Again and again I see it in the work with my clients: They are not clear about their niche market. Niche market is the description who their ideal client is.
So how about you? Are you crystal clear who your ideal customer is?
In this article I will introduce you to the concept of your niche market and some specific steps you can take to gain this clarity.
What is a niche market?
A niche market is a description of a group of individuals who have similar characteristics and of whom you expect similar preferences for products and services.
The description includes socio demographics and psychographics. Description about their age, family status, education, income combined with their personal preferences.
You can start by deciding if you are in any of these broad markets:
- Business and Money
This is a great start. There are of course many segments under these four categories. You can explore that further by narrowing your niche.
Narrow your niche!
When you narrow your niche, you make decisions who you want to attract to your business. You also make decisions who you don’t want to actively attract.
That does not mean that you won’t do business with them. However, you are not putting your resources behind attracting them.
Having a niche market is important so your ideal customers will recognize themselves and self-identify as potential clients for you.
Get to know your ideal client!
Niche clarity goes beyond that. It is important to understanding your clients pains and aspirations as well.
What is it that your ideal client wants to change in their life?
You might look at this from what they experience as a negative thing in their life – their pain. Or you might focus on what they want instead – their gain.
Exploring this will help you to understand your client on a more personal level.
Handle multiple audiences
In many cases we may have multiple ideal clients that we want to work with. This is absolutely OK, as long as they are not interacting negatively.
Here is an example where you actually NEED multiple audiences: You are selling your services to a corporate client and you coach an executive in that organization. Both the HR manager who makes the buying decision and the executive are your clients.
An example where this might not work so well: You are a career coach and help your clients leave organizations to start their own business and you also coach the organization itself.
Ask yourself this question: Would your various audiences get along if you invited them to a dinner party? If you expect bad blood at the dinner table, you might want to consider dropping one of the audiences.
So why do all this?
When you focus on one major niche market, you can communicate in a way that they will find you. You will also be able to develop your programs and services in a way that they will serve your client.
Understanding your clients is the first step to creating great relationships.
And it is the basis for product creation, regardless if you want to move from the pay-by-hour model and start offering packages and well designed programs or even start offering online courses and group programs.
At my Big Leap Bootcamp® Live Event I teach how to create engaging programs (offline and online) that will help you develop your business to a leveraged business model.
Having a leveraged business model will create greater flexibility in your own life and business and at the same time provide your ideal clients with greater value, flexibility and transformation.
Learn more about the Big Leap Bootcamp® Live Event here.