How do you get it? – and where do I find one? That’s what I thought when I first started my business
Because my coaching clients could really be ANYONE! Yes, but……
I was told that a niche would help me identify my target market of those people or businesses I would like to work within my coaching practice.
So here are some key points about the importance of a niche:
• Finding a niche will allow you to focus on where you will spend your time advertising or marketing.
• Having a niche makes it easier for your entire network to know who your ideal client would be.
• You will feel less threatened by the competition because you will have established your own identity.
• We are constantly bombarded with too many choices and too many sellers competing for the same market.
Dare to be different!
If you are just thinking about starting a business and you can recognize a particular target market that is untapped, your success will find you.
The most successful businesses have started with a need you uncover in your own life, a need others probably have as well. Set your sights on filling that need and never quit until you find a way to make it happen.
Examples of two great niche products, we have come to love:
Back in the mid 90s, Reed Hastings was CEO of a small software company.
Reed’s niche market grew from his own frustrating experience with video stores, the late fees he paid and the unavailability of a movie when he visited the store.
On his way to the gym one day, he had a thought about treating the video industry as a gym membership.
As an experience software engineer, he found a way to create an online network that would earn money from the membership fees and allow members to keep the movie as long as they wanted and avoid the late fees.
Also, realizing the time involved on a trip to the video store, he recognized the need for mail order. But would the DVD survive the journey through the mail system. He visited his local record store, bought many DVDs and actually mailed them to himself.
When they arrived safely, he knew his idea would work. Hence, the beginning of Netflix!
Netflix earned $688 million in revenue in 2006 and going strong ever since – it all evolved out of his own needs!
Another example of finding a unique niche is the story of Sara Blakely, who at the time was working for a copier firm.
One afternoon when getting ready for a party, she had the idea to cut the feet out of her panty hose to avoid those nasty panty lines.
She found a manufacturer to produce them and called a buyer at Neiman-Marcus to pitch her idea.
Upon meeting with the buyer, she decided to show her the dramatic results by escorting her to the ladies room and physically showing her the difference in her light colored pants.
Her first sale was to Neiman-Marcus and she was well on her way to making millions with a product all women know now as SPANX!
Things to keep in mind in the future
• Your niche may change over the course of your business.
• Just because you have chosen a niche does not mean you cannot decide to work with in other markets.
• Take your niche to new levels of success by seeking new ways to market yourself and your brand.
• Try to work with the clients you really love to work with.
So there you have it, my best thoughts about a niche market!!
Happiness and Success Always,
Sherry