There are many misconceptions about niche marketing. Niche marketing is simply creating your own market system. Many service professionals will resist a suggestion that tells them they must restrict the ways in which they offer value to the marketplace. The good news is that choosing a niche market strategy will do exactly the opposite: it will free you to be the biggest, most authentic, and most complete offer possible.
To summarise, good niche market is one in which:
- You are highly visible and easily accessible to the people who are most likely to benefit from your services or products, including prospective customers, prospective collaborators and partners, and others with whom value-adding activities are most likely to be mutually beneficial.
- You can employ the widest range of your talents, skills, and training (your authentic offer.)
A highly targeted niche marketing strategy not only attracts significantly more business but also provides richer opportunities for self expression and natural competitive advantage.
The following questions will help you identify your own market niche:
- Where do you consistently find people whose values match your own?
- Where do you feel that you are most credible?
- Where is there the greatest need coupled with the greatest appreciation for your services or products?
- What problems do the people have that would cause them to seek your services or products as solutions?
- Who is naturally drawn to you and to your services or products?
- Who is beginning the journey that you have successfully walked yourself?
- Whose language do you speak?
- Whose concerns can you reliably anticipate and address?
- Who is it easy for you to serve?
Knowing and working from your strengths are essential parts of developing your niche marketing strategy. There are probably several ways in which your strengths can add value in the marketplace. Therefore, developing a niche is a process of exploring several possibilities and gradually refining them.
As you refine your market niche, you may experience some anxiety that focusing on your niche will deprive you of needed business. What do you do if someone outside of your niche wants to hire you? That is a decision you take depending on an assessment of fit and your current working circumstances, but always bearing in mind that it must not divert you from time with your ideal customer market. The point of a niche is not to confine you, but to create the “healthiest” market system for your business.
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