First things first: don’t worry, we’re not suggesting your business make only one sale for the remainder of its existence.
No, we’re talking about selling to one type of customer.
Why? Among many things, this approach will clarify exactly what problem you are addressing, and your solution, and consolidate your business as the number one go-to option for that one type of customer.
Think about it: would you rather attract a hundred customers who might buy something?
Or would you rather attract ten customers who will not only definitely buy from you, but become long-term customers?
Who also sing your praises to their friends and accepts your premium prices?
Do we have your attention yet? The power of niching: read more down below.
Does Niching Mean You Miss Out On Customers?
Some business owners can make the mistake of believing that niching their business means fewer customers.
But this couldn’t be further from the truth.
What’ll happen is your ads, products, and services will become more tailored to people who are desperately looking for them.
Sure, you may be aiming to attract fewer total potential customers, but the goal of niching is to drive more paying customers overall – so you won’t be missing out.
The total number of people who see your business will go down, but actual customers should go up.
So, here are the main benefits of niching:
Benefit #1 – Position Yourself Above The Noise Of Your Competition
One of the biggest reasons a customer chooses any business to buy from is because they’re looking for a solution to a very specific problem.
But when your competition says they can help solve ALL problems, it goes in one ear and out the other. After all, they don’t want to reinvent the wheel; they just want a straightforward answer to their problem.
So, if you position yourself to solve the exact problem your customer is having, you will instantly grab their attention – and leave the noise of your competitors behind.
Benefit #2 – Establish Authority
Solve the same problem for a few dozen customers, and before you know it people in your area are calling you an expert.
This is what we call establishing “authority.” It is precisely this reputation that makes your customers refer you to their network.
It’s also a tremendous trust signal when ti comes to winning brand-new customers. Because you’ve shown expertise at solving that one problem, they feel as though they can trust you.
Benefit #3 – It’s Inevitable: You’ll Get Exponentially Better
If you spend all year fixing the same problem then you’ll undoubtedly become a master at this skill.
What this means is:
- You’ll be able to deliver a far higher quality solution than your competition
- You can provide this solution quicker
- You’ll be prepared for any hiccups along the road due to your specialised experience, further reducing delays that will be affecting your competition
Benefit #4 – Your Specialisation Lets You Charge Premium Rates
The above points serve one additional purpose for you once they’re all added up – and you’ll want to pay attention.
After a significant period of time spent in your niche, you’ll garner a reputation for solving this particular problem.
Which means you can charge premium prices for your services.
Why?
Because you will have the skills, authority, and experience to back it up.
Not only will you solve the problem, but you will solve it far better than all the customer’s other options.
So most people will be happy to pay your premium prices, knowing that you’ll be providing them their best solution.
Find Your Niche While We Grow Your Finances
The golden rule of niching down is don’t try to do everything for everyone. You’ll end up spread too thin and only produce mediocre results.
It’s the same with business finance, too. Let our experts here at The A Firm take care of managing your finances, while you focus on attracting big lucrative clients.
We’re so committed to helping you focus on results for your business, rather than spreadsheets, that we’re happy to have a free call with you to see how we can help.
So call us today!