Niche marketing is one of the most effective ways to attract new clients and build industry engagement for B2B businesses. But many SMEs and consultants are concerned that if they niche they will lose lots of potential business. Or they are unsure of how to unlock and define market niches.
The reality is that smart niching can be the marketing jewel in the crown for many service businesses. And there is plenty of evidence that niching builds competitive advantage.
It’s not for every business but too many SMEs are in a state of overwhelm when trying to ‘be everything to everyone’. It’s just exhausting and can dilute both online and offline sales strategies.
There is a flood of choice and content to digest along the road of making any purchase decision or enquiry. And in the research process, businesses are looking for comfort and reassurance that they will make the right decision with the right supplier.
And comfort begins with these 2 key questions :
Does this person/company UNDERSTAND my industry & business challenges?
Does this person/company know how to SOLVE industry & business challenges?
The first place to start understanding the power of niche target marketing is to reflect on how YOU begin to assess any new service supplier and decision.
For example, if you are an accountant and looking for a website designer you would ideally prefer to work with someone who has had exposure to your industry needs.
Or if you are a online retailer and seeking a new software program you will gravitate to a SAAS that has solved similar retailer IT issues.
Or if you are a graphic designer and looking for a business coach – you will feel more comfort with someone who has solved the challenges of creative businesses. It will just generally feel more comfortable and most importantly less risky.
The other real benefit of niching across a few sectors is that you develop extraordinary knowledge of that industry. And by virtue of your clients’ experiences your ability to serve your niche amplifies. You can end up being a well known go to person and that’s the aim of all SMEs in the service sector isn’t it?
Clarity is the key to success (and sanity). And the niches you may focus on now may not be the niches in the future. And if your content and marketing message is really compelling other sectors will just want a bite of the cherry and ask if will help them also. Confidence attracts confidence.
So how can define which niche sectors you want to target ? Individual answers to any of the 9 questions below wont give full clarity. But all 9 questions combined will build a mosaic that will start market magic.
But be DAREing though and let your mind, body and gut instincts fly :
Top 9 Questions to define your niche market sectors:
- What sectors have you had a lot of knowledge and experience in ?
- What sectors have you delivered hero outcomes for?
- What sectors do you really love to work with and which truly energise you? (Don’t make all sorts of ‘head noise’ here – just go with your gut feelings)
- What type of people do you love to work for and energise you ? ie: creative, techy, intellectual etc. Now of course all sectors have different personalities, but there are often a few common threads..
- What sectors are facing a lot of pain right now and /or have ongoing issues ?
- Do you know how to solve the above pain points and issues with relative ease ?
- What do you offer the sector that is special (your USPs ?) It may be the way you approach problems OR the actual technical aspect of your services etc.
- What super powers of yours will really resonate with certain industries?
- What sectors will be profitable and are willing to pay good $$$.
Did you find some surprises in your answers ? Did you find some questions challenging ? Did you get any lightbulb thoughts ?
Once you have clarity on how to unlock and define market niches be DAREing and step up and out and with confidence and compelling marketing messages to inspire action from that market.