Having a target market is a great way to improve your business and your messaging. Having a niche target market is really stretching your marketing dollars as far as you can! If you want to help your business succeed in all of the best ways, here are some of the must-follow tips that will help you to see just why this approach will be right for you. Of course, being a part of a mastermind group or utilizing the skills and knowledge of a business coach can help.
Why a niche target market?
First, you will want to review your business and determine your target market. This essentially means that you are selling your products and services to the best market that wants and needs them, but that they are more likely to convert. Sure, anyone can be your customer, but you want to spend the money and time on those that are more likely to buy with the right messaging.
Example – a make up company wants to target everyone who has a face. Well, men need different messages and products than women, for one. Different ages have different needs, like acne versus anti-aging. Further, you just won’t convert folks who buy dollar store make up and products as it isn’t important to them.
Limited competition
Narrowing down your target market into a niche equates to blocking out a lot of the competition that will be trying to access all of the same customers. Doing this properly will tip the scales in your favor, which will be great when searching for further niche targeting. Plus, it gets your name out there ahead of the competition and offers the best chance of brand recognition.
Long-term and returning clients
Customers that see you and trust you mean that they will come back to you when they need your product or service again. This is wonderful when searching for a way to really make lasting relationships with your customers. They’ll be great when you are looking for a fun and innovative way to do that and still be authentic. But don’t think that these customers won’t bounce if someone else starts treating them like the kings and queens they are. So, the point here, don’t forget about these folks, they already love you, so just keep them top of mind.
Better customer relations
When you work with a handful of customers, you get a chance to understand what is really working for them and what isn’t. This automatically improves customer relations because they’ll feel that their voices are heard and that their thoughts matter. This is done by sending them custom messages that meet their demands, needs and situations. If you bulk all of your customers and potential customers into the same messaging, it will definitely show.
Example – generational clients – sending a specific message to the millennials in their terms and fits their needs may vary greatly from the baby boomers and their terms and needs.
Picking your niche
There is some sort of myth that you must have one niche market, but this is incorrect. You can have more than one niche market if your product or service needs it AND your target market warrants it! You’ll simply want to focus on picking the right targeted niches for your product or service. Limiting yourself to one niche when you have potentially 2 or 3 waiting for you means that you are missing out on clients that you both want and need!
Example – generational messaging, gender messaging, various product messaging, solopreneur v small business v corporate. Each group may need your products/services but they should be communicated with in the manner than they speak. Additionally, there may be products/services that only work for certain markets so take the time to pull out what they don’t need and do need and only send them that message. It appears more thought out and personal.
Don’t get too niche-specific
On that note, niches are meant to ensure that you are accessing the right marketplace for your specific product or service. But what about when you get too specific? It can hurt you rather than help you. Niches need to be carefully chosen and marketed with advertising, but if you are too specific, your approaches may only going to be helpful for such a small amount of people that it won’t really benefit you, and it will actually use your money for no actual gain!
The short version, if you get too specific, it’s almost like you are spreading your messaging too thin and it may be costing you more time and money.
Need more support? Ask a business coach
If this sounds great but you’re in need of some more professional guidance, why not seek it from a professional business coach? Not only is it going to help you get guidance on your business in general, but it will also help you understand the importance and relevance of target and niche markets. They can provide you with support, leadership, and accountability so that you’ve got someone on your side to help you make sense of it all.
Niche marketing is going to be a great choice when you want more value for money, and time. Just make sure that you understand their main advantages and use those to put yourself forward to better business success. Contact Team Stetzel at (281) 217-4951 with any questions you may have, get plugged into a mastermind, learn more about business coaching programs (group & 1to1), training sessions for your business, learn more about leadership as an executive and much more.
