Focussing on a niche market can sometimes be a daunting task for businesses. It’s definitely logical to think that if you choose a niche, you would have fewer potential customers.
However, the truth of the matter is a little more counter intuitive. In a lot of cases the narrower your niche is, the wider your opportunity.
For example:
If you had a broken foot injury and needed to see a specialist. Would you prefer to be referred to the General Practitioner or the Doctor that studied and specialised in foot injuries? It would most likely be the latter right. The GP may have knowledge, but the perception is the Doctor that specialises in these types of injuries would be in the best position to help solve your problem.
Why does this work?
To get back to it, the way to look at it is you’re not cutting down your list of potential customers, you are cutting down the list of people who are not the necessarily the right fit for your business. Having a niche marketing approach almost allows you to screen out the customers who are a good fit for your business.
By focussing on a specific niche you can select a precise target. By saying no to the customers that don’t fit, it gives you the time to say yes to the ones that do 😊
Business is not about being all things to all people. Taking this approach can run you the risk of limiting your opportunity to succeed in particular areas. However, being a master in an area can give the perception of higher added value and translate to a more profitable and successful business.
Hopefully some food for thought!