In a previous post, I described the reasons you should choose a narrow niche for your business.
Now we’re getting down to how to choose the right niche for you.
Your niche doesn’t have to be an age or gender demographic such as “50-something women.” That’s a simplistic example that might not be narrow enough.
A better niche idea is to describe people with a particular challenge. For example, your ideal audience could be parents with children at home while having aging parents to care for.
In picking a niche…You find a place where your passions, experience, and strengths meet an aching need in the marketplace.” ~Steve Mitten, Business Coach
An easy way to choose a niche is to look at everyone you’ve helped in your recent past (in your current or past work experiences) and see where you felt the most excited about the work and where you felt you had the most impact. (I did exactly this using a spreadsheet.)
If you’re creating a product that could help all kinds of people, you can still narrow your marketing to a small group. That’s niche marketing. You don’t have the budget to market to the world so choose one small market and become known there.
Criteria for Choosing Your Niche
Ideally your niche will meet most of these criteria:
- Taps into your personal accomplishments
- Makes good use of your talents
- Easy to establish your credibility (such as having solved the same problem for yourself)
- A topic you’re excited about
- Where there is a clear need
- Where there is low competition
- Defines a group you can easily reach
- Where there is a strong incentive for folks to invest in order to find a solution
Look deeper than options like wedding photographer versus portrait photographer. What’s the unique perspective you bring?
I love this perspective from a successful business owner:
I think that a niche needs to have a very organic facet to it — as in, it is seeking you as much as you are seeking it. ~A.G.
How Do You Know You’ve Found the Right Niche?
When you choose the niche that feels right to you and your audience, your confidence grows and your marketing becomes very easy. When that happens, you’ve found your niche.
Test the market before you land on the right one. I hosted a very simple focus group that helped me finalize my decision.
Can You Change It Later?
It has its cost to change later, but yes, you can. Better to start more narrow and then broaden. (Ah, that’s a blog post in itself, for another time.)
If you watch your results, you’ll know if you need to adjust. If something feels stuck in your marketing, consider whether your niche needs changing.
What’s Next for Your Business?
What’s your next step? Stories and questions are welcome in the comments box below.