A niche is defined by Merriam-Webster as "a place, employment, status, or activity for which a person or thing is best fitted."
A lot of people talk about finding a niche for your small business, but it can be difficult to do. Narrowing your business scope to deliver one great product or service line to one specific group of core customers can be scary. It may even seem like you'll lose out on a huge portion of the overall marketplace if you scale back your portfolio. I do understand how some entrepreneurs come to this conclusion, but it's just not true.
In reality, creating a niche for your company allows you to develop products and services that are true to your brand and meet the needs of your core customers. If you create a niche, you can also develop messages that speak to a specific group.
If you focus on a specific product or service lineup for a specific group of core customers, you can hone your skills. The more often you repeat your craft, the better you will become. Focusing on a smaller group of customers also allows you to meet more of the needs of those customers and to grow with them over time if you choose. You can do so by changing or adding to your existing portfolio and by enhancing your current products and services over time. If you understand the needs of your core customers and consistently offer solutions to their problems, they will begin to think of your brand first as other, related situations occur.
When you select a core group of customers to target, you can create messages that address those customers directly. When you speak directly to a specific group, the messages are more likely to resonate. This allows your potential customers to become familiar with your brand and trust your consistent messages.
In order to create targeted messages, start with customer identification. Once you know who your customers are, you tailor your messages to situations that those customers encounter and share your messages using platforms that your core customers use on a regular basis.
This article features a topic covered in greater detail in the Brand Builder Bootcamp ecourse.