by Cindy Schulson, Founder of Attract Your Niche
Many entrepreneurs think that in developing their small business marketing strategies, they are best off selling to the widest possible market. They are afraid to pursue a niche because they fear they’ll lose business by turning away customers. The truth is that if you are not marketing to a distinct group of customers and offering them a unique solution, you will not be heard or found online.
Benefits of Niche Marketing
When you market to a specific niche, you can focus your marketing resources. You understand the needs and language of your niche, so you can communicate better with them and speak directly to their situation.
By focusing on a niche, you become an expert at providing your service or product. And as an expert, you command higher fees and leverage your efforts to create multiple streams of income.
Above all, when you target a niche, you can differentiate yourself. You significantly reduce your competition and create a distinctive personal brand.
There are many definitions of niche and target market, and the two are often used interchangeably. But there is an important distinction.
A target market is the group of people most likely to buy your product or service. They are the people to whom your product is being marketed
A niche adds another dimension. A niche combines your target market (WHO) with the solution you are providing (WHAT). When you combine your “what” with your “who”, you have your niche.
Niche = target market (who) + the problem you are solving/need you are fulfilling (what)
The key to understanding niche marketing is realizing that people don’t buy a service or product, they buy a solution. That solution can help them solve a problem or achieve a goal. Being a solution provider is critical for good relationship marketing. When you become the solution provider for your target market, you are a winner.