Finding a Market Niche

Eating one slice of pie is much easier than trying to gobble down the whole thing. If you just focus on one kind of pie (pumpkin in this case), it's much easier to create a marketing strategy and to find your ideal client (pumpkin pie lovers), rather than trying to get the apple pie people and the blueberry pie people, not to mention chocolate cake people.

Make Your Marketing Easier

You can focus only on your tribe (your very own micro market niche), and ignore everyone else. If you're a virtual assistant, you can focus on providing support for bookkeepers. Or, assuming the market is big enough, you might narrow it even further to supporting bookkeepers from Winnipeg, Canada.

Less Competition

You'll become the go-to person for bookkeepers who need help managing administrative tasks. You'll be recognized as an expert. When bookkeepers in Winnipeg want financial services support, they'll head straight to you. You can get more clients with less marketing.

Having a niche market means your services are more desirable (and valued). Since you're now a specialist, you can charge higher prices too.

Here's a real-life example of a niche market. A moving company was struggling to compete against larger rivals. They had no particular specialty, they did all sorts of moving, from small residential moves to cross-country, to large corporate projects.

Then, they decided to specialize in overnight medical deliveries, which require special care, have a limited shelf life, and must be delivered quickly. Not only did they survive, they thrived. In fact, they could charge much higher prices - because their service was now perceived as having much higher value than an ordinary mover.

Find a Business Niche

For instance, say you want to open a gym. There are lots of gyms, and they're not particularly different from one another. But what if your gym was different?

Here's an example. Instead of trying to appeal to everyone, what if your gym focused only on fitness for moms? Or, how about fitness for first-time moms? Or, even better, fitness for first-time new moms of multiples.

Those moms will have specific needs: losing the pregnancy weight, gyms that are baby friendly, maybe even tips on caring for several babies at once.

Sure, your gym won't appeal to boxers or professional weightlifters. That's OK. They're not your target audience. Trying to be all things to all people at once? A mess. Tailoring your products and your marketing to just new mothers of twins? A successful micro niche!