Some individuals are destined to become Entrepreneurs, they think differently where others see challenges they see opportunity, they chase a dream with unrelenting passion. For others the path to business independence can be an intimating and scary prospect, yet for both their belief remains a constant and with success the benefits endless.
Reflecting back on the numerous founder conversations I’ve been privileged to be involved in, many founders struggle to articulate their niche. Comments such as “We do not want to limit out market”, “We are thinking big”, “We want to avoid limitations” are all common place. By not niching down you attempt to cater to a large market meaning potentially thousands of competitors requiring higher investment in marketing to reach your audience; your chances of success are reduced.
Finding a niche and sticking to it is necessary for new businesses and/or small businesses, niching down makes it makes far easier to describe what you do and sell, in fact the single most important benefit is in being able to communicate your ‘Why’, your reason for being. Simon Sinek’s book ‘Start With Why’ is a compulsory read for all. Many organisations can explain what they do, how they do it yet struggle to articulate why they do it, ‘the golden circle’. Simon’s TEDx is well worth a look https://www.youtube.com/watch?v=u4ZoJKF_VuA .
Deciding to niche down can have a lot of benefits, choosing to focus on a small, well-defined segment means you are excluding any markets that are not in your sweet spot. Entrepreneurs or small/medium sized businesses have fewer resources and need to make sure that their investments are as effective as possible. Focusing on your strengths will save you time and money. Understanding your focus will help identify and connect with the customers, generate a stronger brand awareness and customer engagement model. Establishing yourself as a subject matter expert will enhance your brand. Be bold and use what makes you unique in your marketing set yourself apart and this will help clarify your position as a leader/influencer.
Niching down will help your business become more effective and set for growth. Niching down does not necessarily mean you will only focus on one niche forever, it allows you to focus on your brand, market awareness and develop your voice. With a narrower focus you can: make smarter decisions, scale more effectively, drive better revenue.
At Market Traction we work with businesses who are looking to achieve growth, we understand the constraints of limited resources, and challenges moving into volume production. We give access to resources and expertise that you may not own. We focus on your most critical issues and opportunities by introducing the functional expertise required to execute at pace delivering against your objectives. Our tailored strategies and propositions are underpinned by vigorous commercial analysis designed to deliver growth.
Contact us: info@markettraction.io