Logically we say to ourselves…if I have a wider target market mix and a laundry list of services, my business would be in a place of advantage because I can attract a wider market. For example, targeting women business owners, companies that have 5-15 employees with an onsite location, students, people in the entertainment industry, etc. Unfortunately, this is not how things work, the wider the marketer, the smaller the opportunity to engage with your target group because they possibly would not see you as the solution to their pain because you have very vaguely shown that that you are the expert for them.
So, what is niche’ing all about and why should this matter to you, you ask.
Firstly, what is a niche market? A Niche Market is defined as the selected portion of a market that you’ve identified as having some special characteristic and that this group is worth marketing to. So instead of trying to target women business owners, you can select a business that identifies this group further. For example, women business owners in the speaking industry with 5 to 10 years of running a successful business. Or new female business owners who are very challenged in navigating social media and social media marketing plays a huge role in their speaking businesses.
Other important factors to consider when trying to niche include:
- Selecting a target market that have the same values as you do
- Selecting a target market you feel passionate about what they do
- Selecting a target market that continues to challenge you in your growth and deliverables