When you set up in business, you can’t be all things to all people.
In fact, defining your niche can be a game-changer in terms of future success. Doing one thing and doing it really well is key to business success these days, in fact, I’d go as far to say that having a niche nowadays is essential for long-term growth. You get to set the pace for all your competitors and become natural born leaders in your field.
In the past, people have struggled with this concept of niching your audience. They believed a niche audience leads to less profit because the market place is obviously smaller while a broad-based company is more profitable because the opposite is true. In reality, this isn’t necessarily the case and often the exact opposite is true. Having a niche in business can enable you to:
Reach untapped markets
Niche businesses cater to highly defined markets, that are often overlooked or disenfranchised by larger competitors. If that market is large enough, the growth potential is your sweet spot.
As long as you’re targeting a niche market where there is a significant audience, then you’ll benefit from the lack of competition that going niche brings you. The more specific you get with your service or product, the less competitors you’ll have.
Build brand warmth and loyalty
The beauty of marketing to niche audiences is that you tend to build more intimate relationships with them and create higher levels of engagement. And with so much choice at their fingertips, customers crave a more highly personalized experience these days and niche businesses can really respond to that need.
Higher profit margins
Customers are often more than happy to pay a premium for a higher level of expertise rather than going to a more broad-based company.
Create online visibility
When you own your niche, you immediately become an authority within it, which is great for google ranking. You’ll always be on the first page if not right at the top. Marketing to a niche audience can be highly targeted too, therefore cost effective.
Mastermind your PR strategy
Magazines, newspapers, websites, radio, TV they all have pages to fill, content to create, shows to produce and they’re all looking for interesting stories to tell. Niche brands often have an engaging story behind the brand that they can share. And everyone loves those ‘first in the world’ stories.
Innovate not imitate
The act of finding your niche can lead to innovation. A lot of niche businesses tend to be the first of their kind, which allows them to create their own rules and go rogue. Focusing on underdeveloped markets and/or new product and services allows you to explore new ways of doing things and new ways to reach those untapped markets.
About the author
Saskia Nelson is the talent behind the multi award-winning and internationally acclaimed Hey Saturday, the world’s first and coolest dating photography business. Hey Saturday specialises in creating gorgeous, show-stopping dating profile photos that help single people stand out online and attract tonnes more dates.