Niching – A Case Study
Last weekend, I was on a flight to Philly. (I wasn’t supposed to go to Philly, it was one of those re-route deals. That’s a story for another time!) At any rate, I ended up talking to a guy in my row because I had accidentally taken his window seat. After a lot of apologizing, “Are you sure you don’t want to switch?” I asked him what he did for a living. He said he was a CPA. But, he went on to tell me, he wasn’t just a general CPA. His firm specialized in vet clinics and practices.
I asked him one question. “How easy is your marketing?”
“Could not be easier,” he said with a grin.
I get so many clients that don’t want to niche. No niching. No way. Ahhh, but if they only knew what a difference it makes in your business!
Here are my favorite reasons to niche and how you can find yours:
- Niching makes your marketing easy. If you work in a specific industry, it makes it so easy to place ads, write copy and address your client’s problems. Think about the guy I met on the plane for a moment. When he goes to place a Facebook ad, post on LinkedIn or evaluate a networking group, he only has to ask one question – “Will there be vets in the audience?”
- Niching gives you insight into the types of products and services your clients need and want, creating DEMAND. When you niche, you understand better what challenges and issues your clients (and potential clients) face every single day. That will allow you to better create products and services that are tailor made to their individual needs. Our vet-focused CPA knows the challenges of becoming a vet and how important it is for vets coming out of school with $200,000 in debt to maximize their income. Because he specializes, he can offer services that do just that. Bam! Demand!
- Look to your own experience to develop a niche. What do you love? What causes are you passionate about? Where do you have natural talent? I can use myself as an example. I’m a highly motivated person myself, with a lot of creativity. I LOVE to work with people who are the same as me – highly motivated people who design things (software, websites, art, wellness programs) using their creativity. I also really resonate with entrepreneurs (I’m the fourth generation in my family to strike out on my own) so there’s another group for me! Think about what makes your heart sing and use that as a jumping off point to develop your niche.
- Finding your niche is as easy as thinking about your favorite clients and what they have in common. If looking at your background isn’t giving you the insight you had hoped for, consider your favorite clients and what they have in common. Maybe your favorites are the people who are struggling with a particular problem such as developing good relationships. Or maybe they work in the food industry? Look for the commonalities and then choose your niche based on that.
- Own it. Once you find your niche, own it. Don’t try to be all things to all people. Sure, a web designer CAN do a website for anyone, but if that’s you, don’t try to work with everyone. Work with your favorite clients.
When you niche your business, you don’t limit yourself. In fact, you open up a world of opportunity for yourself when you stand up and identify what works best for you!
Photo credit: business2community.com