I am sure you have heard the saying ‘There is money in the niches’. The reason this is repeated so much is that it is so true. A successful business understands the importance of niche marketing. Let’s explain what that means.
Many persons start a business with a passion to serve others but find themselves competing with thousands of others offering the same or similar offerings. They try running ads and use all of the strategies shared on Youtube and still get no results. It happens to the best of us. What you should be focused on is niching down.
Niching down means getting super specific about who you want to serve and how you want to serve them. Removing yourself from the competition of generalizations and establishing yourself as the expert for a particular niche of people
This allows you to speak to a smaller group of people but get bigger rewards in the end. Always remember quality over quantity. But how do you niche down?
In your industry, there may be multiple solutions for the same problem. Pay close attention to what your customers are saying and asking. Pay closer attention to what people are saying about and to your competitors and ask your audience specific questions about the challenges they are experiencing. For example, if you offer business services like business registration and accounting, maybe offer it only to a particular type of business like persons in the beauty industry. If you make soaps and creams, target people with a particular skin condition. If you offer lessons for students, focus on students with ADHD.
Always remember, you are not trying to sell to everybody. You are trying to solve the challenges of a particular niche of people who need and want your solutions.
Niche marketing also allows you to be more focused and reduces your competition in the market. A more focused approach means it is easier for you to get and stay connected.
All women are not a niche
All children are not a niche
Everybody who uses a phone is not a niche
Everybody who uses a computer is not a niche
All entrepreneurs are not a niche
A niche is even more specific than that. Understanding a niche means getting into the deep emotions of your audience and the challenges they are experiencing.
Women of colour living in Trinidad and Tobago who have opened a business in the last 5 years and has a staff of 3 is a niche
Children between the ages of 5-10 who suffer from ADHD who have a hard time concentrating and are not ‘passing’ exams is a niche
Women between the age of 20-30 who have suffered since their teen years with acute acne and have acne scars on their face and feel conscious when they go outside without makeup is a niche
Once you have decided specifically who you want to target, then you choose where you need to show up. Decide on your platform. One of the advantages of niche marketing is that you do not need to be everywhere. Show up and share value where your specific audience is seeking solutions
Then
Consistently share value that inspires, motivates, and educates
Engage with your audience regularly and build a solid relationship
Give them a reason to buy from you
Collaborate/Partner with other niche marketers who share your audience
Conclusion
Niche marketing is often overlooked because so many entrepreneurs are focused on selling to as many people as possible. The great advantage of niche marketing is that it ramps up your word-of-mouth advertising because you are solving a specific issue. Clients with specific issues are always looking for referrals and not searching for general solutions. Let your niche clients become your biggest advocates.
How far down have you niched your business?
Want some help with niching down? Then let’s get to work
So, let's talk about digital products. I wanted to talk about digital products because it's one of those things that I get asked a lot about during my coaching sessions. At some point in time during coaching, my clients usually ask me about what type of digital products they can start and the benefits of digital products. Let me tell you a little about my history with digital products. I did my first digital product in 2016 as an E-book. And it didn't sell! I sold a few copies but it didn't sell off the shelf and that was all my fault because I didn't understand that selling an E-book required the same amount of marketing as selling anything else.
