What is a niche?
A niche is when you provide a specialised product or service that meets the needs of a particular segment of the market.
By doing so, you stand out as a unique provider with little or no competition.
Identifying your niche
Many people think having a niche is a disadvantage because fewer people will want to invest in their product or service. But, knowing who your niche market is and being more explicit about it, the better it will be for your business and future growth.
If you are unsure about your niche, imagine what people know about you and what you are good at doing. If you cannot think of an answer, it may be time to invest in developing your niche.
How can you sharpen your niche?
Without a niche, people are more likely to forget what you do. This applies to any product- or service-based business.
When you are clear about your niche, you will attract your ideal customers, but you can only do so by understanding what they truly want and how you, as a product or service provider, can help meet their unique needs.
Become an expert in your area
By having a niche, you have a specialist area you cater for with your products or services.
If your niche is specialised, it can help capitalise on your unique skills, credibility, knowledge, experience, and you, as a brand. Standing out and specialising in your "zone of genius" makes a lot of difference to the customers and fosters trust.
Marketing your niche
Your service or product is not meant for everyone, so why would you try to grab the attention of everyone? Sure, if you want, you can try to address the masses through your marketing efforts, but it will be futile – wasting your time and money – if they do not need what you have to offer.
Your marketing has to communicate a message that will speak directly to the identifiable target audience in a manner and style they can relate to.
Easy Peasy Admin's niche as an example
Who is our primary target market?
Companies that do not have the resources or infrastructure to support any business process functions within the back-office support realm.
What do we specialise in?
We specialise in business process outsourcing support.
Examples of our services include but are not limited to:
Creating or setting up system processes.
Data capturing.
How does our niche (specialisation) help our customers?
Our customers can focus on their core business and the things they genuinely love to do, while Easy Peasy Admin manage the behind-the-scenes details that are time-consuming but ultimately important for a company to perform at its best at all times. We become an extension of your internal teams and provide the added value of managing everything that comes with growing teams.
Why do companies come to us?
We go beyond the "traditional virtual" assistant solutions you can find on the Internet. We learn your company’s specific processes and systems, which allows us to manage more complex tasks and projects, completing them daily as part of a more long-term engagement.
When it comes to your niche, try not to complicate it but rather keep it simple. More importantly, make sure you do the necessary analysis and experimentation to help your team and business address your customers' needs.
Love what you do because if you don’t, chances are that you will be unhappy. That unhappiness will, in time, be evident in the quality of your service, which will alienate potential customers. Being passionate about what you do, on the other hand, will be the driving force to offer higher quality service, which will more than likely result in more repeat business.
Make what you love to do the foundation of your niche, and the rest will naturally follow, leading to greater success – both personally and business-wise – in the long run.