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8 Positive Things That Happen When You Discover Your Business Niche
Gone are the days when solely marketing your business to as many people as possible gave you a competitive advantage.
Today, with the business landscape and online environment as crowded as it is, it’s critical for businesses to narrow their focus and define their niche before even attempting to get noticed. Meeting the needs of a specific group of people, even if it’s a small group, is far more effective than blindly targeting a broad audience. With that in mind, here’s a list of 8 positive things you can expect to happen after you identify your niche from Instant Offices:
1) Your marketing strategy will become stronger
Once you’ve defined a broad target audience and narrowed it down using competitor research, audience analysis, online research, user generated content and other tools, you’ll be left with a much narrower group of people to speak to. Finding out what interests them, where they spend time online and how they shop is then made easier, and so is starting a conversation. By understanding who your audience is and what motivates them, you can develop a marketing strategy that’s stronger and more focussed, instead of broad and diluted.
2) People will give you their money
Having a large customer base is great, but how many of them are actually going to buy from you? A niche business will have a smaller pool of potential clients, but the chance of them spending money with you is infinitely higher.
3) You’ll become more credible
By focussing on your niche and streamlining your marketing strategy, you’ll develop a reputation. As a result, potential customers will begin to think of you as a credible source of knowledge. Being seen as a reputable authority on a specific product or service will do wonders for brand awareness. Customers are also likely to pay a premium price for products and services that are specialised and seen to come from an industry expert.
4) You’ll save cash
By shaping your business around targeted products and services, you’re able to streamline your budget and focus on the essentials. This is much simpler and cheaper than investing capital in a wide range of products, or broad service offerings.
5) Your USPs will go from being ideas to actionable insights
Attracting customers isn’t easy when you blend into the crowd. By defining your niche, you can identify the unique selling points that differentiate you from your competitors and use them to drive your business objectives and goals.
6) Google will work better for your business
Online visibility is key when trying to grow your business. By finding a niche market and focusing all your efforts on a highly defined set of products or services, you’ll be able to align your website and online presence more easily. This will inform your SEO strategy and ultimately, lead to a website that’s full of targeted and specialised content, building your authority and by default, making your site more appealing to visitors and Google.
7) Customers will become your biggest fans
A specialised business with niche services or products is likely to appeal to a smaller, more targeted customer base. Treat them well and they will be more likely to become loyal brand advocates, spreading the word online and in person, one of the most powerful ways to grow your business.
8) You’ll surprise yourself
Once you’ve identified and carved out a niche for your business you’ll become immersed in the specialised knowledge, products and services on offer. As a specialist with intimate knowledge of your customers and marketplace, you’ll be in the unique position to innovate, build on existing services and see new opportunities in the industry.
Even if your business offering is broad by nature, you can still split it into various niches that each have their own target audience and focus, taking advantage of all the positive changes that go with it. Once that niche has been discovered, your office space needs to reflect your business. From funky co-working spaces in Tel Aviv or Tokyo to corporate serviced office space from London to Lisbon.