Merriam Webster defines the word niche as meaning, “the situation in which a business’ products or services can succeed by being sold to a particular kind or group of people.” The strength of niche marketing is that it’s specialized — that’s why it’s a niche in the first place. And while reaching clients is a wonderful thing, if you stretch your marketing strategy too thin, you run the risk of bursting through your niche bubble and into a no-man’s-land. If you try to market too broadly, you may find yourself in a place where consumers don’t care about your business, because it’s just like all the others.
You have a captive audience — play to it
Niche marketing gives you a toolkit to build and maintain your business with — use it! The greatest item in your handy toolbox is a built-in audience. You’ve already targeted a demographic who needs a specific product or service — now, all you have to do is deliver it. For example, let’s pretend that you have a business selling vegan cookies. Sure, Joe Vegan could go to a national retailer, and he could filter through twenty aisles, and he could, at last, pinpoint the one or two varieties of vegan cookies next to the twenty non-vegan brands. But he doesn’t need to do any of that, because he already has your business, tailored to his precise needs. If you go too broad in the attempt to appeal to everybody, you run the risk of appealing to nobody.
Specializing cuts competition
If you were to sell sweaters, you’d be in competition with dozens, hundreds, or even thousands of other businesses who sell sweaters. “Sweaters” are a common, abundant product. Unless you do something to set yourself apart, customers are going to go to the place that’s the cheapest or otherwise most convenient. And if you’re a small business, especially one that’s starting out, it’s likely that you’re not in a financial position to undercut 100% of your competitors with rock-bottom prices. If, on the other hand, you were to specialize in something like, “all-natural, hand-made, undyed sweaters,” a huge portion — if not all — of your competition would drop away. From a marketing and profit standpoint, it makes a lot more sense to be a big fish in a small pond than to be a little fish in a big pond.
If you would like to find out more about defining your niche
If you would like to find out more about blogging to boost your niche I invite you to contact me. I have been helping professional service providers such as CPAs, attorneys, and financial services providers focus their business development efforts on profitable micro-niches for over 10 years. Email me at email@example.com.