Have you ever heard the saying, “The riches are in the niches”? It’s great advice on how to scale and grow your business because time and time again, it’s proven to be true.
The saying is simple to understand: You make money by focusing on an area of expertise. However, most entrepreneurs have trouble implementing this invaluable advice for one BIG reason.
Why you need to find your niche
When you pick or find your niche, you are required to say, “No” to potential sales. This might seem counterintuitive to running a profitable business but focusing on your niches will attract higher quality, better paying clients in the long run.
Even here, at Intrigue, we’ve been guilty of saying, “Yes” to opportunities we should not have been focusing on because they were outside our niche. Focusing on everyone is, by definition, not focused.
I have heard many of our clients (and even more entrepreneurs) talk about this idea, “If I focus on a niche, there won’t be enough customers to support the business and its growth.”
That’s a trap. When you find your niche, it will accelerate your company’s growth.
“The solution is simple but counterintuitive: Stake out the smallest market you can imagine. The smallest market that can sustain you, the smallest market you can adequately serve. This goes against everything you learned in capitalism school, but in fact, it’s the simplest way to matter.”
— Seth Godin
At Intrigue, our vision is to champion a world where entrepreneurs can trust their marketing company to help grow their business. Our target audience is entrepreneurs. Within that audience, we focus on four types of clients:
- Contracting Service Businesses and their Suppliers
- Professional Services Firms
- B2B Companies
- Industry Associations for the above types of businesses.
We have staff that are specialists in these areas and, as an organization, we’re constantly trying to find more ways to bring value to the entrepreneurs in these markets. Over time, we’ll be more than a marketing company for these spaces — we’ll be a trusted advisor, a valued partner, and in the end, their BEST choice as a marketing company.
How to find your niche
Here are some questions you can answer that will help to identify your niche:
- What does your business do exceptionally well?
- How are you different and better than your competitors in the space?
- What are the challenges your customers face?
- Why is your product or service the best option to solve those pain points?
- What success stories can you tell?
- Which data or key performance metrics (KPIs) back up your success story?
- What is your ideal customer size?
- What are the decision-makers’ titles?
- What size list can your team personally contact in a month?
- Are there any conflicts of interest to consider with current clients?
- What technology(s) will you use to maintain and communicate with prospects?
- What are the industry pain points?
- What products or services can you provide to address your audiences’ pain points?
- What are the buying triggers?
- What information will aid in informing a purchase decision?
- Which associations, publications, and social media channels influence your prospects?
- Which tools and technology(s) will you use to vet and track opportunities?
Finding and focusing on your niche will help you find your A-Clients (Awesome Clients). A-Clients are your business’s target demographic — they’re your biggest fans and the clients you most enjoy working with.
Activity: Fill out your own A-Client Profile (60 Minutes)
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