
Have a great week,