Today, a business cannot be all things to all people. Why not? To start with, the tasks of planning and marketing everything to everyone would be near impossible, even for a very large team to execute. Plus, when a business is too broad and does not define their niche, they have to compete with more businesses across more markets. And no one wants to make business harder than it needs to be!
‘Niche marketing’ is focussing on delivering a small number of things very well, to a specific group of people who need those things. In any business, you may have more than one niche, as long as each of them are very clearly defined.
You don’t have to go far to ‘find’ your niche, nor do you need a huge marketing budget. Simply sit down alone, with a colleague or a coach from ActionCOACH and identify the one or two people who need what you are selling.
Then, try to narrow each niche down to a single person, if you can. For example ‘Jenny, a 45 year old busy career woman who has two dogs and not enough time to take them for walks every day, and loves holidays’. If you have defined your niche as ‘Jenny’, suddenly the way you need to approach her and sell to her becomes clearer for you, and harder for businesses who haven’t identified her, to sell to her. Plus, if your business speaks to Jenny in the right way and offers her exactly what she needs, then Jenny is likely to pay more for your service or product, removing the need for you to engage in a price war.
Most importantly, once you have defined your niche, you eliminate a large chunk of the market that you no longer need to compete against on price alone. For a simple and cheap marketing exercise, finding your niche can have a significant impact on the way you market your business.
ActionCOACH has a number of tools which we will be writing about very soon to help you to find your niche and compete on service and quality rather than price.
Find out more about how to create that niche in your business by coming along to the 6 Steps to Building a Better Business Workshop. It’s free to attend and you can register here.
Or download your free eBook called Working with your Niche so you don’t have to compete on price here.