“I’m a management consultant with over twenty years experience in many areas of management, from marketing, to sales, to customer service, and I am skilled at sales presentations, and negotiations. I’ve worked for Fortune 500 companies, have my MBA, and to get business I attend networking meetings, and have a website. Yet, I’m not getting any business.”
Does the above description sound like any one you know? The problem is this person is presenting themselves as a “Jack or Jill of all trades”, and they’re looking for any type of business consulting work they can get. The result is they’re not getting any business, because they’re not “standing out from the crowd” as a specialist or expert, and they don’t have a clearly defined market niche.
Part of developing your marketing strategy is narrowly identifying whom you will sell your products and services to-your market niche. Not all management consultants, bookkeepers, or event planners are alike. Each of us possesses unique experiences, knowledge, skills, and talents to offer. It’s important to take time and invest some energy to define your Ideal Market Niche- the market you are uniquely qualified to serve.
Often business owners view a niche market as narrowing their sales or cutting into a profit margin. The truth is a narrowly-focused and defined market niche gives your business more marketing power.
What is a Niche?
A niche is also a group of people whom-
* Have common issues and problems
* Hang out together in organized groups
* Are large enough in number to be a profitable market (but not too large)
The most successful solo entrepreneurs offer a highly specialized service to a market niche. For example, rather than being a general management consultant, a person may do management consulting for chiropractors. You must niche so you can draw attention to yourself, and communicate why you are unique. You don’t want to be perceived as doing the “same type of work” as everyone else; you want to be known as a specialist or an expert in your field.
Many business owners are concerned that if they focus too much, they will miss other opportunities. Actually, the opposite is true. Defining your market niche market before you embark on implementing your marketing strategy is important. Following are the 3 reasons why you want to niche:
1. Your marketing activities get much easier to manage.
This is because you’ll know exactly where to find your target market, if you have a defined market niche.
Because you know exactly where to find your market niche, you can spend your marketing dollars more wisely…and avoid the “shotgun approach” most marketers rely on…hoping they “hit” something.
You’ll know exactly where to look to find ezines they read, related websites they visit, online forums and discussion groups, and professional and trade associations that serve your market.
2. You can more easily become known as an expert in your field.
When you specialize, and focus your efforts to a specific market niche, you become knowledgeable in the problems your market faces. This makes you more valuable, and seen as an expert on other peoples’ eyes. Specializing and focusing also makes it much easier for people to talk about you and refer business to you. This is because they will know exactly whom you serve, and what products and services you offer.
3. It’s easier to develop products and services.
Rather than trying to please “every one and every market”, having a defined niche market makes it easier to develop ideas for new products or services that appeal to your specific market niche. It also makes it easier to identify a focused niche market’s problems, wants, and needs.
The clearer you are about who your market niche is, and the more passionate you are about helping them solve their problems, the more likely your revenues and income will substantially increase!