Not taking advantage of niche marketing? You’re likely to run into all sorts of issues; including burnout, slow sales and a business that feel like a chore!
The prospect of defining a niche market for your business, and choosing a specialism to focus on, can be an extremely daunting and challenging task. This is namely because we have the mindset that if we specialise, we will be restricting our client base and will miss out on potential clients and income. As an entrepreneur, you may struggle to understand the benefits of niche marketing but in truth, the benefits range from increasing sales to ensuring you build a business that you love.
As we discuss in this article, defining your niche is extremely important, and can help you to narrow your focus on clients and the type of work that you do. Your niche is a combination of the 2 factors, broken down as:
NICHE = Target Market (with a clear idea of your Ideal Client) + Specialised Services
But how do you narrow down your specialised services without compromising your business? First of all, it’s important to understand that you’re going to love running your business more if you are passionate and excited about the work you’re doing. When thinking about specialising you need to carefully consider what you love doing the most, how that can give your customers what they need and what you can charge for it. Once you know these things, specialising your services should be a no-brainer!
5 Advantages of Niche Marketing
1. Do more of what you love
By specialising your services, you get to focus on the tasks that you enjoy doing the most. Your time is managed more efficiently, and your job satisfaction is likely to go up, too!
2. Be considered an expert
If you specialise your products or services, you can quickly build up a reputation as an expert. You can become trusted to deliver exceptional results in one or two key areas, rather than being a “generalist”. Expert knowledge is highly favoured – if you can identify a need amongst clients, you can tap into some big potential.
3. Increase referrals
Along with your “expert” status, come increased referrals. By specialising you ensure that it’s YOU that springs to mind when someone has a need for your services as opposed to the myriad of other providers in your sector. A major way to increase your client base is to have your super-pleased current clients sharing your information with their friends and business associates. There’s no greater compliment than having your contact details passed onto others.
Make sure to include positive client testimonials on your website!
4. Attract more relevant clients
When you specialise your services, you can talk about this on your website. Having clarity around what you offer lets you get really clear on how you help clients. You get to tell people exactly how you’re going to improve their lives or help them in their business. Not only does this help you with your search engine rankings (getting found on Google), but also by being clear on what you offer, you can stop wasting time with clients who don’t need your services.
5. Help your business become scalable
On top of everything else, you can control the scalability of your business. If you want to keep things small and specialised, you absolutely can. And as soon as you’re ready to add in complementary services or products, this is also easier to do as well.
Ready to Reap the Benefits of a Niche Marketing Strategy?
As you can see, you have nothing to fear by choosing to specialise your products and services! There are many advantages of niche marketing, meaning that you should strongly consider doing this, to help you, your business, and your overall goals!
To find out more about how to tailor your brand strategy and specialise your offering, reach out to us at email@example.com to discuss ways we can help.