Think about the last time you made a purchase that was important to you. Did you do some research? DId you look at something other than price? Did you get specific when entering your search data? Did you click on the links on the eighth page or the first page? Did you look at the star ratings for the product reviews? If you search for products and services online, this is probably the path you traveled in defining the perfect purchase.
As sales professionals and business owners, we often try to get our customers to see the value in our offerings. We try to reach as many buyers as possible in hopes we will get more people interested in our offerings. Maybe we need to redesign our process and look for the few with the highest likelihood of buying. This type of marketing allows you to find greater success by niche prospecting for your ideal customer.
Do you know your ideal customer profile? The perfect customer profile is your buyer persona on steroids. If you don't understand the needs of your specific target audience how will you begin to meet them?
What sector of the market could benefit the most from your offering? Is it manufacturers who are struggling to gain efficiencies and reduce costs? Seniors needing to make sure their money last as long as they do? How about military members in need of a home with little to no resources? No matter what you sell, there is an ideal customer for your product. A perfect fit. Instead of trying to get your customers to see your value, identify the buyer journey and develop an offering that complements the journey.
Less is More
Sometimes people tell me they are afraid if they are too specific in developing a Niche they will miss out on the general audience. If you look at the numbers and the law of supply and demand it becomes apparent that developing a niche draws a greater number of buyers that see a more significant value. An example would be; I provide specialized training to Realtors 55 and older who are struggling to reach customers through technology in Real Estate. If I market my services for these Real Estate Agents, I have risen above all the others in sales training by defining my value for this market. Of course, you need to be able to live up to your claims with client testimonials and specific services that cater to this audience.
Supply & Demand
If you try to be all things to all people, you end up being nothing to anyone. I call it white noise. There are too many choices available for anything you may want or need. If you Google sales training this is the number of results you will get:169,000,000. Kind of tricky to find me in there! Creating a niche market decreases the options and increases the chance you are seen!
Just because you decide on a niche market for your services does not mean you need to turn business away! If you are qualified to help other markets, by all means, do so! The other markets you serve should be included in your overall promotion campaign. What I am referring to is putting additional effort into the best offering you have to serve a segment of the market better. The benefits of a niche include greater profit due to the market forces of supply and demand, customer loyalty, more time to cultivate your craft and become the best possible offering in your market.
A value proposition is much easier to define when you can be specific. For instance, If you are an investor and create value for a niche market. You may describe the particular challenges unique to one type of customer in the market. An example of a niche is a financial investing app for Millennials. This app allows users to invest for free. It has been specially designed to meet the needs of this audience. This apps website is www.robinhood.com The app has drawn the attention of not only of Millenials but other complementers looking to serve the same end user. This opportunity to co-brand gives you a turbo boost for your offering.
If you do the math, niche promotion speaks for itself. If you have provided a specific offering to a niche market, you will attract 80-90% of this particular market. If you are a generalist, you will be competing for 2% of the market against a sea of competitors and white noise. It just makes sense to develop a niche market and hyper-target this audience for increased sales.
Look for your niche market and the ideal customers who are the perfect fit to start increasing sales. Niche targeting is like finding your perfect soulmate in business! Try it, what do you have to lose? White noise?
Luck can be found at the intersection of hard work and perseverance!
Be Great and Prosper-