#1 Reason to Niche Your Market
This Quick Tip focuses on ONE reason why niching your market is so important. This is one of five reasons why you should niche your market. For the next four weeks, I will unveil each reason.
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Full Transcript of Video
Hi, it’s Jen DeTracey, one of Canada’s top marketing strategists, the founder of LIFT Strategies, and the author of the book LIFT Strategies – Quick Tips to Engage Customers and Elevate Profits. In this week’s quick tip, we are talking about niching your market.
I’m trying something new here. As you can see, I’m still sitting on my floor, in my meditational space. Over the next five weeks, I’m going to talk about one marketing tip each week on the theme “why niching your market” is so important.
Let’s talk about what a Niche is, first.
I have a lovely diagram. I know this looks like raisins. I’m going to put it up on the screen here. These are all your customers, and this circle is what I call your sweet spot.
Why is a sweet spot important? There are so many reasons. Niching is; you have a pile of customers, you’ve worked with many customers over time. If you’ve had your business more than two years, you’re going to have all kinds of people that are buying your product or your service, or a combination of both. Yet, not all of them are people that you enjoy as your customers. In fact, some of them, you might want to fire. Others, you love.
You want to look at those customers that are generating high revenues for your business, higher than your average customer, and that there are qualities about them that you really enjoy.
These customers keep coming back to you, or they refer people or both. You want to do analysis to find that sweet spot, the circle, around those key customers. Those are your fans. You can have more than one group of fans, as your business grows, and as your service spectrum grows, but let’s start with just the one.
In this circle of people, that is your niche.
Today, I’m giving you the first reason why niching your market. I referring to established business owners. You can do that as a new business too, it’s just a little trickier because initially your customer base is likely to shift and change in the first year or two.
If you’ve been running your business for two, three, four, five years, then it’s an easier process to determine your niche and figure out where that sweet spot is. This is because you have so many reference points, because of this. It’s just easier.
The first reason why you need to niche, or “nitch” if you’re in America, your market is for simplicity. You only have so much money to market in your business. Last week, I talked about going to a specific networking group that is comfortable for you and is a good fit. If you know who your fans are, that sweet spot, that niche, then you can find an organization, if you’re not already a part of one, where there are a lot of these type of people, and attend to their events.
When you’re clear about what your niche is, you get clear about where you’re going to focus your attention on marketing to that particular niche. That will save you a lot of time, a lot of money, you’ll have more fun, and you’ll attract more of the customers and clients you want. You’ll build your fan club.
If you like this tip, like it, share it, spread the love, and note that, if you want to go through a process of understanding where that sweet spot is, and develop that niche, that fan club, definitely check out the Crack The Marketing Code online program that I’ve developed.
More info – Crack the Marketing Code
Signing off for this week. I will see you next week for number two reason why you should niche your marketplace. See you then.