How To Define Your Niche
You’ll often hear the term the ‘riches are in the niches.’ That’s because defining a clearly refined niche has a huge impact on your ability to grow a scalable and sustainable business.
What is a niche?
Okay so let’s start with what a niche actually is.
A niche refers to your specialised area of expertise. Rather than serving the whole market, you really hone in and focus on a particular market segment.
For example:
Instead of being a Photographer, your niche is Food Photography.
Instead of being a Marketer, your niche is Marketing for Spa Owners.
Instead of being a Musician, your niche is Jazz music.
You can choose your speciality based on a specific audience, subject or both. The idea is by really focusing on building your expertise in a specific area, you have the ability to become the go-to expert or buyer’s choice in your field.
Benefits Of Defining Your Niche
Now you might be wondering why it’s so important to define your own niche.
In fact, you might be thinking, ”Wait Chloë, if I only market to THESE people then I'm essentially turning sales away from everyone else?”
Or maybe not.
Maybe you already know the value of niching down and narrowing your focus but you can’t shake that little nagging fear that you could be turning customers away.
Your fear may be that defining a clear niche will alienate you from potential customers but I’m here to reassure you, it’s the opposite.
When you’re trying to target everyone, you end up attracting no one. That’s because your message ends up becoming so diluted to meet everyone’s different needs and personalities that it’s too general to resonate with.
When you find a brand you love, you connect with them because you feel like they are speaking directly to you and the problem you are facing right now as an individual. That’s what compels people to buy and that’s why you need to define a niche.
Are you sold yet? Just to be sure, let’s break the key benefits of defining your niche down further.
01. You are marketing to less people but have the potential to make significantly more money.
When you go after an entire market, there are so many variants to consider that in order to speak to your buyer’s pain point, you need to generalise. As a result, your message becomes so diluted that it doesn’t resonate with your buyer. You are trying to connect to everyone but not everyone's the same.
In the end, you think you’re maximising your sales opportunities when in fact, you’re limiting them.
When you’re talking to everyone, you’re talking to no one.
The more specific you are about who you are, the problem you solve and who you solve that problem for, the easier it becomes for your buyer to make the connection and realise you’re speaking to them.
As a result, you become a marketing magnet rather than a megaphone. People are not only engaged but their eager to learn more and buy more.
We’ve all been there. We’re scrolling through an Instagram feed, maybe watching a YouTube video or having a conversation on Twitter and you’re completely in awe of it.
“Yes! They just get it! This is exactly what I’m talking about!”
You feel like this company knows you so well and like you’ve been searching for them you’re whole life… even if you didn’t fully realise it until you stumbled across them.
This is the feeling you want your audience to feel. This is the feeling that turns a stranger into a follower and a follower into a buyer and a buyer into a brand advocate.
In the end, you end up with your own little word-of-mouth marketing team who sell you product for you based on their own experience.
In order to make this connection and resonate on this deep level, you have to be specific. That’s how you make sales without the overwhelm of trying to be everything to everyone.
02. You position yourself as a specialist in your field
You can be mediocre at everything or you can be the best in the world at one thing. When you speak on a specific subject matter, that’s what people come to know you for. When they are discussing you in conversations, you become the ‘subject’ expert.
Over time, you’re the go-to resource for your audience and they view you as a leader in that space. That’s how you stand out and stand above your competition.
It’s how you get recommended and referred by not only past or current clients but by anyone who has come across you online.
03. People will pay more for a better-targeted value proposition
When you become the ‘go to’ expert, your perceived value also increases. As a result, people are happy to pay more money because they know that you are going to solve their problem better than anyone else.
They know that because you already have by addressing their specific pain point and educating them on the best solution to their problem.
04. See higher conversion rates because these specific people definitely need your help.
When you are targeting a specific group of people, they have a lot of commonalities. These trends allow you to speak to your audience as individuals, even at scale. You are talking directly to them with a level of understanding and clarity.
You know they need your help. They know they need your help.
Naturally, your conversion rates will increase. All that’s left to do is answer any objections they may have and help them to make the right buying decision.
05. Attract Your Ideal Client
You start attracting people you actually want to work with.
You are able to attract the right people who value the solution you are providing and are willing to pay what you charge for your help.
Not only do they want to invest in you, they want to encourage others to do the same because the experience they received was unlike any other. In fact, they’re so invested and loyal that they are waiting for the next opportunity to invest again because they already know what your next product or service is, it’s going to make their lives better.
06. Marketing Becomes A Breeze
It goes with out saying that this makes your marketing strategy a lot easier to put together and implement.
Everything you do is when it comes to your marketing from your branding, platform choice, content creation and messaging, it has to quickly attract, engage and delight your ideal client. Otherwise, they are going to switch off thinking it’s irrelevant to them.
You have one chance to make a first impression, you have to get it right.
When you understand your niche, you can tailor your marketing communications to them and in away that will guide them from a first impression into a lasting client.
Okay, now you’re definitely sold right?
So let’s talk about how you can go about defining your niche.
How To Define Your Own Niche
You might already have a clearly defined niche but if you don’t, here’s a simple method to help you niche it down.
Ideal Customer + Problem + Solution/Expertise + Passion = Niche
(No sign up required!)
Of course, defining your niche is just the first step.
Everything you do should be designed with your end customer in mind. When you understand who they are, you can learn to speak their language. You can tailor your branding, products and services and your marketing in a way they connect, engage and go on to convert.
I hope you found this video valuable. If you did, subscribe for more good vibes or leave a comment below. I’ll see you there! :)
