When you sell to everyone, you sell to no one. When you don't find your niche, buyers won't find you.
Successful businesses start with killer concepts. They fulfill unmet needs and reach unreached audiences. But in order to be seen, you need to establish a niche.
What is a niche?
A niche is a specialized segment of the market for a particular kind of product or service. Niches can start broad and get more specific. For example, your niche could be “teachers,” or your niche could be preschool teachers, math teachers, or high school science teachers.
Of course, the more specific your niche is, the more your target audience shrinks. This may seem counterintuitive: Why would you want to advertise to fewer people if you want more customers? Think of it this way: it’s better to be a big fish in a small pond than a small fish in a big pond.
There are tons of other benefits of finding a small niche:
It’s easier to brand your products (from logos, to images, to crinkle) if your products relate to a central theme. For example, if you’re selling products for the ice-fishing community, your logo may incorporate a fish, your products may include sayings about being cold, and your social media may be full of videos about ice-fishing.
Establish a loyal audience
Finding a niche will simplify the process of reaching your audience. If you can determine what traits your audience shares, you can find customers through targeted social media ads. The audience you do find are likely to become loyal because you’ve tapped into a side of them that brands don’t often recognize.
You’ll be able to compete as a small, new brand if there are fewer companies selling similar products. Less competition = a greater share of the market buying from you.
Justify the price of your products
Small companies aren’t typically able to compete with the low prices of big box retailers, so they need to find a different way to entice customers. People are willing to pay more for products that directly benefit or target them in a way they haven’t seen before… Thus, a niche is born.
Humanize your brand
So... How do I get started?