Deciding on a good target market and a viable niche is very important for service professionals. A target market is a group of people or segment that you want to serve. A niche is a very specific service or product that will satisfy the needs of your target market. By identifying a smaller group of people and their needs, you can focus your efforts on providing better solutions with greater value. Here is how you get started!
#1 Choose Your Target Market.If you are a service professional and have been thinking about your business for a long time, then you have thought about your target market. If you are a heart-centered service Professional, then you know who you want to serve.
By choosing your target market you are narrowing your market to a smaller group of people and segments you want to serve. This will help you to focus your efforts, since it is difficult to be everything to everyone.
Choosing your target market should not be complicated. It is the same group of people, which you have enjoyed serving or thought about serving in the past. You either understand their needs or you can easily reach out and find out about their needs and wants. The next step is choosing your niche.
#2 Choose Your Niche. What is the specific service or product that would help your target market to solve their problem? That specific service or product that will satisfy the needs of your market is your niche. Choosing a niche shows your specific knowledge and expertise in that field. Hence, you can stand out in your market by specializing and becoming an expert in your field.
Marketing your niche is the most effective way to market your services and products. However, so many service professionals ignore picking a niche. They are afraid that by choosing a niche they may be limiting their options. Yet, this is incorrect! Choosing a niche does not limit your future opportunities and you may always expand your market.
#3 Your Niche is Expandable.The key to attracting clients is by providing services and products that would help them deal with their most urgent needs. Most coaches, consultants, and other service professionals are already serving their clients with services and products. Here is how they can use niche marketing to expand their market:
A. Identify other urgent needs that your existing market wants to fulfill, and discover how you can fulfill those needs.
B. Identify new market segments with needs that your existing niche can fulfill
You can find new opportunities by better understanding your market, and providing attractive solutions to address its needs and wants. Also, after establishing yourself in your existing market, you can look beyond it and find new segments that can benefit from your services and expertise.
Here are your assignments: Define your target market and niche if you have not. What are the needs of your market that are not being addressed today? How many other markets can you find that can benefit from your existing services?