In today’s episode, I’m speaking about to niche or not to niche. So let’s dive in. You see, you can’t be all things to all men. I know that you know this, but often it can be very helpful to be reminded, even if we have been running our business for many, many years. You can’t hope to market your products and services to everyone, even if you think everyone needs them. I’m not saying that you can’t be successful doing that, but what I am saying is that we really do limit our potential by not focusing on a select group of people or businesses.
If we are going through a hard time in our business, it can be really easy to forget this. We can think that we need to widen our net, when in fact almost always the opposite is true. By focusing in on one niche, we of course connect with people on a much higher level, and consequently build that know, like, and trust factor significantly more easily, which in turn leads to more business ultimately.
I’m sure you’ve heard people say things like, “This person really connects with me and they really understand my business.” This is of course what happens when you focus on one niche. You can really get to understand the niche and connect with, and speak to, prospects on a much, much higher level. But, like I say, when things get tough, when we feel under pressure and when we feel stressed, often we can forget that and we can think that we need to start speaking to a wider audience.
Of course, there are certain groups of people or businesses that are likely to want and need your products and services more than others. But, more importantly, we need to remember as well when we are thinking about our niche of people, our niche of businesses, that they need to be able to afford our services. There is no point in targeting groups who want and need your products or services if many of them can’t afford to buy or pay for them.
When you are looking at your niche and narrowing down and focusing more on it, do please remember that caveat that they need to be a niche that can afford your products and services. If you are trying to make a concerted effort to go more all in on your niche, you need to make sure that that piece exists, because if it does not, then you are creating a problem for yourself.
Another pitfall that I sometimes see, even with seasoned business owners, is choosing a niche that they love because they love working there, but they don’t focus on the fact that as they try and escalate people through their programmes, they can’t actually afford those higher level programmes and there perhaps is no way to be able to help them afford them either.
A niche market is of course a specific group or businesses that want and need your services and can’t afford to pay for them. Because you’re targeting a small number, the same amount of money that you were previously using on ad spend to acquire your customer is now spread across a smaller number of people. So if you have a fixed ad budget, then it’s spread across a smaller number of people, which means that you have more to spend on each prospect individually, which in turn can help get more of those people in as well that are your specific niche person.
In a nutshell, your ideal niche market market is the segment that represents your best chance of getting a good return from your marketing offers. A niche is critical, I believe, to really getting your business to where you want it to be. The thing is, we know this, that choosing a niche means that you’re specifically meeting the needs and requirements of a set group of people. You are going to become the go-to person in that industry for the thing that you do. Not enough businesses are trying to scale and go all in enough on their niche. They’re skirting around the edges. They’re kind of hinting at it, but they’re not truly declaring what their niche is.
An example to show you this is let’s say you are a startup business and you need an accountant. You had to Google and you can see two that look interesting in the first two listings. One says ABC Chartered Accountants, tax preparation, audit accounting, payroll, help for startups, management accounts and so on. The second says, XYZ Chartered Accountants, specialising in helping startups get their businesses running quickly, profitably and effectively. Of course, the answer to the one you choose is obvious.
If you can create that stronger bond between you and your niche market, a stronger one than you have now, then I guarantee you’ll see the effect on your bottom line, no matter how long you’ve been in business, provided your niche market has the money to pay you. That is the power of really starting to dive in and go all in on your niche. You become the obvious choice, you own the market. You become known as the only choice. Why would people choose anyone else? Because your service is specifically designed to solve the problem of those specific people. I mean, look at Saga for example who cater for the over 50s. There is no ambiguity there. It is very, very clear if you are in their target, if you are somebody that should be considering them.
Not focusing hard in on a niche is perhaps one of the biggest marketing mistakes I see from business owners. Being wishy washy and not being completely clear on the niche that they want to serve leaves money on the table in terms of the sales, but it also wastes money in terms of the ad spend.
I hope this episode has been useful for understanding why I’m so passionate about people claiming their niche and going all in.
Thank you so much for listening. Until next time, let’s find the clarity in your numbers, increase your wealth, and get more money in your pockets.