You’ve heard it before; your business needs to have a niche.
But what does that really mean? Is it about the group your business serves or is it about the solution you offer? It can be either or both.
I’ve written about creating a niche before, you can read that article here. Now I want to share a real life example with you that illustrates how powerful choosing a niche for your business can be.
A client of mine had been a personal coach for many years. She had been successful with her business but wanted to serve even more people. She was determined to take her business to the next level.
She did have somewhat of a niche; helping women (her group) have more energy, confidence, and courage (her solution).
One of the difficulties she faced was that there aren’t many concrete ways to identify and reach this group.
In talking with her, she realized that many of the women who hire her are experiencing a transition. That’s a great start and good to know, but it’s also difficult to identify and reach ‘women in transition’ so we had do to some more digging.
I asked her what kind of transitions her clients are in and she came up with several possibilities. One was that they might be ‘empty nesters’ whose children had recently left the home presenting them with a chance for a new chapter in their lives.
Although this was initially interesting to her, after some thought she decided it wasn’t the right group. For one, she had never had children herself. In addition she wasn’t sure how to reach this group.
On to the next idea, the transition of women who are retiring. A great niche indeed and not the right one for her. She didn’t want to limit her group to a certain age group and enjoys supporting working women.
The third transition she thought of, women who are single after having been in a relationship (from divorce, break up, or death). Wow, the more we talked about this the more excited we both got.
This was the one! Why? Well for one reason she has been through a divorce so she can relate to this group. In addition, this group is not limited by a certain age. And last but not least, it is a group that can easily be identified and reached – so critical.
So now she can contact lawyers and real estate agents and create strategic alliances with them for referrals. There are even divorce fairs these days where she can be a speaker.
And while the group she serves is still women, it’s a much more specific group of women. And by focusing exclusively on this particular group she will be able to grow her business much faster.
By building her brand around this group she will become known as an expert in this area. Having a strong niche will also help her business attract more media attention.
Claiming this niche also makes it much easier for people to refer clients to her because what she does is so clear. When someone knows a woman who is recently single and wants to make some big changes, her business will be the first thing that comes to mind.
Are you starting to see the impact that choosing a specific niche can have on a business? How can you further define your niche?
Perhaps changing the particular solution you offer will make a huge difference and you can keep the same group. Maybe you need to tweak your offer as well as your group? The possibilities are endless.
Make time to take a long hard look at your niche and brainstorm ways you can make it even more distinct. A clear niche will have a huge impact. You will grow your business faster and easier and will become known in a big way.
For more on this topic watch this video where I’m interviewed about What a Niche Can Do for Your Business.
© Stephanie Ward
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Share your thoughts or struggles with choosing a niche in the comments section below.