Finding your niche is an important step in building and growing a successful business.
When you try to sell to everyone, you run the risk of selling to no one. The more you niche, the easier it is to provide value to a specific audience.
As a niche business, you have very specific expertise that is valuable to your prospects and customers. Therefore, you shouldn’t want to talk to just any prospect; you should want to talk to prospects who are in the right industry and role and who have problems that you solve. Especially if you’re in a niche industry, there is likely a finite number of places people can go for information specific to that area. 71% of B2B buyers go to the internet to get that information. Don’t you want to be the one they find?
Companies who can define their niche, define their personas, and locate them can become thought leaders and charge premium pricing for their expertise in that small field of competition.
If you sell auto insurance, you’re going to have a heck of a time getting any attention online. If you sell auto insurance to long-haul trucking companies, you’ve narrowed the field. If you specialize in selling auto insurance to Midwestern long-haul trucking companies who specialize in refrigeration, well… now you’ve got their attention. If you point your messaging toward these companies, the next time they google search “insurance for long-haul refrigerated trucks in the midwest,” they’re likely going to find you near the top of the list!
Finding your niche makes it easier for your people to find you, but it also makes it easier for you to find them. This smaller group of potential customers are going to have things in common with one another, and they’re going to have places where they hang out (online). Find them where they are, and speak to them in their language (don’t forget about that persona research!).
Be a Thought Leader
You can’t know everything about everything. But, you can know what your nice, small niche of potential customers wants to know. The narrower your field, the more of an expert in it you can be.
When you cater to a small group, and you become the expert they trust, your information becomes more valuable. Which means you can charge a premium price for your product or service.