Should you choose a niche or shouldn't you? Or should you wait until the niche finds you and coach anyone and everyone in the meantime?
When You Don't Have a Niche
Let's assume you don't have a niche and you market to absolutely everyone. Following are some suggested disadvantages of this approach. Note which ones you agree with.
1. It's very difficult to have a marketing message that speaks to everyone. Hence your marketing message will be very wishy-washy and will mean nothing in particular to anyone.
2. You'll be spreading yourself too thin, trying to cover everyone everywhere. This is very energy draining and you could burn out.
3. It will be very hard to decide where to put your marketing efforts and dollars. It's a very scattered, hit-or-miss approach.
4. It's a waste of time, money and effort to give out a very diluted marketing message to large numbers of people who aren't interested.
5. You'll be viewed as a generalist, and as such, people will think you probably won't be able to help them for what they consider are their unique requirements.
6. You won't stand out in the crowd. If you're everything to everybody, why should you?
7. You'll be spending all of your time looking for clients and no one will be looking for you. People look for specialists, not generalists.
8. If you're viewed as a generalist, people will want a discount on your services. This is simply supply and demand and does nothing to take your business in the direction you want.
9. Referrals will be few, if any, as people won't be clear on exactly what you do.
10. It will be difficult to attract successful joint venture partners as they will be struggling to determine the value you offer their niche.
When You Do Have a Niche
Now let's assume that you do have a very specific niche and you only market to that niche. Following are some suggested advantages of this approach. Note which ones you agree with.
1. You know who you're looking for and where to focus your marketing efforts and dollars. Focus plus action brings results.
2. You know where to focus your research efforts so you can intimately understand your niche, the problems they have and the language they speak. The greater your level of understanding, the more magnetic you'll become.
3. Your marketing message is very clear and focused and speaks to the needs (ears) of your niche. People know exactly who you serve and what results you produce.
4. You can position yourself as the expert in your niche. Because you are an expert, people actively seek you out and pay you accordingly.
5. People in the same niche tend to have the same problems. Once you find out what these are, you can develop high-demand services/products to solve them.
6. You can brand yourself in your niche. Your brand will work for you, attracting clients, seemingly when you're not even trying. Often people will be sold before talking to you.
7. Niches tend to hang out together and belong to groups and associations. In these groups, they often talk about their problems and how to solve them - that is one of the main purposes of the groups. Word about you will spread quickly in these groups.
8. Your chance of referrals increases, as people will immediately understand the market you serve and the results you produce.
9. You will know when to say no. For example, you will not waste your time going to a networking event if there is no one there from your niche in attendance.
10. You will be more attractive to joint venture partners in your target market as they will clearly understand the value you offer their clients.
