So many small businesses are closed down due to the coronavirus pandemic and it’s becoming a little frustrating since we do not know when things will go back to normal.
My advice to you is that you should use this time to research and grow your business.
Instead of focussing on the negative, focus on how you can grow your audience and further niche down so that when COVID-19 is over, your business can soar.
I know you are trying to be the best at everything you want for your business but the fact is that it is almost impossible to do everything.
It is not like I am trying to kill your dreams, I am just being realistic.
The best thing that you could ever do for your small business’ success is to assess your target market or choosing a niche.
This small act will help you avoid the main mistake that business owners make which is going too broad with their products and market appeal.
What is niche marketing?
A niche is created by identifying a need or a want that’s not being addressed by other providers, and by offering a product or a service that satisfies that need or want.
Niche marketing is simply the process of narrowing down the broad array of online viewers into people who are interested in purchasing the products you sell.
You can save a lot of your investment by using niche targeting.
It will help you invest the right amount of money as well as resources at the right place that brings you loyal customers who are willing to pay the charges of the products you sell and can bring in great success with effective conversion rates.
How to find your target market?
Your niche can be based on a variety of things that narrow down the interests of your potential customers.
And this isn’t necessarily just the products you carry or services you offer. It could be:
- The area you operate in or sell to (local, national, specific countries…)
- The audience or customers you’re targeting (specific ages, interests…)
- The price point of your goods (designer, affordable, budget-friendly…)
- The way you go about selling or offering your products/services (via subscription, with a membership option…)
Creating such demographics will help you understand your target market.
Using this, you will know who is buying your products and by monitoring their interests, you can get to know their interests, personality, behavior, lifestyle, and such.
Although it might require dedicated time, it can serve you better to give the best customer experience and get the best out of your niche marketing.
Doing a thorough target marketing research will not only help you in knowing your potential customers but also the core aspects of the targeted market and the ways to resonate with the market to imbibe an urge in them to become your loyal customers.
Why Is Finding A Niche Important?
1) Your marketing will be 10 times easier.
By sticking with a broad niche, you might think that you’re casting a wider net which means more fish.
Unfortunately, that’s not the case. By niching down, you make your marketing efforts easier.
You know your exact niche, you know where to find them (online and in-person), and you can spend your time targeting them where you know they’re going to be.
But, most of all, you know what type of marketing is actually going to resonate with them and compel them to buy from you.
If you had target market that was too broad, you’d have to spend 10x the amount of time doing the same marketing task, because the broader your audience is, the more research you have to do, and the harder it is to reach them in an effective and meaningful way.
2) You will know where to allocate a marketing budget.
Take the example of if you choose the target market of ‘health professionals in XYZ location’. The brutal truth is that you’re going to run into problems.
The vague group of ‘health professionals’ can be broken up into demographics (young, old, male or female) and also specialization (physiotherapists, general practitioners etc).
Your marketing will not be effective for all of these groups – that’s why you need to niche down further and choose exactly who it is you want to target… and go after them.
Imagine, you’ve niched down from ‘health professionals’ (bad) to ‘young physiotherapists in XYZ location that need help with XYZ problem’ (great!).
Now you can focus on finding those exact people and getting your brand messaging in front of them – instead of wasting time trying to reach everyone.
3) You will attract the right type of clients.
The nightmare of starting a business, especially after you’ve been in your industry for so long, is that sometimes you feel forced to take on clients that you know aren’t right for you.
Whether it’s a client that pays too little, quibbles over the bill, or has unrealistic expectations of what you can really do for them.
These are mostly problems that can be avoided by niching down properly at the beginning of your marketing phase.
By niching down correctly, you will give yourself the chance to understand the general price bracket that your market is comfortable with, whether they have a willingness to pay, and whether they will fit with what your business is trying to achieve.
Just to summarize everything, these are the kind of benefits you will enjoy if you niche your business:
- You will make smarter decisions because you’ll be able to better answer the questions “does this further my goal?” or “will this appeal to my customers?”
- You will grow at a pace you’re comfortable with, based on your sales, staffing, free time, or any other aspect affecting your scalability.
- You will scale more quickly due to a (likely) smaller set of products or services on your site — adding to them or modifying existing pages won’t take as long.
- You will make more money in the long run, because you’ll be targeting a more specific group rather than one with mass appeal — this might sound counterintuitive, but if there are 30 companies offering women’s shoes and only one (yours) offering discount women’s sandals, guess where those seeking those sandals will go?
By now you’re probably thinking that this all sounds well and good, but you’re still not sure exactly how to do it.
You’re a small business owner. So it makes sense to start small.
Pick a niche or find a gap in your chosen industry, and then build trust, authority, and a successful business.
Just make sure you’re aware of the limits of operating in a niche market and sticking to it no matter what.
Well, check out these articles to get more information on how you can boost your small business: