A foundational element of any marketing campaign is a defined niche. The wrong niche can have a massive impact on your ability to generate sales. When selecting your niche you want to look for two key things, budget and drive. The other thing I will add here is that you want a niche that is large enough to support your goals. Even in an ultra tight, targeted niche, a good target number is a minimum of 50,000 active prospects for it to be viable.
You want to make sure your niche has drive or need for your offering. Otherwise, you will have to spend time explaining rather than educating on your specific offering. The marketplace you select should also have cash flow. You do not want to spend your resources on a niche that ultimately cannot pay for the offering.
When determining your niche, ask yourself a variety if not all of these questions:
- Is this niche large enough to support my business?
- Does this market congregate somewhere? Are they accessible online?
- Does this market invest in similar products or services?
- Does this market have money?
- Do I have some affinity within this niche? (Do I already know this market well?)
- Are there trends in the marketplace making it more likely for them to buy or are is this niche trending down?
- How does the marketplace feel about my offering? Negative, positive, open, etc…
- How often are new people coming into the market? How often are people leaving the market? (this churn is not negative, it will just help you as your develop your messaging.)
- Are there certain regularity or legal issues you need to be aware of when marketing to this niche? (worth noting as this may have an impact on your messaging)
- Is this a seasonal marketplace?
- Does the market provide you with an opportunity to plug prospects or customers into a membership or continuity model? (I am a big advocate of this model as it creates ongoing residual revenue)
Having a defined niche allows you to focus your efforts to generate the best results for your company or brand. Once you have the ‘who’ in place, the messaging and strategy flows from there. If you need help identifying your niche or have questions, I am happy to help in any way. Shoot me a comment below and we’ll get in touch!