The Benefits Of A Clear Business Niche (Plus Why You Need One)
The Benefits Of A Clear Business Niche
(plus why you need one)
What is a business niche? And do you really need to pick one?
I get questions about this all.the.time.
What is a business niche?
Do I really need a niche?
Is what I’m offering “niche” enough?
People can get really confused because there's a lot of advice out there around niching. Sometimes, that advice is totally unintuitive. And sometimes it's just plain wrong.
So I thought I’d bust some myths around niching, talk about the benefits of niche marketing, and how to niche down the right way.
Plus - what you can do right now to get your message across and increase your value to your customers - as well as increase your sales.
What Is A Niche In Business?
First of all, what even is a business niche?
In the States, they pronounce it, “nitch.” That’s where the phrase, “the riches are in the niches” comes from.
But I say “neeche.” Niche capiche.
So, what is a niche in business?
Essentially it’s just a specialisation. Your customers need a little place in their brain to put you.
They’re walking around their life, busy as heck, being constantly bombarded by …
… their Facebook feed
… the TV
… kids shouting at them
… work
So when they come across your marketing message, it needs to speak directly to them so they can put you in that little compartment in their brain.
Like, “Oh, Sarah - she solves my back problems.”
So a niche is just a specialisation.
I love this quote by Seth Godin. It goes something like this:
“How can you succeed in the large if you can’t make it in the small?”
That is just gold because it’s so true!
Think of any great brand or great business - they didn’t start with the entire market or their entire industry.
They started with one really specific problem and sold a solution to a specific group of people. And they got really good at it before they went on to do something else.
A perfect example of this? Nike with the running shoe.
Lots of successful brands have just picked one thing, become really good at it, and then expanded it out.
Smaller Focus = Bigger Results
You need to understand that the smaller your focus, the bigger your results will be.
Because if you don’t have the marketing budget of a big global brand, what makes you think you can reach all those people and solve all those problems? And in the process become known?
If you think about it, this day and age is the easiest time in history to start a business. There’s this great, big, even playing field. Our parents didn’t have the opportunity to just grab a laptop and start a business.
We have amazing opportunities at our fingertips.
But here’s the thing - so does everyone else.
So for you to stand out and become the go-to person or influencer. To become the one who attracts customers without constantly going out to find them and peddling, peddling, peddling …
You need to become very well-known for one thing.
Solve, Serve, Repeat
So pick a problem and pick an audience with that problem. Go out and solve that problem and serve that audience really well.
Then repeat.
Once you get traction, once you get good at that - THEN you can expand out.
But for now, focus down.
You can expand out later. But start by focusing down.
The Benefits of a Business Niche
Do not fling spaghetti at the wall and give yourself marketing whiplash.
Instead, focus. Because focus is what will give you benefits like these ...
#1 Spend less time and money on marketing
You will spend far less time and money on marketing when you're not trying to do lots of different things all at the same time.
#2 Wildfire Word of Mouth
When people can say in one sentence what you do and why it’s of value, it’s easy for wildfire word of mouth to happen.
Instead of confusion about what you do and who you serve - they will know exactly what you do and exactly who you serve.
When you focus on one problem and one audience, it’s easy for people to refer to you.
Can you say ‘instant referral machine?’
#3 Specialists Can Charge More
When you specialise, you can start to charge more.
Think about it. If you need to get your eyes fixed, you don’t want to go to a general doctor. You want to go to an eye doctor. The kind who can charge a thousand dollars to remove cataracts and does 40 of them in a day.
He can charge a premium because he’s a specialist at that one thing.
Pick the problem, become the specialist, and charge more.
Grow your business by serving a smaller audience and then just expand out slowly.
And don’t worry - it doesn't mean that forevermore you can only solve that one problem.
Niche Marketing Made Easy
So, it’s clear that if you want to become known, if you want to cut through the noise, and you want to make more sales - then choosing a business niche is the way to go.
But once you do that, then what? How do you get people to find you?
It’s all about nailing down your message and positioning yourself so that your ideal clients are drawn to your business. When this is done right, you become the ONLY option for your right people.
That’s what my new mastermind program is all about - getting crystal clear on your message and positioning so you can start magnetizing the kind of best-fit clients you started your business to serve.
Want to join me?
Click this button to learn more. 👇