NICHING: THE WHAT AND WHY

Date: September 24, 2021

There will always be a sense of fulfillment when you know your business has it all and can do it all.

But take a step back and wonder. Even essential goods don’t serve everyone, because we have different perceptions of what essentials even are!

This is where niching down comes to play. So, what is niching?

Niching is finding your customer subset and focusing on them. Creating and offering the right product isn’t enough, you should market and sell them to the right people. To determine who these are, we can go back to the classic marketing concept of STP (Segmentation, Targeting, and Positioning).

The process of Segmentation entails knowing who your clients are, out of the even larger set of clients you’ve initially identified. If your business is in the hair industry, you know you have a lot of competition and scope in the market. From there, you determine the different types of people with hair. You’re left with your segments: long hair, dyed hair, oily hair, and more.

With your identified segments in mind, you can now do your Targeting. If you want your product to be zero-waste shampoo bars that’s especially crafted for women without straight hair, then you have your target: Eco-conscious women with curly hair.

Lastly, Positioning gets your niche market to know and favor you. It’s not just putting your product on the shelf that everyone passes by, but by communicating to whom it’s for and what it can do. We are zero-waste shampoo bars, made for women with curly hair, helping them keep their waves healthy and intact even without extra products!

You may have doubts about niching down, but if you really want to distinguish yourself within an industry, having a niche is the shoo-in to being the big fish in a small pond. Finding and sticking to your business’ niche is also aligned with building your brand. It’s a start to getting loyal customers who feel valued and satisfied and in the process, will give your business efficiency, a steady stream of income, and even free marketing by word-of-mouth.

As a lot before us have said, “Find a niche if you want to succeed in business.” Let’s figure yours out, from S To P.

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