Niche Markets: Your Key To Business Success
Terri Levine Monday, October 16, 2017
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One of the biggest mistakes businesses make is they try to be all things to all people. Whenever I see a business owner doing this I know they will have a lot less qualified prospects and it will take them a lot longer to convert those prospects. They will be wasting time and marketing resources and money. I realize that most of them do this because they really don’t know how to select a niche and if they understood how to niche their business they would be a lot more successful.
You want to have a niche for many reasons. One reason is that today there is more competition than ever before as small businesses are growing rapidly. Those other businesses are working to get the same prospects and clients that you are marketing to and for you to be successful and get your highly qualified prospect’s attention, you will want to focus narrow and deep on a small segment of the market. If you are marketing to everyone it is very difficult to get people’s attention. However, when you pick a certain piece of a market and then create a Core Unique Positioning Statement you can focus solely on getting very specific results and outcomes for your customers. Giving a small segment exactly what they want and need will bring more people to you.
One of my clients sells jewelry online. I asked what niche she was marketing to and she said “women who wear jewelry”. Incorrect. I had her become unique to a niche by focusing on Professional Women Who Want A High Fashion Look With Low Cost. This smaller segment of the market began to find her. Prior to this using keywords about women and jewelry, she was getting nowhere. Once we made this shift she started creating thousands and thousands of dollars of online sales quickly. The lesson? Targeting a specific niche with a Core Unique Positioning Statement results in more highly qualified leads.
Action Steps To Take Now
Your action steps to create your niche are as follows:
1. Create a Core Unique Positioning Statement for your market. For example in my business: I am the ONLY business strategist who has a proven and simple 3 step process for service-based businesses to connect with more qualified prospects, and to convert them into customers without selling them, and to command top dollar for your services/products and I guarantee results with I pay you if you fail guarantee. See how this will generate your niche’s interest?
2. Choose your niche by narrowing down your target audience and thinking about the results and outcomes you deliver and who they are best suited for. Notice I don’t say all business owners in my Core Unique Positioning Statement - I talk about service-based businesses only. That’s my niche. Your niche might be in the location or territory you sell to or to a specific audience based on their interests and demographics or you might serve people at a certain price point or you might serve a niche who wants to receive services in a different way like through a membership site online.
3. Narrow your niche with the target area, target audience, target price and delivery method as well as by the exact services and products you are providing.
4. Notice if there are gaps in your marketplace. Maybe your online store can really be unique for a certain segment of the audience, like my client in the jewelry business.
5. Research online to see how other businesses are serving that niche you selected, and see if there is room to be different.
6. Make a final decision on niche and stick with it. When you keep changing niches you confuse people and a confused mind doesn’t buy.
Relax and Move Forward
With your narrower focus, you can now be more appealing to prospects and you can scale more quickly offering only what that specific niche desires. In my experience consulting with over 5,000 business owners, those who niche and work with a highly targeted group make a lot more money than business owners who serve the masses.
Terri Levine: Business Strategist and Chief Heart-repreneur®
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