Define Your Niche and Improve Your Bottom Line

by | Jun 27, 2010 | Marketing & Selling, Video

Let me ask you a question: Who is your target market?

Did you answer with “people” or something similar? Then your business probably won’t last long. As someone wise once said, “If you market to everyone, you market to no one.”

Define Your Niche and Improve Your Bottom Line

Before you create your sales page — heck, even before you create your product — you need to know who you will be marketing to. You need to understand your niche.

Now, niches come in all sizes. For example, “horse lovers” is a niche, but a very broad one that might be difficult to market to. However, “horse lovers who follow dressage” is a much more targeted niche. So, what is a niche and how do you define one?

First, what is a niche? A niche, within the context of business, is a tightly targeted market comprised of people who hold specific characteristics in common that are related to buying behavior.

There are several ways to define a niche. But your first step needs to come from within. Who do you want to spend your time working with? What kinds of people do you enjoy helping? What kinds of people do you care deeply about and want to help grow and prosper?

Remember, you’ll be building your business around your niche, so you don’t want to build it around a niche you don’t like. For example, I’m not too keen on working with arachnologists (people who study spiders, scorpions, ticks and other eight-legged bugs) — not to say they aren’t nice people, I just find spiders and other arachnids pretty darn icky. So, I’m not going to build a business for that niche.

This little exercise might not give you a very narrow niche, but it is a good start. For example, let’s say you love working with horse lovers. That’s good! Now you need to narrow that down a bit, at least for your first line of products and services.

So, how do you do that? Well, how can you divide horse lovers into smaller groups?

  • How about geographically: horse lovers in the upper northwest U.S.
  • How about by gender: women horse lovers
  • How about by age: horse lovers over the age of 50
  • How about demographically: horse lovers with an income of at least $75,000
  • How about psychographically: horse lovers who follow dressage

Do you see what I’m getting at? By using several different criteria, you could come up with a very targeted niche, such as teen horse lovers from the midwest. Now you’ve got a niche that should be easy to communicate with. You can understand their needs and desires and can market to them in a way that they can identify with.

This is the key to improving your bottom line. Better sales copy that is targeted to your niche will convert at a higher rate. If your product or service is niched enough, you might even be able to charge more for it!

Video Version

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Do you struggle to move forward in your business because of niggling little questions that you just can’t find the answers for? Do you wish you could hire a coach to help you through specific challenges without the commitment to a long-term program? Do you need help developing a strategic plan you can actually implement? I offer a la carte sessions, as well as flexible and structured coaching packages.

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