Think Small: Micro-Niche Your Way to Business Success
Over the years, I’ve come to a candid realization. If you want to be outstanding and dominate in any field, think small and micro-niche. Now, what do I mean when I say micro-niche? This is the combination of a unique specialty and a narrow target audience. This is the absolute merging of your best expertise with a very particular type of client or market with specific needs.
Applying micro niching as a coach, business owner or consultant is a very smart business strategy. Instead of doing everything and being everything to everyone, concentrate your energy on doing one thing and be very good at it.
When you choose a narrow niche, you will stand out as a leader and get the attention of everyone. In a narrow niche, there is no shooting in different angles for blind targets. You concentrate on doing one thing, the best thing you are good at, every day. You excel at that specialty, because no one else in your industry offers your type of unique approach and specialized expertise.
As a coach or business owner, you devalue yourself when you stay general. You try reaching every crowd and every person. News flash! The market is already saturated with general practitioners; it is now in need of specialists.
When you micro-niche, all your energy is focused on doing what you do extremely well and being the best at it. We will now look at how to choose a micro-niche, and its powerful business advantages.
How to Pick a Micro-Niche
A lot of people do not know the first thing about picking a micro-niche. These are the things they do and see every day, yet it goes over their heads. Picking micro-niches is not rocket science; all it takes is that you be sensitive and relentlessly creative in spotting uniqueness and working on it.
We will look at two moot points to consider when picking a micro-niche. They are very important and can either make you succeed or ruin you in total. You have to be sensitive enough to know that what you identify as your strengths are actually your strengths… and if you are targeting the right market for your business.
We will discuss them in details below.
1. Establish the things you do well and what you love doing or speaking about
This is a multiple of so many things that make up your whole being. You could establish your niche by evaluating what you do well, or what you don’t get tired of talking about. It could be an experience or a challenge which you overcame.
It may also be something that you invested your resources to get trained on, in which you became an expert. Lastly, there are things that a lot of people struggle with, which you are a natural at. These are some of the ways to pick your right niche.
To be able to identify these things, you have to be sensitive enough. Your pointer clues may be the things you find yourself discussing with clients or groups. It may also be the type of things you love to read or work on or the kinds of problems you find yourself solving naturally.
Whatever holds your interest so strong in relation to your work, gives you a clear indication of your specialty. In every person, there is a deposit of uniqueness and strength, and this is what you can leverage on to create your own specialty.
The beautiful thing about it is that, you will come into the niche with your own approach, which then sets you apart.
2. Identify The Audience Who Need Your Expertise The Most
This simply talks about your target market. They are your ideal audience, and this is where micro niching applies. The narrower your audience gets, the better your chances of standing out and getting recognized as an authority in your field.
You will have the playing field to work with not just ideal numbers, but also directly impact. You will be meeting the needs of a select group of people who your service will be of immense value to.
For instance, you do not have a micro-niche if you are just a coach, but business coaching is a micro-niche. General surgery is no micro-niche, but neuro surgery is a micro-niche. Also, a customer service expert is no micro-niche, but a customer service expert for the retail industry is more like it.
The aforementioned are the ways to identify your micro-niche, the road to business breakthrough.
Choose a Micro-Niche for Your Business: The Three Powerful Advantages
Choosing a micro-niche for your business is a smart way to keep your business at the top. The advantages of micro niching are too numerous and cannot be over emphasized. Below we will look at the three main and powerful advantages of micro niching.
1. Micro Niching Boosts Your Credibility
To get instant credibility and trust from your prospects and clients, focus on one area where you have specialized expertise. It may be something you have directly experienced, a passion you’re well versed in, or even something you trained for.
When you narrow your expertise and subsequently audience, people are inclined to believe in what you say. This is because for a person to major in an area, they must have taken precious time to do a separate study in that area.
Almost everyone who has a specialty began with general training, and moving forward, branched to concentrate on an area. So, micro niching makes you an expert and authority in your field.
People will be eager and ready to work with you, because you’re an expert with the solutions to the main issues they want to solve. You are what they need right now. This will lead to many working opportunities for you, because you have identified and distinguished yourself in one area in your market.
Clients will trust you and you’d be the go-to for advice, which helps you build powerful and long lasting relationships. Credibility is everything in the business world. A business owner without credibility, even though successful will close shop sooner or later.
2. Micro Niching Puts You Ahead Of The Competition
According to the powers that be in the marketing world, niches are not natural, they are created. Niches are created by the product of services which are rare or not available. The origin of niches stem from two sources, which are innovation and invention. The differences between these two terms are huge.
While invention is finding and establishing something that didn’t exist initially, innovation is picking up an already existing product or service to redefine or redesign according to the needs in your market.
When you micro-niche, you are giving attention to a service or product that either was not available, or was in trace supply. This has the potential to create a whole new market, bringing lasting solution to specific problems faced by specific people.
This is where your expertise as a specialist comes to play. When you micro-niche, you invent and innovate as an expert. Your methods are different, something no one else has access to perfectly replicate.
This will cause a minimum competition and maximum sales for you. This in itself can stay so for a very long time. A micro-niche ensures minimal competition for a very long time. This is because, until the competitors realize the potential of your market, the first mover will enjoy maximum sales and profit for a long time.
For instance, domino’s pizza, Subway and McDonald’s are three snack giants, but they micro-niched and are cashing out like crazy. Domino’s specialty is pizza; MacDonald’s gets the burgers, while Subway gets the sandwiches. All three of them stuck to their niches and have never deviated over the years, yet they remain giants.
No one could encroach on the other’s niche market, because in all honesty, you’d feel weird buying a burger from Subway and “vice versa”. This has helped them retain their loyal customer base, even when one customer buys different snacks from all three chains.
If your business is carved away for the competition, it will scale at such speed in a lesser amount of time. While at it, your business will attract its ideal clients who will stay loyal to it, leading to very high retention of clients.
You will virtually own your market, because your niche is so narrow that almost no one can directly compete with you… yet, so large that you have ideal clients in droves.
3. Micro Niching Puts You In The Position To Command Higher Fees
The sweets of micro niching far outweighs the sour. It is a painstaking journey having to get on course to be a specialist at something. But the market is saturated with generalists at the moment. Taking a move to micro-niche and separate yourself from the sea of generalists makes you distinct and takes you to the top.
Micro niching helps you get a really bigger piece of the market that your services are specifically tailored for. This will put you in a position to command higher fees, a key benefit of dominating a niche. There is no harm in charging high fees, as long as you can deliver on your promises.
When you are a specialist dominating a field, you will give highly specialized and valuable information, services and products. Your audience will always be willing to pay more for the wisdom they can get from an expert, rather than a generalist.
This is because you created a streamlined, micro-niched and profitable exclusive business which centers on your expertise, passion and personality. This will draw people to your message, helping you raise a community of people that want to work with you. Hence, commanding a high fee will be easier.
My closing note…
Truth is, no one else can bring about and offer the unique approach and expertise that you do. But you first have to find what that unique expertise is and how you can approach it from a refreshing angle. The thing about carving a niche is that you are compelled to either innovate or reinvent. Until you get to the point where you have to do any of those, you cannot successfully micro-niche.
Above, we discussed the ways to pick a micro-niche which includes interests in certain things and identifying an audience to see what benefits your services are to them. This will open you up to diverse opportunities and the advantages, you cannot exhaust.
But we noted three major advantages which include stamping your credibility as an expert, drastic reduction of the competition and, increased income rate.
Do you want our support in choosing your micro-niche and attaining business growth? Schedule a breakthrough call with one of our professional business strategists.
Click here or use the button below to schedule your call.