Boring title, why should I read this…? Well, I’m here to tell you that finding your business niche is the single most important thing you can do to really help your business. This is why competitors get the edge over you and this is why companies can grow so big.
I have recently done this and feel 10 billion times more comfortable in what I do, how much I charge and who I target with any marketing… and I actually save money!
Just a quick recap, wikipedia tells us, ‘A niche is, a comfortable or suitable position in life or employment’ which is what you’re looking for right? I know I would want to not be pushing or pulling my business, myself or my mental health in all different directions all of the time, which is exactly what I’ve been doing for about 4 years now. Have you ever hear the philosophy ‘If everyone is your client, then nobody is your client’, no? It’s true, it might seem completely counter intuitive but I swear it works. Narrow your customer reach, your target market and if 10% of your previous market is what you’re left with, then GREAT (intentional caps). You see, if these 10% are what you are left with they WILL buy from you, swallow any information you’re putting out their and follow you to the ends of the earth… and thats what you need from a good customer.
Ever waisted countless $$$ on digital advertising, Facebook ads, google ads, SEO not knowing where it’s going what you get back on your buck? Niche down and you spend a lot less money, you’ll have a small minority of people or companies you can market direct to and have them bite, every time.
So how do you find your niche? Here is a quick over view of what to look for:
1. Industry: Since you’ve been running your business, which industry have the majority of your clients come from? The upper most important thing you need to do here is ask yourself, ‘Do I enjoy working with these people?’ If you hate working with Real Estate people but they are your biggest group of clients, don’t push yourself into it, we’re trying to make things easier for you here. But if you love working with Real Estate dudes, go for it, ONLY target them and then they will see you as a specialist, and that’s what we want to achieve.
2. Psychographic: So this one is the one I had to go for what I was doing this exercise as I had a clients form everywhere, I’m serious Real Estate guys, Superannuation companies, Industrial Designers, Beauty care, Recruiters… just to mention a few, so looking at one common problem these people share can be a good way of working out your niche.
3. The work: SO ask yourself, what are of the entire work I’ve been doing do I like the most? Simple, if it’s painting elongated walls, ONLY pain elongated walls, if it’s building custom WordPress sites ONLY build customer WordPress sites… you get my point? Don’t try to do everything to please everyone, you’ll start working backwards.
As always, I hope this helps anyone running a business out there and is worried about hair loss.