Finding the right niche for your business is extremely important. It’s one of the things that can make a really big impact on your success, or lack thereof. It’s also one of the areas people struggle with most in their branding process. People are confused or unsure about what niche to focus on or perhaps they’ve tried one niche already and feel frustrated and disappointed because it did not create the results they were looking for. Finding the right niche can be challenging, but if you pay attention to a few key points, you can find the right match for your business.
Here are 3 qualities a niche must have to be right for you.
1. This group has a great need or strong desire for what you offer. We often get so caught up in our own excitement about what we’re doing that we fail to realize not everyone shares our passion for our services or products. Or we think people should want what we’re selling because we understand the great benefits. Not everyone, however, is going to sign-up for a holistic cleanse no matter how good for them it might be. There are those who will though, and it is your job to identify them.
2. This group can afford what you offer AND are happy to pay for it. You may have a product or service that people do want and need, but you must be sure your target audience can afford it AND are willing to spend the money on it. You may have a great coaching program for beginning entrepreneurs. They want it and they need it, but they can’t afford it. This does you no good. On the other hand, there may be people who can afford what you offer, but they do not see the value in it. You need to find the sweet spot of people who have the money to buy what you’re selling and they are happy to pay you because they understand and appreciate the value in it.
3. This niche is big enough to support your business. You may find a niche that loves what you do, they want it and they’ll happily pay for it. The problem is, however, it is not a big enough group to support your business. If you are highly, highly specialized and your products are extremely high-end tickets items, a very small niche might work for you, but most of us are not in that situation. You need to have enough people to sell to so you can grow and expand your reach.
As you can see, finding the right niche takes a some thought, but if you keep these three tips in mind, it will be easier to focus in on the right group for your business.
P.S. Of course, once you’ve identified your ideal clients, you need a strong brand to attract them! If you are struggling with how to create an effective brand, I can help. Just click this link to check out my Brand Discovery Programs or contact me to set up a FREE brand strategy session.