Develop Your Niche Market Strategy
I firmly believe that people need the service you offer. Choosing to focus on a specific population seems constrictive, like it narrows your choice. Experience has taught me that this decision actually sharpens your focus, not narrow your reach. The common question, where do I find new clients, can now be answered. After you select who you want to serve, a niche market strategy outlines your game plan.
5 Tips to Build a Sound Niche Strategy
If you lay awake at night wondering where to find clients, then you’re not alone.
Rather than attempting to be all things to all people, you deserve to work with clients who fully appreciate what you offer. If that sounds appealing, then follow these five essential steps.
1. Be Specific About Your Niche
Either you’re creating clarity or you’re causing confusion. Specialists are laser focused. They know exactly who they serve, what they do and how they help their clients. Generalists, on the other hand, cover a wide range of options. So a potential client may be uncertain about whether you can help her.
People who’ve been dealing with a serious issue want someone whom they trust can fix their problem. They’re seeking experts. And generalists are rarely positioned as experts, although they may be fantastic at what they do. The perception, however, is that their knowledge lacks depth in any one area.
People either ask their friends or surf the internet for solutions to their problems. Basically, you get about 7 seconds to engage someone who’s landed on your webpage.
Websites that list a long range of specialties rarely hold my attention. That’s especially true when I’m seeking a subject matter expert rather than a jack-of-all-trades. I may make an exception for someone who’s been highly referred from a trusted source.
Potential clients want someone who’s clear about the problem they solve. Your niche marketing strategy has you:
- Speak directly to your ideal client.
- Become keenly aware of their specific needs.
- Explain how you solve their biggest challenges.
Whether online or in-person, consider whether your messaging engages someone. Does your content draw them in where they want to know more? Or repels them, causing them to quickly bounce away and continue searching?
2. Emphasize the Solution
You want to become crystal clear about the solution you deliver. Go ahead and spell out what you do and how you help. The more specific you are, the easier it is for your ideal client to take the next step and contact you.
Tom is a bookkeeper who takes his clients from confusion to clarity. His clients are busy business owners who’ve been stuffing their receipts in shoe boxes. Anything related to tracking money is uncomfortable for them. Remaining in the dark about their finances, however, is now causing other problems.
They initially walk into his office overwhelmed and embarrassed. Since Tom speaks to their unspoken concerns, he quickly puts their minds at ease. Their bodies relax as he explains his process in plain English. They’re eager to sign on with him and finally get this beast taken care of.
Tom doesn’t go into all the details. That would add to their overwhelm. Rather, he asks great questions and shares stories about similar work he’s done for his clients. This lets them know they’re not the only one like this.
These business owners share about their work with Tom; claiming he’s miracle worker. They no longer experience shame about their lack of information. Tom helped them resolve their number-phobia.
Now it’s your turn. What miracles do you offer your clients?
3. Know Your Strengths
You possess unique talents and skills. My clients affectionately call this their superpowers.
School teaches you to excel at a wide range of subjects. But higher education encourages you to choose one specialty. Businesses that specialize can charge higher fees.
Don’t try to be all things to all people. It doesn’t work very well. Rather, create a business that highlights your strengths.
- Strength. Identify your superpower.
- Fun. Make a list of the things you enjoy most. Consider which things you do easily and would be thrilled to do these all day, every day.
- Benefits. Then figure out what benefits your clients receive from your services.
- Educate. Finally, educate people about the specific benefits you offer which are related to your strengths.
The magic happens when you decide to lead with your strengths. Imagine your clients are lost in a dark cave. Then you show up with a flashlight, illuminating the path forward. I want you to be the one that’s guiding them into the light.Be a connector. Teach your clients how your strengths benefit them and their business. #getpaidwhatyoureworth Click To Tweet
Be a connector. Teach your clients how your strengths benefit them and their business. Add this information to your niche marketing strategy.
4. Seek, Find, and Connect With Clients
Most entrepreneurs dream of magically being discovered by their ideal clients.
What are you doing so they know you exist? Don’t be passive, waiting for them to discover you. I’m encouraging you to take the initiative. Create a marketing strategy which you’re willing to follow.
- Research. Find out where your ideal client hangs out, both online and locally.
- Join. Join communities, like civic organizations or country clubs, where your ideal client spends time.
- Step up. Get involved in those communities by volunteering your time, joining a committee or accepting a leadership role.
- Connect. Get better acquainted by setting up coffee dates.
- Schedule. Some of those potential clients will want to talk further about how you can help them. That’s when it’s okay to offer a complimentary strategy session.
It’s easy to spread yourself too thin, by going to a wide variety of networking events. That’s what happened to me in the beginning.
After awhile I realized that I needed to go on a network meeting diet. It was time for me to be selective and cut out some of those meetings. I finally cut back to one or two specific groups that seemed like a good fit for me.
Here’s why networking matters. It creates visibility. People start to realize you exist. Your involvement, beyond simply showing up, leads to credibility. That develops trust. Finally, consistency leads to profitability. You start to gain new clients and build referral partnerships.
5. Be Strategic
Your business strategy evolves over time. Along the way, you’ll discover what works and what simply wastes your precious time. As a result, your business strategy needs periodic adjustments and tune-ups.
Your niche market strategy guides your growth. It’s meant to attract ideal clients, offer targeted services and grow your business.
- Be clear about your strengths. As an entrepreneur, you possess a wide variety of skills. Set time aside to figure out how your strengths benefit your ideal client.
- Picture your ideal client. Be selective about your niche market. Individuals that are unable to pay or expect services beyond your specialty are not ideal clients. Stay true to your strengths and seek out clients you enjoy working with.
- Create an avatar. This is also known as a client persona. It’s similar to Disney developing a character for their next animated movie. Create your ideal client. Give that avatar a name, then fill in the details about that character’s life. Identify the exact challenges they face and how that impacts them. Figure out how they talk about those things so you’re using their words instead of your industry lingo. Then create all of your messaging and marketing campaigns for your specific avatar. Although it takes a little effort, it’s well worth it.
- Remain flexible. Small businesses can easily pivot; whereas, change is more complicated for an enterprise business. Continually adjust as client needs adjust. Expand your skills. And regularly evaluate how you’re spending time. Let go of what’s not effective and free up your time by delegating specific tasks that are below your pay grade.
Client Success Leads to More Clients
A solid niche market strategy attracts ideal clients and increases your income. Choose to be proactive instead of passive. As a business coach to entrepreneurs, I understand how matching your service to clients can be a challenge. If you are struggling to choose a niche and clarify your goals, then let’s talk. Schedule a complimentary private strategy session now.