Define your Business Niche Part I
As a business owner it is nearly impossible to hold back your excitement and aspiration to share your product or service with EVERYONE. Of course, I do mean EVERYONE! But wait a minute, think about large businesses that developed a niche product or service which expanded their growth. Apple products started as a niche product geared to a specific market and now is more main stream than anything in America. Why can’t you do the same by defining your business niche and growing from there?
By choosing a business niche you may feel like you are leaving countless opportunities on the table. If you don’t sell to those hundreds, thousands or millions of people someone else will. Well, we are certainly not saying to not sell to as many people as you can but to make sure to target your marketing and company messaging to the niche that provides the most utility for you and your business.
Value of a Niche:
By focusing on a niche, you and your staff can become the preeminent experts in that piece of your industry. Rather than being good in broad areas of your business, you can become the best in that specific niche. Let’s say you are a photographer that focuses on family photos, you can not outfit your studio, fliers, business cards, etc. specifically to target family photos.
You will learn every way to successfully and unsuccessfully produce the best quality family photos and to handle the dynamics. Sure, you won’t pass on a walk in that needs head-shots, but you won’t go looking for it because you are the best family photographer in your city! Think of the time and money that could be saved if you slimmed down some of your offerings. That’s the value of a business niche.
What Exactly is Niche?
According to Wikipedia it is “… the subset of the market on which a specific product is focused.” Of course, this applies to services as well as products. Your specialization is difficult for larger competitors to match as they prefer to be broad based. How many chain sushi restaurants do you see around? It’s a valuable business niche that is very much adaptive to the specific market.
Niches: Family Photos, Wedding Photos, Corporate Photos
- Sporting Goods
Niches: Mountain Bike Shop, Golf Shop, Athletic Shoe Store
Niches: Business Bookkeeping, Personal Tax Services, Business Tax Services
If you have finished reading this post, then you probably see some value in building out your own business niche. Over the next two weeks you will see parts II and III which will further delve into the business of mastering a niche. For now, we challenge you to think of 3 niches within your own business and industry that you can identify. Even if you are an Italian restaurant for example you could further define niches as; family dining, date night destination, and happy hour crowd. Even if you change nothing, thinking of your business in smaller chunks can help provide new perspective so please give it a try.