There is so much debate about the subject of niching … I wanted to share an article that my friend Dale wrote that I included in my book because I thought it was so well written. I would love to hear your comments. Do you have a niche? Why or why not? What are your thoughts? Please share.
Itching for a Niche:
Finding the Right One and Finding It Quick
By Dale Noles
In the fast paced business circles on the Internet where entrepreneurial businesses owners pursue the success that they long for, find that a key player to their arsenal of business tools, quite often, is missing. The sheer numbers of entrepreneurial business owners that are marketing their businesses in vain are more prevalent than you may realize. The sad fact is these business owners pump dollar after dollar into their business with little to show for it at the end of the month.
Three Killers
The reason that these unfortunate business owners are coming up empty month after month usually can be attributed to several things. Three of the larger culprits are; inferior product or service, substandard customer service and the most common is lack of an identifiable Niche Market.
While having an inferior product or service can make a business stall faster than a 757 without gas. It does not mean that the business is doomed for failure. How many times have you bought a product or used a service that you thought or even spoke out loud that you would not ever do that again? Yet, occasionally you buy into it again anyway.
Similarly, when was the last time you bought a sandwich from a fast food restaurant (and I use that term ‘restaurant’ loosely) and commented at the rudeness of the cashier? Customer service is sadly lacking in that particular industry but it does not hold exclusivity rights by any stretch of the imagination. This kind of disservice tends to stick in your mind until the hunger pains return, whereby the passion for the anti-service looses the battle to the urge to splurge.
This leaves the third business killer coined “Shotgun Marketing” as the last of the topics to discuss here and the forerunner for issues that can easily be avoided without much pain and suffering. This by no means indicates that a business cannot be successful without a Niche Market. It does mean that a lack of Niche Marketing can hinder and make success somewhat elusive to very passionate business owners with the best intentions. They may have a fabulous product or service and impeccable customer service relations but come up short on connecting with the right crowd. Why is this so and what can be done to rectify the situation?
Target Practice
While the process of actually determining a Niche (Target Market) is a fairly simple and straightforward process, the implementation can be a bit more confusing to engage than one would hope. In VA Training, my coaching business, I have found the easiest way to coach business owners to realizing what Niche Market is best suited for them is by helping them through a series of steps where the end result is a better understanding of themselves and their potential Niche.
The first step in the process is to get an accurate depiction of what product or service you provide. Does this bring you joy? Do you get excited when you tell others what you do? The illustrations below help to show how this process is put into effect. Understanding what it is that brings you the most joy and fulfillment in business will help you work through the next step.
Who Knew You Were a Guru?
Just because you like doing something does not automatically make you masterful at it. The point is to find the common thread between what talents you have and what brings you happiness. Where the two of these overlap you will find your Unique Selling Proposition (USP), that is, what makes you stand out from the crowd. Your USP is what makes your business unique. Your USP is a marketing tool when wielded like the weapon that it can be.
Strong Enough for a Man
Having the wherewithal to realize where the overlap occurs of your best product or service, your love of what you do and knowing the kind of businesses, industries or individuals that would or could use your product or service will begin to clarify the direction you should be focusing on in regards to marketing. Your USP becomes a more valuable asset as you hone in on specifics.
This is where you can begin to formulate your Niche. Simply, they can be described as a Potential Client base. If there is a possibility that a business or individual would fall into that group, then there is a better than good chance that your product or service will have an appeal to them. If a business or individual does not fall within the group of those who would or could use your wares, they would not be considered a potential client. However, that does not mean that they cannot use your product or service, it is just means that it is unlikely.
Scratched that Niche
If you follow the plan close enough you should have effectively identified a Niche. Recapping what I mentioned above, the process is simplistic. The work behind the process can get daunting. Essentially you must get inside the heads of your Potential Clients and Non Potential Clients and think through them. Because this can be a long and sometimes tiresome task, it may take hours, days, weeks, months or even years before some business owners finally figure out whom their business attracts. Research is crucial to shorten the time it can take to get to the point of having and identifiable Niche Market.
The research that should be done to get the best possible idea of your Niche Market is called a Marketing Plan and is part of a larger puzzle called a Business Plan. If you are serious about your business, you should have both. The Marketing Plan is paramount to effectively selling your business to your Niche Market. These documents are not designed to be wall placards, either. Their purpose is to keep your business on track.
But Made for a Woman
In order to maximize your effort in marketing, you have to understand your Niche Market. You have identified the group that could or would use your product or service but now you should pare it down to the groups, companies, industries, individuals that will more than likely clamor after what you do. This group should consist of specificities to the teeth. Why would they buy from you, how would they use it, why is it important to them, what do they read, how do they dress, what is their marital status, what is their gender, are they animal lovers, what vehicle do they typically drive, etc.? I am talking about doing your homework and getting demographics.
The more specifically you can define who is most likely to really need you the better chances you will have of making your business successful right from the start. The reason that most new businesses fail in the first five years can be attributed to lack of funding and poor marketing. Poor marketing is a result of not knowing your Niche Market like you should.
Swoon Them
Every letter that you write, business card you hand out, flyer, brochure, clothes, web site, e-mail or anything that can be thought of, heard, seen, tasted or touched that comes from your business should be done with your Niche Market in mind. Make them aware of just how much you know and care about them. Make their experience of your business a personal and pleasurable experience that is consistent. Eventually, you marketing will begin generate a pulsating, living, experience for your Niche Market. Entice your Niche Market with the love and care that you have for them and you can expect success.
About the Author
Dale Noles, of the Selon Group has a background which includes corporate training, MIS, marketing, branding, advertising and radio media. He has extensive knowledge of all aspects of e-zine construction / distribution, web production, SEO and graphic design. In an effort to assist aspiring Virtual Assistants, Dale developed a unique mentoring program through VATraining.com.
