How to grow your brand faster with a niched approach
Courtesy / ACE
Millika Malhotra is known as the Brand CEO. She offers suggestions about how to find the niche for your brand.
Your brand is the heartbeat of your business, communicating the essence of who you are and what you offer. Now, imagine bringing that clarity into razor-sharp focus, where your brand is known for something specific — this is the power of niche strategy.
It’s time to transition from being a Jack/Jane of all trades to becoming the go-to expert.
It's natural to fear that you will lose potential business by niching down. What if no one books your services? What if you lose customers by narrowing your target market? What if you can’t justify your prices? The fear of getting niching wrong and being left in the dust while others scoop up your potential clients is real. But let me assure you, it’s better to be an authority in a smaller, viable market than lost in a sea of sameness.
To stand out, you need to get focused. It may be tempting to market your brand to everyone, hoping to reach the masses, but don’t be afraid to turn away customers who don’t align with your mission and area of expertise. Let’s demystify the concept of niching and explore why it’s time to embrace the success that creating a niched brand can bring.
What is niching? Niching is the process of narrowing your focus to a specific industry, niche, audience, problem, or solution. Positioning your brand as the specific solution to a specific problem for a specific audience. By niching, you can better target your ideal customers, create specialized solutions to their pain points, and differentiate yourself from competitors. Make no mistake, authority has value.
Here are four ways niching will elevate your brand:
You'll stand out in a crowded market. Niching down helps you distinguish yourself from the competition by positioning your brand as an expert in your field. This makes it easier for potential customers to find you, trust you, and pay high rates for the services of someone specializing in solutions to their particular problems.
Ask yourself: What is my zone of genius? What do my clients and community constantly come to me for help with.
You'll attract your ideal customers. When you try to be everything to everyone, you end up appealing to no one. The more sharply you define your market, the easier it is to shift your brand message to appeal to them. With a true understanding of who your customers are and what they care about, your marketing becomes more like a love letter directed towards them.
Ask yourself: What are your customers’ frustrations and fears? What are their goals, desires and dreams that can be related to your work? What specific problem do they need you to solve? What are their limiting beliefs?
You’ll simplify your marketing efforts. Trying to market to everyone is expensive, time-consuming, and downright exhausting. By niching down, you can use your buyer personas to inform your marketing campaign. You will be able to focus your marketing efforts on a specific audience, which is much more cost-effective and efficient. You'll also be able to write content and create targeted messaging that resonates with your ideal customers. Your audience will feel seen, heard, and supported, and this leads to better engagement and conversion rates.
Ask yourself: What platforms can you focus on that will speak to your ideal clients? What stories and topics does your audience want to hear from you?
You'll be able to charge higher rates. When you niche down and become an expert in a specific area, you can command higher prices for your services. You'll be able to offer specialized solutions to your ideal customers' problems, which can be more valuable and therefore justify higher rates. Creating a niche will help position you as a premium provider, rather than a commodity.
Ask yourself: Does my current pricing match the value of my offerings and expertise?
By niching down, you can establish yourself as an expert in your chosen field, attract customers who are passionate about the same issues as you are, and stand out from the crowd. Say goodbye to being a generic brand and say hello to becoming the in-demand brand that customers are happy to pay top dollar for.
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