Find your Niche

When you look up the word ‘niche’ in the dictionary the first definition is:

(noun) – A shallow recess in a wall to display a stature, figurine, or other piece of artwork.

Further down it describes it as:

(noun) – a comfortable or suitable position in life or employment (as in, ‘He has found his niche’)

THEN we see this:

(noun) – specialized segment of the market for a particular kind of product or service. 

Which leads you to look up the word ‘segment’ which is defined as:

(noun) – particular group or kind of people

And my favorite:

(adjective) – denoting products, services, or interests that appeal to a small, specialized section of population.

Oh, and by the way, the pronunciation is NiCH (not nEEsh).  It wasn’t until 1961 that the alternate pronunciation was used. And it took until 2003 for Websters to accept the secondary pronunciation.

So, what does this all mean to you as a business owner or professional?

Simple… whether you are trying to display a beautiful piece of art or appeal to a specific group of people it is about setting it apart, highlighting it, showcasing it (or you) so that people see it, appreciate it (or you), and want to be a part of what it represents. 

In business terms: highlighting you and your business so that it attracts the attention of and appeals to that specialized group of people who are ready, willing, and able to recognize, appreciate, and use your products and services.

Yet the age-old question is: How do I define my Niche?

We all know that if we try to market to EVERY-one then we are marketing and being heard by NO-one.  That is a waste of valuable time, money, and effort that we just don’t have.

We also know that if we were able to focus our attention on people with a defined set of characteristics our marketing would be more concentrated and thus be more efficient and effective.

Think about it:

Instead of engaging in marketing across ALL the social media platforms you could concentrate on one (or NONE if your Niche is not on Social Media).

Instead of attending a multitude of conferences or associations across several segments you could attend the few that are within your Niche.  Saving you time and money as well as allowing you to be seen multiple times within the same segment.

Instead of creating content, marketing materials, messaging, client journeys, and resources for multiple segments you can produce higher-quality, focused content and marketing materials that hit the mark every time. Example: your website – if you are trying to not alienate anyone and appeal to everyone then you are probably vague, generic, and shallow at best in describing what you offer.  With a defined Niche, you can also define a complete life-cycle experience to increase the lifetime value of each client.

Instead of building alliances with anybody/everybody you could hone-in on those that come into direct contact with your target market Niche.

By concentrating on a particular Niche and getting really good at providing exceptional service to them, you set yourself up as an expert in your field, the go-to person, and your circle of influence will expand.

Let me give you an example: I work with a wealth management company who has carved out a Niche in the entertainment industry.  They have several clients that are Youtube famous, writers for TV shows, even a producer or two in Hollywood.  Because of this they concentrate many of their marketing efforts and prospecting directly at the entertainment segment of the country.

Another example: Me!  In addition to NetworkBuildGrow, I am a business strategist who focuses on working with thought leaders who want to use speaking as their primary marketing strategy. I don’t tend to work with people who offer a product, or businesses that have a brick-and-mortar retail location.  But rather I work with those that want to use educational marketing/content marketing, and often offer courses, programs, and other ‘teaching’ type services. This eliminates a HUGE pool of business owners and professionals and allows us to focus our time and energy on the select few.

Now, does that mean I don’t offer services to other professionals in other industries, no.  But the majority of our prospecting lies in that segment or Niche of the market for our Executive Services.

Here is the bottom line…if you try to be the end-all-be-all-for-everyone in your industry you will be a little fish in a big pond.  You will be seen as a generalist, not a specialist or master of anything.

Think about it, if you go into a restaurant and the menu has a gazillion options ranging from all nationalities of food cuisine… how good do you think the Pan Con Tomatillo or the Tagliolini Pasta with Truffles will be?

On the other hand, if you are at an establishment that offers only a few dishes, but they are all from the same nationality or region of cuisine…now, you are in for a culinary treat (and probably happily pay a good bit more for the pleasure).

If you Niche down to a certain segment of the population then you will be a big fish in a little pond. You will be seen as an expert and people want that and will gladly pay for what it is worth.

So how do you find that Niche of people that will be responsive and appreciative to what you have to offer? 

The easiest way – Reverse Engineer It!

Start by dissecting your 5 favorite past clients. Those that you enjoyed working with, that saw results, that could afford what you offer and gladly invested in it, those that you would like to clone.

Figure out the characteristics that made them so great. What about them was ideal? Were YOU an example of your ideal client before you used/understood what you do now that is part of your business? Find the ‘golden-threads’ that run through all of this.  What are the common demographics? Psychographics? (we have an easy worksheet to help you think through this:  Grab it HERE)

You can also take a look at your competitors to determine what Niche they are tapping into. If you are not paying attention to what others are doing you are being blind and ignorant of what is happening in your industry. That is arrogant and foolish. Take a look and find the gaps in the population – who is NOT being focused on that could/should be? Who else needs to know about what you offer but are not being presented the information/access to it?

What adjacent markets are there to what you offer? Who does your ideal client need in addition to you – either before they need your products/services, after or at the same time?

Once you have all this data gathered you should be able to clearly see and define a Niche that is untapped and ready for you!

This is the beginning of what we call Market Intelligence.  Gaining a complete understanding of who exactly you are talking to and where they are = your Niche.

Finding and marketing to your ideal Niche makes a monumental difference in your business. By narrowly defining who YOU want to work with you attract the right people and avoid those that are never satisfied, always complain, don’t want/or can’t pay what you are worth, or those that take the life out of you. 

You find yourself being pursued by the exact people who you are looking for – those that you can help, provide products and services for, and who love the outcomes you produce together so much that they shout your praises to others they know.

What a great Niche to be a part of!