Should you have a niche business?

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niche business

Whenever I talk about a niche business it never fails for someone to ask;  “Why Niche Down?  My product can help everyone”

Here's a great answer;

“Because years ago, there were fewer brands, no social media and less advertising.

So it was ok to try to be everything to everybody. And you didn't need a niche business.

But today there are too many competitors. You have to take a position. You must carve out a niche even if you lose a few by doing so.

Unless you already have an established position as being everything to everybody, it’s marketing suicide to serve an ‘everyone’ niche.”

It comes from my Find A Niche FREE mini-course.

Remember.  The key to marketing success is about knowing exactly what your customer wants.

The niche business topic always strikes a nerve.

But in a good way.

Because most people realize their marketing message is too broad and they aren’t attracting the attention of the right people.

That said…

From my experience, there’s a bit of confusion about what ’niching’ down to create a niche business really means.

Here’s a quick explanation.

When I talk about a niche business, it’s not referring to the actual product per sa’

Niching down IS about the marketing and POSITIONING

For example.

Dove for Men is not for men 20-30. It’s for men who want a body wash that keeps them fresh and clean while still feeling “strong”.

Dove is ALSO for women. They want soft skin that is nourished from a body wash that’s free of chemicals.

Dove for men is rugged bold grey colors.
Women’s Dove is clean, white, refreshing.

Soap that is gentle and chemical-free is a niche business.

When it comes to the products…

…it’s ALL positioning. Marketing. Packaging.

But…

it’s also Niching down 🙂

So it doesn’t mean you can’t sell your product to different markets. Or segments of the market.

It comes down to building your business a step at a time.

Coca-Cola began with ONE soft drink.

Now they have water, flavored coffee, iced tea, juices, power drinks…you name it.

The biggest problem I see with clients adopting a wider mindset is they try to market and do it all at once.

You don’t become Coca-Cola overnight.

When you are building a niche business to hold a position in the market, offering other products and services could easily confuse the market.

For MOST of us. The ones who don’t have deep pockets (yet) to invest in massive advertising campaigns.

So all I’m saying is pick the EASIEST market/niche to serve first.

Get your position established and your sales process working.

Then add an adjacent niche business and market after that.

Let me know your thoughts below or ask me a question about your niche business.

About the author 

Joey Ragona

Giving heart-centered entrepreneurs, experts, and coaches clear direction & simple next steps to market and grow your business and advance your mission.

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