One of the most important things you will do is identify your businesses niche. I can’t stress this enough and let me tell you why. Businesses that do not have a clear understanding of their niche are slow to grow. Their marketing is sluggish and ineffective. Just those two points alone tells you money and time is being wasted. And of course, sales area struggle. The economics are bad because the business is bleeding money from expenses and not getting any sales revenue to overcome it. If it continues over time, they reach the end of their runway, the business fails. It’s that simple. When you don’t do the important work of niching in, you increase the chances of your business failing.
I am not making this seem like a bigger problem than it is. I have seen the results, the ones that know it are succeeding, beating their competition easily. Anytime is a good time to niche-in but doing it in the beginning is best of course. A business that doesn’t understand their real niche are basically trying to do things blind folded.
There is a special group of people that make up your niche. These people are the ones that have the most to benefit from your product or service. They have a problem or need you can resolve more precisely. When you can do that for people, the marketing and sales side becomes easier. It’s easier because an entrepreneur who understands their niche will make sure their message is directed to that person’s needs. That’s why I focus on the problem and the pain points that come with it. I will also talk about the resolve and how easy or simple it is. A message that will resonate with a niche group. It will capture their attention and hold it, because it would be as if I were speaking directly to them.
When a business recognizes and understands our problems, and has a solution, we are compelled to listen. This is what captivates people, an audience, and a niche. This is the most important of many reasons to know who you are trying to connect with. When you identify your niche, it is having a detailed understanding of how your product or service can impact their lives.
You must share your message in places where the people in your niche will be able to receive it.
If you know your niche well, you know where they are most likely consuming information. There are trends that show where specific groups will likely make their attention accessible. It can be determined by a combination of their age, gender, language, culture, or location. There are patterns that will emerge within your niche that will give you a good idea of where most of them can be found.
Messages that are well crafted for a niche, need to be delivered where it can be discovered. Time, money, and effort will be wasted if it isn’t. I have seen a workaround which is marketing that message in all places. While this will get the attention of some of your niche, it will also increase cost because there is an expense to casting a wide net. It is best to be more precise and focus on the few places you will find most of your niche.
You can say all the right things, and in the right place, just make sure it’s done at the right time. Your niche will have peak times that you can capitalize on their attention. Every niche has a buying cycle. There are certain times your product or services becomes more relevant because of timing. It’s why you don’t see the same commercials all year round. Without going into too much detail there are some great examples of niches with specific optimal timing patterns. The fitness industry knows when they have the best chance to get an ROI on their marketing spend. As does the tax and accounting industry and let’s not forget about the toy industry. These all have niches that have specific times their product or service become more relevant, necessary, or desired.
I wish there was demand all year round, for every niche. It would make things a lot easier. We forget people budget their money, whether it’s intentionally, or unintentionally. There are specific times when their problem or the need they have can be justified and fit it into their budget. That is when your product or service reaches its peak value with your niche. You’ll want to be there when it does.
When you can put all three of these points together, time, place, and message, you can optimize your marketing efforts. It’s a strategy that makes sure you are getting the best opportunity to succeed, and not wasting your money, time, and effort. Now, can you understand how blind you might be operating without identifying your businesses niche. It’s clear that you must have detailed knowledge about the people that make up your niche. They are the ones that can help your business succeed faster because they will be your best customers. These customers have the best chance of becoming your raving fans. They have the highest potential of sharing the word about you and bring you even more attention and business.
There is even more that I can show you to identify and target your best niche. I think these three points should be enough to prove that you need identify your businesses niche, and that it is foundational to your business, always!