“You’ve got to choose a niche market!” Have you heard that before?
The word Niche has been thrown around a lot. If you have spent any time in the online space, you’ve probably heard it more than once. Depending on where you’ve heard it, you will more than likely hear the different pronunciation of the word.
It’s hard to write it the way I pronounce it but here’s my best effort–“knee-ish.” But it really doesn’t matter. Who cares? What matters is the meaning and why you need it.
WHAT DOES IT MEAN?
Here’s what Wikipedia has to say:
A niche market is the subset of the market on which a specific product is focused. The market niche defines as the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. It is also a small market segment.
Here’s what Business Dictionary says:
Concentrating all marketing efforts on a small but specific and well-defined segment of the population. Niches do not ‘exist’ but are ‘created’ by identifying needs, wants, and requirements that are being addressed poorly or not at all by other firms, and developing and delivering goods or services to satisfy them. As a strategy, niche marketing is aimed at being a big fish in a small pond instead of being a small fish in a big pond.
SPECIFICITY MATTERS
Both definitions are careful to highlight the specificity aspect of the meaning. Phrases such as “subset of the market, small market segment, defined segment, big fish in a small pond” are intentionally used in both definitions.
This is so important to find or discover your niche. I’ve seen or heard of far too many small businesses that flounder when it comes to the “who” of their business. You do not want to make a similar mistake.
I struggled greatly with this for several years because I just didn’t want to believe that what I had to offer had to be limited to a particular group of people. I was wrong and paid dearly for it in more ways than one.
What these businesses do is try a little bit of everything and end up being frustrated when they don’t get the results they were hoping for and they wonder why.
This is a very costly, frustrating, and ineffective approach on how to start a business online from home. It is especially more so for you who at this stage will be doing it all by yourself, with a small budget and very little time.
To avoid becoming the next frustrated, overwhelmed and ready to throw-in-the-towel new business owner, here are some practical tips.
Let’s start with some don’ts:
- Don’t say your business is for everyone who …
- Don’t say your business is for anyone who …
- Don’t say your business is for someone who …
These statements are too generic, broad, and overwhelming. You’ll pull out your hair thinking of how to best create content for “them.” You’ll constantly be trying to figure out what “they’ll” like or want.
If you recall the definitions given above, there was a specificity to the definition. This is important to keep in mind. The more diverse of a group to which you try to appeal, the harder it’ll be to catch their attention.
WHAT DOES YOUR NICHE WANT?
Your “people/tribe/group” want specialists, not generalist. What do I mean by that?
Generalists make promises that they can do anything you need them to do. They are “Jack of all trades, master of none.” I am leery of someone who tells me they can do whatever I ask them to do.
At times a generalist is needed. I call them a handyman. I’ve hired handymen before and they have worked out fairly well. They were able to do the work for which I hired them.
However, for the specialized work, I needed to be done, it required a specialist. I wouldn’t trust such important work to my handyman. No offense to handymen.
The specialist’s fee was almost 10 times more than what I paid the handyman for an hour of work. As a matter of fact, the specialist gave me a price for the overall job and not the hours worked.
DECIDE TO BE A SPECIALIST
Choosing a niche helps you build your reputation or brand as a specialist. You will be able to request higher feels for the work you do and decrease the competition around you. You will attract higher end clients who will be able to afford your fees.
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