There is huge value in identifying and targeting niche markets for your service offerings. Getting highly-specific about what markets you want to reach has, apart from making best use of your time, the following benefits:
1. Special Needs/Higher Value: Niche markets can have very specific needs and servicing these needs can add a lot of dollars, euros and pounds to your margin. Identify the possible niche markets in your business and create a survey sheet as to their specific needs. Simple research can allow you to identify and tailor solutions that can be perceived as higher value because they are specifically targeted at the niche.
2. They Are Easier to Identify and Target: once you know your niche, it’s easier to target them and this again saves us time and money. Local directories provide the names of relevant local associations and local or profession-specific advertising and marketing campaigns can be targeted to be highly specific and highly cost-effective. Speaking at their professional meetings or contributing to their publications also helps raise your profile – and build a significant referral base.
3. Multiple Niches: Think about how many niche markets that exist in your business and decide which areas that you can package and re-package your services and products too – become known as the supplier of choice for these particular interest groups - and re-interpret your offerings based on the unique needs of the niche.
4. The Law of Social Proof Works Best with Niches: Credibility is a powerful factor in selling and when you can prove that customers with the same profile as the people you wish to market your services or products to have already invested in your offering - it increases buyer assurance and smooths the process - making the sale easier.
Niches have the potential of providing huge value to businesses that learn to address its market with the principle: '1 inch wide and 1 mile deep'.