Women in the Business Arena™ EP 54: Why Niche? Let's Talk About Your Target Market
“Your whole business is in service to your target market.”
Most entrepreneurs set out to change the world with a MASSIVE goal to serve anyone and everyone they can. In theory, that sounds amazing. In reality, it not only doesn’t work, it lessens your impact. We have to define our niche in business to be able to make maximum impact on the people that we can serve.
“No one has ever niched too much. Everyone is too broad.”
In this episode, we take a look at the term “target market” and why it’s so important to have a niche in your business. Your target market is really just the people that your serving. Who resonates most deeply with the things you have to offer? Are you selling direct to consumers? Are you working one on one with clients? Are you selling services to businesses? We have to answer these questions in order to best serve the people we work with.
“When we specialize, we’re actually focusing on our genius and we can be one of the best in that category.”
If you’re talking to everyone, then you’re talking to no one. One of the most important parts of your messaging should be your ability to speak to one person. A niche is never going to be too focused. If anything, there’s a 99% chance that your niche is too broad. You might say “I help women in business”... along with the 5 million other people who claim to do the same thing. You can never be too specific, so get clear on who you can serve and learn everything about them.
“Being more specific means opening up MORE opportunity.”
When you don’t know where else to turn ASK YOUR MARKET. In today’s modern landscape of social media, we end up wasting so much of our time curating content and sharing things that don’t resonate with anyone. If you ever find yourself being frustrated with a lack of engagement, get on the phone with your ideal client. If you don’t have an ideal client, start talking to who you want to serve and see if you can solve a specific problem for them with your skillset. Having conversations is the best way to define your niche and ensure your business is relevant and valuable to them.
“DO NOT be afraid to niche”
Some Topics we talk about in this episode:
- Introduction - 1:20
- What is a “Target Market”? - 3:05
- Why is it so challenging to “Niche”? - 6:15
- Focusing in on your lane of genius - 9:50
- The more specific you are, the better your messaging will be - 14:12
- The Fear of Getting Specific - 16:50
- The Need for Validation in our Messaging - 19:05
- Really Getting to Know your Target Market - 27:40
- Having the Right Conversations with your Market - 35:30
- Utilizing the Proper Sequence - 38:00
- Niche down by a specific problem that you can solve - 40:15
How to get involved
- Join the Women in the Business Arena Group on Facebook and continue the discussion starting next week! https://www.facebook.com/groups/womeninthebusinessarena
- Reach out to us - we’d love to hear more about where you’re at in life and business! Find out more at www.womeninthebusinessarena.com
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