Every entrepreneur should find their niche ASAP! This can be tricky. As the market evolves and consumer demands change, finding where you belong can be a complicated task. But let me first explain why a niche is important to a Smart Hustler.
A niche is where you differentiate yourself, define your lane and articulate the problem you solve to the marketplace and customer. In other words, finding your niche is the first step to finding your target customer. Knowing who you are selling to helps you use your resources efficiently i.e which conferences should you attend, how should you spend your advertising dollars.
With that being said, let me help you navigate this terrain. Based on an article in Entrepreneur magazine, finding your niche can be easy if you apply the following:
- Identify your Talent, Passion and Skill
- Identify the problems you can solve
- Research your competition
- Determine the profitability of your niche
- Test your idea- Get a strategic marketing plan
Finding your niche helps you identify your Talents, Passion and Skills that work in your favor to set you apart from the pack. Everyone is unique and knowing what is unique about you helps you brand yourself effectively in adding value. In my years as a marketing consultant, I have seen entrepreneurs try to be the "jack of all trades" and eventually they burn themselves out.
There is a marketing quote that I have found to be true- “If you sell to everyone, you sell to No one". So, find your tribe and solve their problems. Remember finding your Niche helps you…
- Identify your target customer- Who are my products or service for?
- Differentiate -What am I offering that others aren’t? What makes me better?
- Stay in your lane- Where can Ifocus my skill and marketing dollars?
- Articulate the problem you solve to others- How is what I am selling helping my customer?
- Set your price and negotiate business terms – How are similar products or services priced?
A niche helps you customize what you do to become the expert. This allows you to focus on who you sell to. People find value in experts and thus your customer will find value in your niche. So… What do you love to do? What are you good at? And What are people willing to pay you to do? Where these 3 intersect is a great way to find your perfect niche.
If you need help finding your niche let me help you. Contact me at www.beyourbusiness.com