A lot of people are worried about minimising business opportunity when it comes to niching. However, when starting a business, it can be one of the best things you can do and I’m going to explain why.
Firstly, you limit your competition. You see, if you’re offering a general service such as travel booking, as an example, well, instead of competing against the other agencies who cater to a variety of other people for travel, you can actually pick a niche market like CEOs or executives or business owners. And because of that, you’re more likely to attract those specialist clients, thus limiting your competition.
Next, is cheaper advertising and better targeting. You see, in business, you’re going to have to create exposure for your brand and business, and when you do this, you want to make sure you’re niching down to attracting a specific type of customer. Because if you try and attract everyone, you actually appeal to no one. Also, if you do try and attract lots of people and not a niche, your actual budget on advertising may not go as far as you hoped. However, by actually drilling down the targeting through the niche, you’ll find that your money goes much longer.
Next is establishing a community. You see, when it comes to a community, people like to hang around with other people just like them. And because of this, you can actually find groups of your target customer or niche in one location, such as Facebook groups. And because of this, when you start to build a customer base with your niche, you’ll find that more referrals start pouring in because people want to refer other people just like them.
And lastly, you can become an industry leader. Now, what I mean by this is that when you are niching down your business, your job as the business owner or entrepreneur is to find out as much about your niche as possible. Their pain points, their frustrations, their challenges, their needs and their wants. Now, there’s a great quote that you should have a PhD in your target customer’s problems and it’s completely true. Because of this, you actually are able to communicate your value or offering far much better than the competition that may be out there. And while you do this, you actually create a bigger trust circle, meaning that people are more likely to buy from you when that trust is established.
Also, I want to make it very clear that a niche is where you start, not where you finish. The reason I say that is because a lot of people think the niche they start with has to be their business forever. However, if you look at some of the great entrepreneurs, such as Richard Branson or Tony Robbins, they started off with a niche and they’ve pivoted as time has gone on. And I encourage you to do the same so you can capitalise on a bigger market share. And also, when you do start niching your business and you attract someone to buy your product or service who’s outside of your niche, that doesn’t necessarily mean you have to turn that person away. It could be an opportunity for you to learn about a different target customer, bring in revenue, and also give you an indication to where you should be pivoting to next.
Now, if you’re an actual serving police officer and you’re struggling on finding a niche, or you’re struggling and scaling your business, then why not check out our business accelerator by clicking on the link HERE. And if you did like this video, please don’t forget to like, subscribe and share and I’ll see you on the next one.