Creating business growth isn't what it used to be. Gone are the days of being everything to everybody. Even focusing on a niche is no longer enough to break into the world of big profits. In today's marketplace, a business needs to specialize in a micro niche in order to optimize success. Keep reading to learn what constitutes a micro niche, why it's beneficial, and how you can find yours.
Defining Micro Niche
Most people in the world of business know what a niche is. Sports cars, fitness, health--each of those is a niche. But if you ever crack open a laptop or scroll through your Facebook newsfeed, you can attest to how many professionals are blogging about those topics.
To set yourself apart and make a big impact, you need a micro niche. Instead of focusing your brand on general fitness, for example, specialize in fitness for teen girls or women over 60. Those are micro niches. Here are a few more examples:
- Tiny houses: micro niche in the real estate industry
- European travel: micro niche in the travel industry
- All-natural makeup: micro niche in the skincare industry
Benefits of a Micro Niche
One of the greatest fears for most small business owners when they considering streamlining services to a more specific area is the loss of potential clients. Is that possible? Emphatically no! No. In fact, the opposite is true. Creating a micro niche for your brand helps increase your client numbers.
Take a look at these benefits that prove micro niches lead to business growth:
- Low competition. Because of the highly specialized nature of the micro niche, you have few others to compete against.
- Ability to easily gain traction. Every business needs momentum to get started and continue growing. A micro niche provides the traction you need to progress so you're not spinning your wheels.
- Increased profitability. Due to low competition, you naturally experience greater profits because you have access to more clients who share your interests, desires, and passions. (Plus, think of how much fun your business would be if you worked in a highly specialized area of your passion.)
- Easier marketability. Marketing experts know that standing out in a crowd is the key to drawing attention to your brand and increasing sales. A micro niche makes this possible and leads to an increase in business growth.
Finding Your Micro Niche
Okay, now you know the importance and benefits of micro niches. Are you ready to make the switch? If so, how do you find your micro niche?
Let's say you're a fitness expert. How do you stand out from the millions of other fitness experts in the market? Here are the first two questions to ask yourself on your journey toward micro niche business growth.
- What am I the most passionate about?
- Who do I most enjoy working with? (Read Buyer Persona: The Ultimate Tool for Small Business Success in a Crowded Market and download your worksheet.)
Once you've answered those two questions, you're well on your way to identifying your perfect niche fit.
What is the "tiny house" of your market?
Micro Niche Your Way to Business Growth first appeared on Synnovatia.