Stop Being the Best-Kept Secret
Do your clients fully benefit from all your skills and knowledge? Research reveals that most entrepreneurs undervalue their expertise. Although it seems counter-intuitive, serving a select population significantly raises your value. Plus, it’s easier for new clients to find you. Here’s what you need to choose a niche market.
Sometimes a niche population chooses you. You gradually notice that most of your clients come from a specific industry or share a similar issue. Either you already built a reputation because you previously worked in this industry or your clients came from word of mouth referrals.
More often than not, you decide on a specialty rather than a niche choosing you. Committing to that choice is one of the toughest things to do.
So you wonder:
- Will I eventually get bored?
- What if I choose the wrong niche?
- I can serve other markets, but they won’t realize I can help them.
- What if my credentials get challenged? I don’t have enough experience with that population to call myself an expert.
- Another business is already serving that niche, is there enough for both of us?
Omri Erel on Product2Market considers brand loyalty one of the major benefits of developing a niche market. Your clients know you provide what they need.
5 Top Reasons to Choose a Niche Market
Specialization is an easy way to earn more money without additional time spent working. This strategic move allows you to charge a premium rate for your services.
[bctt tweet=”Specialization is an easy way to earn more money without additional time spent working. #getpaidwhatyoureworth” username=”lorenfogelman”]
1. Set Your Business Apart
Let’s face it, generalists constantly compete for clients. That’s because the only differentiator between you and another provider is time and cost. Both of those things are commodities, which makes it difficult for your ideal client to recognize your value.
In the beginning you may experience a feast and famine cycle. During the dry spells your phone stops ringing. That’s when you’ll wonder how your business can possibly survive.
Things do get better. Clarity emerges once you choose your niche market. You become crystal clear about the specific solutions you offer clients.
That’s exactly what Kim did. She decided to offer bookkeeping and tax solutions for realtors. Now she knew exactly where to network.
She started attending realtor association meetings. One specific realtor couldn’t keep her bookkeeping records up to date any longer since she’d gotten so busy.
When it was her turn to speak, Kim didn’t talk about the fact that she does Quickbooks Online. That was too vague. Instead she shared her solution for busy realtors. She works with them to increase their income, reduce their tax bill and maintain their bookkeeping.
This particular realtor introduced herself after the meeting. Kim’s message got her attention because Kim described her exact situation. This realtor was searching for a bookkeeping solution that would free up her precious time.
Furthermore, realtors know other realtors. They flock together. Pretty soon word-of-mouth had other busy realtors knocking at Kim’s door.
Kim’s clear message stood apart from other bookkeepers. She no longer competed with the generalists who offer a broad spectrum of solutions. Eventually, Kim let go of 30% of her old clients that no longer fit her services; plus, she doubled her income.
2. Clients Are Attracted to Specialists
What about when you’re seeking a service? Do you prefer someone who offers a number of solutions to a variety of different areas? Or someone who specializes in your exact problem?
You may save money up front with a generalist. Sometimes, however, the problem doesn’t really get fixed. Then you need to hire another company to clean up after the first job.
[bctt tweet=”Value based pricing emphasizes your expertise instead of your time. #getpaidwhatyoureworth” username=”lorenfogelman”]
Typically, a specialist offers a less frustrating experience and completes the job faster. Value based pricing emphasizes your expertise instead of your time. Although it’s a higher rate, it’s more cost effective in the long run.
Shorten Your Sales Cycle
Solving a specific burning need shortens your sales cycle. Potential clients either view your business as the solution to their problem. Or trust you to achieve a specific result.
3. Identify a Specific Set of Problems
Ready to choose a niche market?
- List the top specific problems for that niche market.
- Which do you solve?
- Now identify what’s possible once you’ve solved their problem.
- What new problem arises once the first one’s fixed?
- Know your solution for the new problem.
Now you’ve identified their unique concerns, how you fix those things and the benefit of getting the job done. Clients crave to feel understood. Once they know the problem is getting expertly resolved, they’re free to move on.
4. You Are the Solution
Some entrepreneurs claim they specialize. However, their messaging is all over the place. Their website and marketing materials discuss a variety of things that don’t apply to that specific population. It’s like they said they specialized, but didn’t really commit to that particular niche.
Well, a confused mind doesn’t buy. Instead those potential clients move on. They continue searching for a business that specifically solves their problem.
Create a clear message which describes the realities for that niche. Emphasize the ideal solution you offer. Then teach them how you can help.
5. Meet Exact Needs to Make Your Business a Success
Become keenly familiar with the ins and outs of your niche. You gain expertise with each and every client you serve. Plus, you’ll discover sub-niches within your niche. This starts to distinguish your business as the go-to resource, becoming a trusted advisor.
Success leaves clues. As you create success for your clients, you build success for your business. Then business starts seeking you out instead of you chasing new clients.
Find Your Niche Clients
Once you choose a niche market and identify your ideal client, it’s time to stop being a best kept secret. Go out and let them know you exist.
Identify where potential clients hang out. Then start to offer solutions.
- Online groups and chats. Participate, listen to questions, answer questions and become known in the community.
- Network locally. Go to association meetings. Meet your potential clients face to face. Offer to speak at meetings.
- Social media. Write articles and post them, especially in groups and communities where your ideal client hangs out.
Don’t expect clients to magically find you. You have to give first before you can expect to receive. It’s okay to freely give information. Go ahead and give away rich information, because you won’t ever give away everything you know. Give enough and your niche market will seek you out because they’ll resonate with your message.
Be the Niche Solution
Now that you understand the top reasons to specialize, you may discover that you possess several areas of expertise. Deciding which area is the right one for your target niche is a balance between your skill set and your mindset.
As a business coach, I can help you sort through the options. Schedule your free Grow Your Ideal Business consultation. We’ll discuss how to strategically choose a niche market.