More often than not people tend to think that the only way to be successful is to offer a wide range of products and services. This isn’t always the best method to adopt.
Sometimes it’s actually better to pick one thing and focus on it and offer it to a specific market. The good things about carving out a niche are
You can specialize
The term “niche” really means having a space that sets you apart in a market. Being specialized in something is better than trying to be everywhere and offer everything. When you try to be everything to everyone, it can be difficult to stand out from the competition. But when you focus on specifics you have the opportunity to become known as the go-to expert that has niche business.
Carving out a niche can be done by focusing on a specific customer of a certain age and gender or operating in a specific industry or geographic location. This clarity will help to target customers according to their age, gender, income, location profession and even their interests, preferences and tastes.
Specializing allows you to become an expert and to focus on a specific area so that when potential customers come to you looking for information or advice, they know that they can trust you to give them the best possible advice.
Running it becomes simpler
In a niche area your business is simpler (not easier) to operate. This is because it allows you to focus on only one or a few services or products. Being a go to for menswear is easier than being the go to for clothing in general. Your focus in on only one area helps you learn everything about it and makes becoming an expert faster.
The best part is as you are in that area; you will know a customer when you meet one. You do not need to guess at or wait for an opportunity. You are at the ready as soon as you meet a man as you are in men’s wear. Of course sometimes a woman will want men’s wear for a family member or friend. It is possible but, you get the general idea.
Also you will have a better chance at building a long list of loyal customer as when you focus on a specific group of people, you have the opportunity to really get to know them and understand their needs. Therefore getting the products and services that are tailored specifically to their needs is easier.
Just remember that your service and product must be consistent in quality. Your customers will be more likely to keep coming back if you are consistent or getting better at what you do.
Keeping up with trends is easier
Trends change very quickly but if you have a niche product or service, you know exactly who or what you should be looking for to keep up. Apart from the customer’s specific needs and tastes, you can easily keep up with what is trending in a niche.
You can adapt your services or product by following trends so you are able to see whether you need to update some stuff. Or if you need to increase or decrease prices to stay profitable. Of course, when you serve a specific market, you can charge premium prices for your products and services because customers know that they are getting the best possible value and that you are an expert within your field.
If you want to make more money, focus on attracting high-quality leads instead of trying to appeal to everyone. A narrower niche can help you do this because you can focus your marketing efforts on a specific group of people. Lastly, as you are servicing a specific group of people, it is easier to make marketing campaigns that will reach them.
Questions you should ask on your niche.
Do I have some interest in this niche?
What is the level of my knowledge about the niche?
How can I solve problems better in my niche?
Are people interested in this niche?
Is this niche profitable?
Can I build a brand around it later in the future?
What level of competition is there in this niche?
