Female entrepreneurs, business coaches and service providers, we often find ourselves struggling to stand out in the crowded marketplace. Which is why I wanted to bring a few things to your attention in order to help you identify and articulate your ideal niche, so you can accelerate your success and reach your milestones sooner, rather than later.
What’s a niche?
(Pronouced neesh. Some say nitch, but that’s weird to me)
The concept of a niche, in simple terms, refers to a specialized segment of the market that focuses on addressing the unique needs, preferences, or interests of a specific group of customers. It helps you to specialize in something to a segmented group of people. By being able to define and articulate this specialized segment of the market you’ll be able to unleash the power of your niche and accelerate your cusses.
If you are a seasoned business owner you are not new to terms like Avatar, Persona, Audience, Niche, and Target Market – but no matter what term you use, the concept we’ve come to understand comes down to understanding who your true customer is and how you help them.
When we start out as new business owners, especially as solo-preneurs, we get excited and want to share our “stuff” with everyone. So we start by having lots of services because we’re afraid of excluding someone or leaving out a potential client. It’s the idea of casting a wide net to capture the fish.
Does this sound familiar at all?
Listing too many services confuses your potential client
I had a list of services when I started. I listed off all the marketing services I thought one was supposed to offer if you were in marketing. Like an agency. I know plenty of other entrepreneurs who have done the same. The problem is, it works against us. It’s a disservice and makes it difficult for potential customers to fully get why we exist as a company and what problems we solve.
Here’s the thing: Initially pin-pointing your niche offering can be conflicting and confusing. If you’re new to entrepreneurship don’t beat yourself up because you haven’t gotten this figured out yet. You will.
When I started in May of 2015, I met many other start-ups as I attended networking event after networking event. I joined business associations in my community like Centre for Women in Business, Digital Nova Scotia, and the Halifax Chamber of Commerce.
As a result, I met so many great people; some became clients and others became friends.
At this point, I had collected my fair share of business cards, too. (Truth be told, I love a great business card.) So many business cards. Some were fancy, pretty, shiny, others were flimsy, busy, and confusing.
I recently pulled out my very first business card I used for SmartCat. I had a list of five services on the back of my card; graphic design, logo creation, social media strategies, strategic planning and coaching and website development. All marketing related but not a specialization. Nothing to help me stand out in the crowd. And it’s a big crowd.
Ok…glad you came with me on memory lane but I digress…..
Position your business by articulating your specialty
It is safe to say that it’s pretty much commonplace for new entrepreneurs to start out with “wide-net” offerings. We’ll list everything and the kitchen sink because we want everyone to know all the things we can do. We want to cast the net as wide as we can to catch as many fish as possible. As we move forward in our business journey, we learn that offering too many services will simply muddy up your value. But, given these points, as a business it’s part of the journey to uncover what YOUR specialty even is and what offers conjure up raving fans of clients.
With this in mind, be known for something to a specific group of people you serve. Like a problem you specialize in solving.
Identifying potential clients and serving your niche goes beyond passing out business cards.
Another key point, and should be at the top of your list of building and growing your business is a strategic business plan. Not only will it give you a clear sense of why your business exists but it also aligns your goals with actionable steps to building and growing your business. It’s a great exercise in understanding the people you serve and how you fit in the market overall.
Researching who your target is essential but not as easy at it sounds. There is a basic question to ask yourself: Why are you important to the people you serve – your niche?
Dig deep on this question. This will help you understand what your unique value proposition is. Uncovering your true value, and understanding how that impacts your client, will help your brand’s “claim to fame”.
Clearly state the uniqueness of doing business with you – the problem you solve and the values you’ve associated with your client process. Your services are how you solve the problem.
Ask yourself– What is in it for the client? Be client centric. Don’t be product centric. Uncover what is in it for them. (WIFM)
After all once you figure out what makes your approach unique – create a selling proposition and process that no one can say no to – you’ll notice a difference in how your target audience responds to you.
If there’s one thing I can tell you, it’s to stay focused on serving a particular group of people until you get so good at it you are ready to take on another group. They are your ideal client, the group of folks who you serve well. Create clear messaging around this group of people and you will soon discover what you really love to do, what you do exceptionally well, and what you don’t like to do. I know I did.
Identifying your niche goes deeper than a simple buyer persona.
Your niche is who you’re meant to serve. You are great at solving the problem this niche has. Deeper connections are formed, you share a common belief system, and probably have general demographics in common. Your niche also craves the encouragement, support, and help you can give them.
“These are people who are bonded to you by common traits and who seek the answer to a problem that you have learned to solve.”
Narrowing down your true niche is essential if you want to meet them on an emotional level.
Why?
Because people buy on emotion. Period.
At the end of the day, it’s about how you make them feel. If you can truly help them, then that will be what makes the difference between a NO THANKS and the YES I accept you proposal.
A niche is not only your crew of clients.
It can also refer to the group of people who support you, work alongside you, and cheer you on.
Collaboration is at the heart of SmartCat Marketing. I do this with the wonderful people in my circle. I believe in working with other ambitious, hardworking entrepreneurs. We have so much to learn from one another.
I’ll leave you to think about what your niche is and does it expand into other industries?
I dive more into identifying your niche and more in Your niche is not what you think.
