As an experienced copywriter, I’ve heard every possible answer to my questions, who is your target market and what is your niche? Too often I get a response with a vague ‘well, everyone’. Often business owners don’t understand the benefits of having a niche or the difference between that and their target market. The reason they avoid pinning them down is they’re conscious of scaring away business. I’ve had to explain so many times to clients why that’s just not going to cut it in their business!
Let me spare you the time googling the reasons! It’s doing exactly this that can lose you potential customers. Being vague, having content that doesn’t really speak to anyone in particular, and trying to choose branding that could appeal to the masses rarely works. In fact, appealing to the masses is for generic products and I’ll bet yours is anything but that? If you’re trying to shift some average product in bulk, don’t care who buys from you or about customer loyalty, then I’ll save you time and you can stop reading here…
Still with me? Great, now I can explain why having a niche and a target market will help your business grow, allow you to attract buying customers, and encourage loyalty…sounds pretty appealing, doesn’t it? Imagine your favourite products and think about what drew you to them. For example the perfume you buy, retailers you shop from, magazines subscriptions you’ve signed up to. They all targeted you initially with their words, images and branding. Before you even picked up the product of the shelf or walked into the store, you were half-sold because they know their target audience and have a strong niche market.
Now, what if you do the same with your potential customers! Put a laser focus on what makes them tick, how they spend their earnings, and what convinces them to stick with a company. Firstly, it’s important to understand the difference between the two phrases:
The target market is the specific group of people you are aiming your products and/or services at e.g. female entrepreneurs, parents, millennials, creative freelancers, etc.
Your niche describes the product/service you specialise in based on a focused area of the market that you can target. As a business, you’re aiming for B2B or B2C where you can address the customer’s problem with a solution. For example, eco-friendly, health conscious, bespoke, single products.
- Consistency is key – people find it comforting and it builds recognition
- It makes it easier to become an expert and recognised in your niche
- The more unique you are, the less competition you’ll have
- Branding means less time thinking about colours, themes, fonts
- Loyalty = repeat business
It’s the combination of targeting your ideal market and offering a niche service or products that will help you attract customers and brand loyalty. Getting to grips with your target market and niche will allow your business to not only succeed but thrive even in a competitive market.
For more on defining your target market and niche, book a consultation.