How to Find Your Ideal Niche

Many entrepreneurs develop their small business marketing strategies by targeting the largest possible market. They are afraid that they will lose business by turning away customers. The truth is that if you are not marketing to a specific target market and offering them a specific solution, you will end up working way harder than you have to, and your results just won't be as good.

When you focus on a niche, you can differentiate yourself and significantly reduce your competition. All of your marketing becomes laser focused and much more powerful. You understand the needs of your target market, so you can speak directly to their situation. You become an expert in your own area, and as an expert, you can command higher fees.

What is the definition of a niche and is different from a target market? While the two terms are often used interchangeably, there is an important difference.

A target market is the group of people to whom your product is being marketed

A niche combines your target market (WHO) with the solution you are providing (WHAT).

Niche = target market (who) + the problem you are solving/need you are fulfilling (what)

The Three "W's" of Niche Marketing

The key to understanding niche marketing is answering these three questions, or the three "W's".

• WHO are you marketing to
• WHAT solution are you providing them
• WHY should they do business with you. 
  

In finding your niche, you can either start with your target market (WHO), or the solution you are providing (WHAT).

It is often best to start with your WHAT, which in effect means starting with YOU, and what you uniquely offer.

You can't be great at everything, but there is an area in which you have something special to offer. What is unique about you? What are your passions, experiences, interests and expertise?

Once you have identified that, think about who could most benefit from what you have to offer. When you find that connection, you have found your niche.

Remember, there is only one YOU, and you will ultimately attract those who find you compelling. Be true to yourself and you can help others in ways that nobody else can.