10 Key Benefits of Having a Clear Niche

10 Key Benefits of Having a Clear Niche

10 Key Benefits of Having a Clear Niche

Often business owner's view selecting a niche market as narrowing their sales or cutting into a profit margin, so they back away from it.

This view is totally understandable but actually quite misplaced. The truth is that a niche market is a key component that empowers your business and makes it much easier to be successful.

Here are a list of what I consider to be the 10 key benefits of having a clear niche:

1. Earn More Money it can be more profitable to have a specific niche, as people will pay more for specialist service and expert advice.

2. Marketing Focus - it is easier and more effective to focus your time and marketing resources on a smaller target group. People who have defined their niche in the market and communicate that consistently, find it much more cost effective to market their businesses than those who don't.

3. Clear Message when you don't have a niche, you tend to use general messages wanting to include everyone. This means that your marketing ends up speaking to no one in particular and your message will not be clear.

4. Easier to Get Clients when you are clear on the benefits and results you offer in one specific area, rather than giving vague and general results.

5. Product Development a defined niche market makes it easier to develop ideas for new products or services that inherently appeal to your specific niche.

For example a client of mine teaches Spanish. Her niche is single expat women. One way that she can specifically help this niche is by helping them with dating vocabulary and offering class activities such as going to local bars.

6. Become a Leader you have an upper-hand in establishing yourself as a leader in your industry. It's much easier (and more fun) to be a big fish in a small pond than a small fish in a bog pond.

7. Stand Out From The Crowd having a niche or expert skill can make you stand out. Other small businesses may not be aware of your particular niche market, and large businesses won't want to bother with it.

8. Become a Specialist by creating a service that so completely fills a need, your clients will have a hard time imagining life before you came on the scene. Is there a niche that your competition has failed to fill? Can you, perhaps, become a specialist in an area where there are many generalists?

9. Competitive Advantage by offering something no-one else has and by targeting your business to a few select markets, you protect yourself not just from the competition, but also from the twists, turns and plunges of the economy.

10. Strengthens Customer Loyalty- when you're the only kid on the block providing a specific service for a niche, you tend to keep customers as they have nowhere else to go.

POST COMMENT

Find Hot and Lucrative Niches the lazy way Finding Your Niche Resources for finding niche ideas Secret Niche Hunting 101 How to Choose a Niche Knowing Your Niche in the Workforce Micro Niche Finder Program Finding the Niche That's Perfect for You As a Virtual Assistant, How Do I Find a Niche? Uncover Niche With Micro Niche Finder Niche Annihilation Method By Rob Benwell How Do I Find The Perfect Niche? DÉNICHER UNE HYPOTHÈQUE À TAUX VARIABLE À Laval