If you are going to stand out in the sea of other people that do what you do in your marketplace, then having a clear and focused niche is a must. The more focused you are in your business, the easier it is for your ideal client to find you. After all, when you speak to everyone, no one hears what they need from you. Plus as I always tell my clients, “a confused mind does not buy”. Meaning, if you cannot clearly articulate the predictable result your work produces and for who specially, why would anyone get it, let alone pay for it. What all of this means is that ultimately, you do not know the niche you serve. This also means your business is not focused or clear. Here are 3 reasons having a niche is a must for your business:
1. It Helps You Stand Out
You have to realize that NO ONE can do what you do, like you. By having a niche, it helps you clearly hone in on the exact need you are the answer to. Because you must realize you are not everybody’s answer. The problem I see many entrepreneurs have is what I like to call Milli Vanilli Syndrome.
Milli Vanilli was one of the most popular groups in the late 80’s/early 90’s and actually won a Grammy Award for Best New Artist in 1990. However, their success quickly turned to scandal when it was discovered that they did not sing any of the vocals on their music releases. What I see so many business owners do is copy other people. They do what they see other people post in social media, or because someone is successful building a certain kind of program, they determine they should build the same program.
When you do that, you are lip syncing or being a copy just like Milli Vanilli. You were not meant to be a 2nd rate version of someone else. Standing in the full power of your DNA (distinct, natural, ability) will help you stand out in a crowded market and it will allow your ideal client to find you.
“Identify your niche and dominate it. And when I say dominate, I just mean work harder than anyone else could possibly work at it.” Nate Parker
2. It Helps Your Clients Find You
Having a niche allows you to speak directly to a targeted segment of the population. I said this earlier. You are not everyone’s answer, but you are someone’s answer. The question is, do you know who your someone is? Imagine if Jeff Bezos started Amazon without the niche of selling books online? Would his business be where it is today? I think not. That is why knowing who your ideal client is and speaking only to them is so important.
Many people think targeting a segment of the population that you focus on puts you at a disadvantage, but it’s actually the opposite. The clearer you are and the more you hone in on who your ideal client is, the better. The example I like to use here is if you had a bow and arrow and were aiming at a target (see picture of target below), would you aim at all 3 rings in the target or just the middle? The bullseye?
Of course you said the bullseye and the same is true in your business. If you try to land on everyone then NO ONE will hear what they need from you. Having a niche allows you to speak more directly to a targeted group of the population while at the same time filtering out anyone who isn’t a good fit to work with you.
3. It Allows You To Create Effective Strategy
Understanding how your niche allows you to become the ‘go to’ person in a specific area and for who specifically, allows you to create effective strategy. By focusing on marketing, creating additional revenue streams or even as you start out, it prepares you for long term success as you can create effective strategy around it.
According to an article I read in Forbes Magazine that shared a Bloomberg Report which stated, “8 out of 10 entrepreneurs who start businesses fail. A whopping 80% crash and burn.” One of the main reasons they shared was the “inability to nail a profitable business model with proven revenue streams.” I had to realize this the hard way that money is not going to magically appear without some kind of plan of action in place.
So, how can you ‘bankroll your brilliance’ in your business and avoid being part of that 80% of entrepreneurs who unfortunately, don’t make it past their first year of business? It is by creating a system that I call a ‘blueprint’ from which you create your marketing strategy, your multiple revenue generation strategy = everything you do in your business.
Just like when you are building a house, it all starts with a blueprint. Your business should also have a blueprint that speaks to your niche…who you serve and how you serve them. From the blueprint you build all the marketing and programming that is in alignment with your blueprint. I say again, “a confused mind does not buy” so having a strong foundation in which you build your business is a must!
To stand out in a crowded marketplace, you must have a clear and focused niche. This will allow you to have influence, make impact and the income you truly desire. Your niche makes it a lot easier to attract the right people in the right way. Ultimately, you won’t have a successful revenue generating business without it.