Your Target Market: Narrow Your Niche to GROW Your Business
When you need something of value fixed, painted, built, outsourced, restored, made, or reproduced, you take your time to do the research. You read reviews, ask for referrals, and do whatever you can to make sure you are making the best choice. Chances are high that you want to find someone who has mastered their area of expertise, even if they don’t quote you the lowest price. We all know the adage, “You get what you pay for.”
For example, let’s say you have just purchased a new home and want to get the interior walls painted a different color before you move in. Which of the below businesses are you more drawn to?
ALL-PAINT DISCOUNT PAINTERS – We paint everything at a cost that fits your budget, including homes (inside and out), fences, furniture, driveways, office buildings (inside and out) and more. If you need it painted, we’ve got you covered!
EMPTY-ROOM PAINTING EXPERTS – We are Fast and Affordable Professional Painters who specialize in prepping and painting empty rooms for new home owners, real estate agents, rental properties, and office or home renovations. We guarantee high-quality, low odor, fast-drying paint with a color-match and quote guarantee.
Chances are, if you need an empty room painted in your family’s new home, you’re drawn to the second ad a lot more than you are the first ad. Why? Because they advertise they are experts at providing the exact service you need. You and your family are going to be looking at those walls for years to come, and you don’t want to be looking at a bad paint job.
When you try to develop multiple services or products in an attempt to grab the attention of anyone who may happen to cross your path, you end up attracting no one. If people cannot identify what you do better than anyone else, they will move on – quickly.
There’s another adage that says, “Jack of all trades… master of none.” If you find a market – like coaching, training, or sales, and you try to capture everyone in that market by being that Jack-of-all-Trades within your chosen field – it will leave you feeling frustrated with little to no results.
However, if you discover you are better than anyone else when it comes to coaching senior executives who are looking to leave the corporate world to start a non-profit passion project, you will be able to have laser-like focus on your marketing as you target that very specific niche. Now you have something to work with. As you discover your specific passions, it will help reveal your Unique Selling Proposition (USP) which will allow you to better define your niche.
Although it seems counterintuitive, using your USP to narrow your niche will open a doorway to a whole new level of targeted clientele who are more likely to CHOOSE YOU over someone who has not identified with that niche or area of expertise.
So, how do you identify your USP, narrow your niche and get a tighter target focused on your ideal clientele?
First, you need to know without a doubt what you are passionate about and how that passion aligns with your profession – that will help reveal your niche. So, what is that one thing you can do better than anyone else? What is it that YOU have mastered better than anyone else? What do people always compliment you on that just comes naturally for you? What is it that you can do every day for the rest of your life that will keep you focused, motivated, and fulfilled?
Next, take time to evaluate the characteristics of your ideal prospect who will be looking for that one thing you do better than anyone else – your Unique Selling Proposition – and your specific products or services that support your USP. To help with evaluating your target market, we have partnered with one of our Soar 2 Success Authors, Jennifer Darling, who has created a worksheet you can download – Click here to download “Keys to Discovering Your Unique Selling Proposition / Value Proposition.”
Take some time to go through the worksheets she has created to help you discover your USP so you can narrow your niche!
Once you define your USP and narrow your niche, it will be much easier to identify and target your ideal clientele for that niche. With a more defined niche, you’ll find it so much easier to make all the other common decisions you need to make in your business to reach your intended audience.
Everything you do needs to be focused on using your USP to attract YOUR target market. This includes:
- Website development: style, theme, navigation, and content
- Digital access: business apps, online tools, and downloadable content
- Print materials: business cards, stationary, logos, business forms, and signage
- Social media presence: choice of online platforms and how you engage online
- Marketing efforts: emails, newsletters, mail-outs, specials, and promotions
- Advertising: choice of ad space, pay-per-click, promoted posts, and TV & radio ads
Knowing your niche and target audience helps to clear out the clutter. When you know WHO you need to reach, you are better equipped to research where they spend their time (physically and online) so you can connect with them organically and relationally.
As in the example used earlier, if your niche were to coach executives who want to transition from the corporate world into a non-profit start-up, you wouldn’t spend your time and effort marketing to millennial hangouts, trade associations, network marketers, or college students. Instead, you would join CEO Clubs, Executive Masterminds, and Peer Networks for Executives and CEO’s.
When done right, it’s a win-win for everyone. You get to do what you love and do better than anyone else, and your clients get to experience the benefits of your expertise.
As Seen In:Increase Your Leads With LinkedIn by Jennifer Darling