Growing Your Business By Having A Niche

If you’re a small business owner, targeting a niche market is better than servicing the entire market.  By specializing in one area and continuously growing your knowledge and experience in that area, you can better gain a stronghold on clients that are being underserved.

How Targeting a Niche Market Benefits Your Business:

1)      Operations become more efficient because you are focusing on one area

By focusing on one area, you can devote more solve to becoming an expert in your field and solving more in-depth problems, making your services more valuable to your customers.

2)      Charge premium price

On that note, because you are doing more specialized work, you are able to charge premium prices. To use the medical field as a metaphor, think of how specialists are able to charge more than general practitioners.

3)      Stand out from your competitors

When you focus on a niche, you will stand out in your field and clients or customers will be able to find you more easily.

4)      Clients are more loyal

If your client can get your service or product anywhere, why would they need to be loyal to you? But if you offer a specialized product or service, you raise your chances of client retention.

So, how do you find your niche?

I would say it is more like your niche finds you. When you first start your business, talk to as many customers as possible. From there, you will find the customers that you naturally connect with and understand their needs better. It is helpful to keep a list of profile information about your customers: who they are, which industry they are in, and what they like about your business.

Once you get a sense of the type of customers your business attracts, and combined with your work experience, domain knowledge and personal interest, you will filter out who are the best customers for you. From there, you define your niche.

Once you’ve defined your niche, it is important to invest in self-development to keep up with industry trends so you can always stay at the cutting edge of your niche. This way you will be able to:

1)      Understand clients’ needs and participate on their daily/monthly operations

2)      Educate clients on what’s new and how they can benefit from it

At Advisori Finance, we focus on helping business in cryptocurrency, real estate, and eCommerce. By serving the niche market, we are ready to implement the solutions to common problems and pain points right away, to save clients time and money.

We hope this article help you feel more comfortable to go after the clients that you want to work with and find the niche that your business is looking for.