There are a lot of people that do the exact same thing as you. So how do you stand out in a saturated market? This may seem counterintuitive, but you can actually make more money by marketing to fewer people. You do this by creating a niche for your business.
What is a Niche?
A niche is a segment of people that would be interested in your products or services. Instead of marketing to everyone, you would market only to people in that particular segment.
Let’s use a photographer as an example. If you have experience and a camera, you can likely take photos of anything, but it would be hard to get business that way because there are so many types of photography that people are looking for. Instead of marketing to the masses, you could say you are a photographer that specializes in family portraits, then market to only people looking to get photos of their family. That’s a niche.
The Benefits of a Niche
There are many benefits that come from creating a niche.
- More interest – By specializing in a particular segment of the population, you will be targeting people that are already looking for what you have to offer.
- Easier conversions – Because these people are looking for someone like you, it will be easier to convert them into customers.
- You become the go-to expert -By focusing on just one thing, you will become an expert in that thing and people will be willing to pay more for it.
- You get to do what you are passionate about – By choosing to work in a specific niche, you get to do work that you really enjoy with clients you love.
How to Create a Niche for your Business
1. Figure out what you’re an expert in
The first step to creating is figuring out what you are an expert in. This should come relatively easy because you’ve probably been doing whatever that is for a while.
2. Determine your ideal clients
Think about the people that you really enjoyed working with. What was it about the project that stood out? Those are your ideal clients and the type of people you should market to. If you’re new in business and haven’t had many clients, think about the type of person you want to work with. Write down key elements about that person, even if he/she is imaginary.
3. Figure out your passions
What gets you excited? Let’s go back to the photographer example. There are a lot of different types of photographers, but if you really love taking pictures of families, but hate doing weddings, then you should focus on families. If you focus on what you really enjoy, you’ll be much better at it.
4. Define your style
Maybe you’re a family photographer that likes to take pictures in a studio setting. Or maybe, you prefer taking family photos outside in nature. Whatever style you prefer is what you want to market. If you’re really clear on your specialty, people will know exactly what to expect from you.
Niche Down and Earn More Money
While it might seem counterintuitive at first, you can actually make more money by only targeting a certain segment of the population. By niching down, you’re establishing yourself as an expert to people already looking for your services. You’ll be able to charge a premium price and get clients easier than if you were marketing to the masses.
Need help figuring out your niche? Sign up for a strategy session today.