How visible are you?
It’s not uncommon when networking to see several accountants, solicitors, business coaches, marketing experts, IFAs even cake makers in the same room. And the same thing must be going through all their heads; ‘Why would someone choose me over the next person? How am I going to explain that it’s me they should have a serious conversation with? Who am I to say I can help them better than the other? Why should they do business with me? How am I going to stand apart from the others?
I often ask the question, ‘Who are you targeting?’ and the answer is invariably ‘well everyone can do with my services’. It’s very tempting, particularly when starting a business, to want to sell to everyone. It’s a numbers game and you need to reach a lot of people to win business.
This strategy of reaching out to everyone is really creating a lot of hard work with a much lower chance of success. There is a much more effective strategy and that is to target a niche.
What is a niche?
A niche is a subset of ‘everyone’. It’s a smaller group of prospects that have similar characteristics that make them different from the larger group of ‘everyone’. So, why should you focus on a niche?
7 Benefits of creating a niche
1) Focus on your specific prospects.
There is only so much time and money and both are invariably stretched, therefore one’s energy and resources are much more effectively applied when focusing on a smaller and specific group of prospects.
2) Your marketing budget goes further.
By focusing on a specific group of prospects that need and want what you offer, you are not wasting your budget on the larger group that either don’t need your services or want what you have to offer. You are spending your marketing budget to reach and attract those you can truly help.
3) More profitable.
Your marketing budget has been spent wisely therefore the cost to acquire the prospect is lower. The number of prospects you convert to customers will be higher, therefore sales are increased and these customers are more profitable.
4) You understand what they want so you can provide them what they need.
The prospects within your niche have very specific problems. When you study them you will get to really understand their issues and therefore how you can solve them. You can then create the solution; the products and services they need to solve their problems.
5) You can create something that is unique.
The product or service you’ve created can be packaged and branded so that it is specific to you and your business. This will make your offering stand apart from other businesses.
6) You become recognised for your expertise.
Having acquired the knowledge and created a unique and very specific service or product for your niche you become the ‘must go to person’. You stand out from the crowd. You become known and your business becomes established within the niche.
7) There is less competition when you focus on a niche.
Whilst others offering similar services to you are spreading themselves here, there and everywhere, they are not focusing on your particular niche. And even if they did stumble across it, their messages won’t be heard or resonate with the target as yours most definitely will.
Creating a niche means you will Be Seen : Be Heard : Be Chosen.
A good place to start is understanding who your ideal customer is. My FREE eBook How to attract your ideal customer will help you.
