To Niche or Not to Niche

April 27, 2012 by  Filed under: Marketing 

As a business coach, I spend a lot of time with my clients helping them to clarify their niche or target market. When I first started my business, people would ask me, “Why are you just targeting moms, why not target everyone and maximize your income potential?” The answer to that is simple! I don’t have a marketing budget to target over 6 billion people. What do you think came next? Yep, that’s right; silence! Let’s face it. Even large corporations have a target market. Gatorade targets athletes, Lexus targets wealthy, middle-aged consumers and Starbucks target the working professional between 25-40. Every successful company has a target market that they vibe with, provide the most value to and can profit from.

By targeting a specific niche you are able to:

-Effectively connect and communicate with your target market

-Stand out in your market by positioning yourself as an expert in your field

-Easily convert prospects into paying clients

-Create valuable products and services

-Prevent overwhelm and gain clarity

Some examples of niche markets are:

A pet sitting company that targets Executives who travel a lot

A nutrition expert that works with future brides who desire to lose weight before the big day

A book editing company for authors who self-publish

So, how can you determine which niche is best for you? Below are some questions to help you with the process?

-What type of client would provide you with the most enjoyment and satisfaction?

-Who needs your services the most?

-Who is able to pay the prices for your products or services?

-Whose problems and goals do you care about?

-With what group do you have an established reputation?

-Who is likely to give you repeat business or referrals?

You may also want to familiarize yourself with the four types of niche markets listed below:

Profitable- Individuals in this niche market are aware that they have a problem and are willing to invest in solutions. This is the preferred market and has already proven to invest in similar services and products that you offer.

Simple- This niche is the easiest to find and are linked to specific professions and industries. Examples of this market include organizers, coaches, lawyers, accountants, real estate agents, corporate executives, etc.

Promising- This niche is the second most popular and focuses on individuals who have specific goals and problems, such as, relocating after retirement, dealing with teens, preparing for a wedding, etc. With this niche market it is easy to position yourself as the “go-to” person in your industry.

Difficult- This niche is the hardest to reach and is based on topics like stress management, personal development, nutrition, communication, etc. Because this niche focuses on areas of expertise it will be very difficult to attract enough people to sustain your business. If you determine that you have been operating within this niche, I strongly advise you to change your focus to a specific group of people by profession or industry or on a specific problem or goal.

Remember you are not excluding anyone by targeting a particular community or group. You are not limited yourself or your business; instead you are maximizing your marketing reach within a particular niche market where you can provide the most value.

Once you have identified a niche, your next step is to conduct research to determine your target audiences’ biggest problem. To do this, you can conduct informal interviews with people in your circle that fit your target market, read blog comments, visit forums where your market “hangs out”, or speak with experts who serve your niche in a different way.

Once you have identified your niche’s biggest problem, your next step is to create products and services that offer a solution to their problem and guess what? You now have a profitable service business that provides value to a particular group of people and positions you as the “go-to” person within that market.

For questions regarding defining your niche, please send an email to info@unstoppablemoms.net.

About the Author: Ayesha Shabazz is a passionate mompreneur coach who specializes in teaching moms who are solopreneurs, coaches, speakers and consultants how to achieve six-figures in their business with multiple streams of income, overcome fears and limitations, position themselves as experts and achieve work-life balance. Her company, Unstoppable Moms™, provides actionable strategies, virtual resources, and business tips that empowers and motivates moms who want to build a profitable business. If you are just starting out, please remember to grab your FREE copy of The Ultimate Mompreneur Start-up Guide at http://unstoppablemoms.net/

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