This week I have been particularly focused on understanding what exactly it is I am providing to my target audience, and how we as business owners can really narrow down and improve our niche market skills.
Often times, before we’ve truly identified our passion and purpose in life, we throw ourselves out there and try to do everything for everyone. This creates such overwhelm and even more confusion than when you first started. That is why it is so key to understand your purpose, identify your most important skills and characteristics, and find ways to improve upon them daily.
So how do you know which skills to focus on, and how can you identify which ones will suit your ideal customer? This is done by narrowing your niche!
So What Exactly is a Niche Market?
A niche is a focused, targetable part of the market. This is an audience to which you can provide specialized products or services. You are perfectly geared towards meeting their specific needs, which cannot be addressed in such detail by the general or other mainstream providers.
It is important to understand the difference between your target market and your niche.
Your target market is a special audience or specific group of people you “work for”. For example: women entrepreneurs, female designers, between the ages of 25-35.
Your niche on the other hand is a service which you specialize in offering to this target market. And the combination of target market and specific service creates this “niche market”.
The Importance of Narrowing Your Niche
There are many reasons why narrowing your niche is important. For example, it gives you focus, allows you to impact your audience much more effectively, and gives you a greater understanding of who you are writing to. This really places you inside the heads and hearts of your ideal customers to understand what makes them tick and what exactly it is that they need from you.
Need more convincing? Here are 3 of the reasons I find most important for narrowing your niche market.
1. Prevents the “Thin Spread”
Trying to serve everybody will force you into a situation where there are just too many different kinds of people, all with different needs, and trying to solve all their problems will completely overwhelm you. Narrowing your niche market allows you to focus specifically on your ideal clientele and the specified problems that they need you to solve for them. You are then able to dedicate a lot more time and resources into doing just that, providing a much more satisfactory customer experience overall.
2. Easier to Identify Ideal Customers
Not only is it easier to understand what problems you need to solve, it also allows you to better identify and market to your ideal clients. You won’t be left wondering where to find them or how to correctly attract them. Instead you will have a much more strategic approach, and a much more targeted marketing strategy with the desired outcomes to go with it.
3. Allows You to Become The Expert
Ever heard the saying, “Jack of all trades, master of none”? Now this is exactly where this point comes in. Instead of being spread too thin, only providing average products or services, narrowing your niche market allows you to be the best at what you do. You can focus on the skills required, and improve upon them daily to really provide your clients with the best customer experience possible. This will lead to a lot more repeat business, and will build your credibility in your field of expertise.
Challenge for the Week
This week I want you to write down a description of your audience and get specific. Go beyond the basic detail of gender, age, etc. Really define your target market so that next time you write your newsletter or blogpost, you’ve got a clear audience in mind.
Next, identify at least 3 critical skills and resources you need to serve your specific target market. Now that you’ve narrowed down your niche, you can begin to find ways to develop each of these skills to strengthen your performance within your niche.
Now I’d love to hear from YOU!
- Did you find this Spark Idea challenging? What are some other benefits to narrowing your niche?
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As always, desire to inspire!
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