Last Updated on April 8, 2016
So you’re probably wondering how to “niche-ify your niche”. Well, what if you were told that in order to become one of the big guys in the market you need to start small… and by small we mean tailored to your specific product or service your company offers. Read on!
There are many companies out there that fail to do this properly and they only realise their mistake once a massive decline begins to occur. They’re then left with two options; to reassess the situation and fix it, or to go completely out of business.
It’s very tempting for businesses, mainly start-up businesses to feel drawn into obtaining the sales rather than the markets. However, if you can ditch this short-term strategy, that only allows you to make a quick buck, then you’re effectively lowering your competition so that the long-term results are more fruitful and beneficial.
The Importance of Tailoring Your Offerings to Your Target Market
When you niche down, and focus solely on your particular market, you can customize your services and products to your specific field. You can pretty much become master of your domain by taking the power of marketing into your hands, and becoming a leader in your tailored niche. Eventually, you’ll enter other market segments as your company flourishes and you’ll no longer be a small fish competing with sharks; you would have lowered your competition initially to give your business time to grow with positive financial outcomes in the long-term.
As a businessperson, what is more important to you? You want your company to make money, you want it to be successful, and you want your customers to build a relationship with your brand or service so that you can grow in your market, but the trick is to start small and to watch your baby grow.
When we’re dedicated, we try to handle everything at once. Don’t try to take the “we’ll do everything” approach. Piling up your plate too much will only lead to tiredness, frustration, and confusion. When you’re operating in such a state of mind, it can only produce negative effects on your company. So take a deep breath and find your niche.
Understand Your Product/Service
You’re probably wanting to know how effective your company can really be? How can you take your business to the next level and make a good business a fantastic business? Successful brands have variances that illustrate distinctive factors from their competitors. If you plan to create a brand identical to an already established brand, you better be prepared to demonstrate how yours is different.
How do you do this? Well you pretty much have to get to know your product inside out and understand what sets you apart in the market from the rest. For example, perhaps your product solves a problem that other similar brands don’t. Write down all the unique features of your brand and work from there, as this will in turn increase your effectiveness in the long run.
The best businesses start with passion. If you’re able to identify your best skills and what you enjoy doing most, you’ll be able to narrow down your niche a whole lot better. This will give you an edge and an advantage against other business, because when you’re passionate about something, your performance increases. So stand out from the crowd and build a business, product or service that focuses around your strengths.
This may mean digging into your inner psyche. Consider your life experiences too, so that you can see what you’ve achieved, what you have enjoyed achieving, and what you’ve failed in. Highlighting your weaknesses too is not a bad thing. If we can identify where our mistakes are then we can grow from it and understand how this may be beneficial or detrimental to our businesses.
Define Your Niche to Establish Clarity for Your Goals
So how do you really define your niche? I guess specializing too much can also be a negative. For instance, you don’t want to create a business that only sells accessories for dogs with one foot and a cropped ear. That’s what we’d call extreme specialization. The chances of you finding a substantial amount of customers looking for something like that is almost a big fat zero.
Instead, selling collars for dogs could be a potential niche. You’d then have to ask yourself… “what sets me apart from all the other dog collar places and pet stores?” Perhaps your product is made from a hypoallergenic material that’s kind to dogs with skin allergies. As you can see there are many different pathways, and that’s why it’s important to define your niche and obtain clarity so that you can work your way up one step at a time.
Connecting with your followers is also an important aspect. As much as a sensitive point this may be, companies need to know that not everyone is interested in their services or products. It’s best to find your target, and identify which customers will be the ones knocking on your door. So narrow it down the best you can with particular specifications like gender, age, location, occupation, income, and hobbies, and get a clear idea on who your ideal customer is.
Get on the “trend” scene too. Now with social media in play, it’s amazing how many different trends and fads people “like” and “share” to let their friends and families know what the latest is. It’s pretty much where your audience lives, which can give you an understanding on what makes them look twice.
In conclusion, you’ve walked away from this article with a bit more of an idea on how to lower your competition by starting small, how to increase your effectiveness by niching down, getting to really know your brand and customers, and how to connect with your followers by understanding your target audience. Good luck with “niche-ifying” your niche!