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I am often asked about developing a niche, one of the most common fears is:

Won’t I have to turn business away if I develop a niche?

The answer, of course, is no……..and yes. If you want a strategy that allows you to focus on what you’re good at, develop clients that you’re more likely to convert to raving fans and that you can get referrals for more easily – then consider developing a niche.

If you end up so busy that you choose to not work with other clients, then you might end up turning business away.

What is niche marketing?

Niche marketing is about focusing your marketing on part of the market that would benefit the most from a specific element of your service. The niche defines the features that will satisfy specific needs; probably including price, quality and demographics.

A niche marketing strategy?

A niche marketing strategy allows you to use language that is likely to appeal to a certain sector of the market, show why you are the best person for that market and get more clients from it (possibly paying higher fees too).

It also allows referral partners to understand more clearly who you work with and how they can find you referrals (read “the flickering light”, for a great example of a clear way of getting more referrals).

Does niche marketing mean I turn business away?

As a specialist in a specific area, that your marketing is aimed at you’ll get more clients in that area. What would you do if somebody else approached you? You’ll decide if you have the capacity to take them on, or not. You don’t have to turn them away, you just don’t market to them.

Become the “go-to expert”

If you’re the expert in a specific area, people will want to come to you. If you’re ready for more help to become the “go-to expert”, click here.

Niche marketing examples

The foundation of successful referral marketing is having a clear idea of who you work for and why you’re the right person to recommend. This is much easier when you’ve adopted a niche.

  • The accountant that specialises in working for landlords with lots of  rental properties. It’s easy to see why landlords will want her, she knows more about tax and relevant profit ratios for that sector. It’s easy to state when networking and easily understood.
  • The lawyer who specialises in dealing with new start ups. His fee structure and service delivery is tailored to suit. It’s easy to explain when networking.
  • The coach who specialises in dealing with professionals that can say “if you meet a lawyer or accountant networking that is looking to become a partner”.
  • The graphic designer who doesn’t deal with anybody and everybody (did you read about how when anybody could give referrals, nobody does and everybody thinks that somebody else will), but with ladies struggling to get their brand taken seriously in a male environment. Specific, although a lot harder to explain!
  • The list goes on, why not add a comment on the best ones you’ve seen

How should you develop your niche?

You could start by reading 5-tests-to-see-if-you-are-serious-about-generating-referrals-via-strategic-alliances or asking yourself – what type of client can I help the most and how would I describe them.

Having a niche doesn’t mean you turn business away, it means you can get referrals more easily.

What stops you from developing a niche,  ask and we may be able to help – just by replying to your comment!

 
Written by Jon Baker The 5-50 Coach. I help professionals grow their firms from 5 to 50 employees, sustainably, profitably and still have fun. Networking is a key part of getting great results in small firms. If you want great networking tips sent to your desk once a month, click here and I will start sending them to you, so you can make a real difference to your referrals.