How To Pick The Right Niche
I run a marketing agency in the St. Petersburg FL area and figuring out how to pick the right niche was harder than I thought.
My job allows me to work with businesses in a wide array of industries and work one on one with their highest decision-makers.
The value I offer is simplified to “more business” for my clients.
I have found a very common notion in a lot of my client’s mind-set with their business’ marketing.
They don’t want to niche down to start using more direct targeting within their marketing.
There are countless studies about how being specific in your message attracts more of the ideal clients.
Diving deeper, the reasoning for them not wanting to pick a niche is because they feel it would limit the business they get, and they would be correct about that.
They would limit themselves to only doing business with specific people. This, however, does not mean they would get less money.
A lot of new business owners want more clients and more money.
The real goal is not more clients or more money, the real goal is better clients.
Higher paying clients who do not turn into problem clients and leave you enough time to work with your other clients.
How is this possible?
Picking a niche allows you to work within an industry you enjoy with higher-paying clients.
Specializing in a certain industry also helps you bring the best results for your customers and really solidify your process.
You become “that person” for the niche you pick.
Doing so, allows you to charge more for your services because you have so much experience working in that specific niche.
So how do I pick a niche?
Ask yourself these questions:
What am I passionate about or what industry interests me? (ex: Real estate)
Is there a market for that niche if I choose to pursue it? (ex: Realtors that need more sales)
Can my niche be narrowed down more? (ex: Realtors) (ex: Luxury Realtors) (ex: Luxury Realtors in St. Petersburg, FL)
Is there already someone in my industry pursuing this niche? (ex: St Pete Realtor Marketing Company)
Can I test this niche to see if it would be prosperous? (ex: create a free download specific to realtors who need marketing help in the St. Petersburg, FL area, and see how many people download that PDF)
Okay, I picked a niche, but what now?
After picking a niche you can start using a very direct message in your content marketing.
Check out this example: “Do you sell luxury homes in the St. Petersburg area? This is why you need my marketing company”.
This type of saying will grab the attention of your niche and then you can proceed to explain to them why you’re the person for the job.
Once you land your first client within that niche, most likely your client will refer you to their peers.
The first client is the hardest to get then it starts to become easy when you are producing good work and results.
What if I don’t want to work in only one industry?
This objection is the most popular when I speak to my clients about refining to a single niche.
The answer is that you do not have to work in a single industry forever.
You can choose a niche, build up clientele and experience in that niche, then move on to a new niche to explore.
After years or even decades of experience in multiple niches, you will have built a long-lasting foundation for your company.
You will also learn the most important lesson of all, how to market to a more direct audience. That lesson will help you grow any business venture you embark on.
In conclusion, having a niche is a very powerful tool when operating a business and trying to scale.
However, this may not be a good idea for brand new business owners with limited experience in the industry they are in.
It takes time to work with an abundance of people in different industries to find which one you enjoy the most, which one you bring the most results for, and which one is the most profitable.
My mentor, Ilise Benun, told me that building a company takes time and it is because of things you can only know from experience.
Explore a few options and get a few clients before deciding which niche you want to pursue.
After reading this article, have you thought of a niche for your business? Leave a comment and tell me what it is!
Once you do have a niche it is really important to stay up to date with new advancements in that industry. Check out this blog article I wrote on how to stay informed for people in a hurry.
If you want more marketing help or to take advantage of a free consultation with me: Message me here.