One of the ways you can minimise the time you spend on business development is to focus on developing a niche for yourself. However, many professionals resist having a niche because they are worried about turning business away. Let’s deal with this one, once and for all – will I have to turn business away if I decide to focus on a niche? The answer, of course, is no……..and yes. If you want a strategy that allows you to focus on what you’re good at, develop clients that you’re more likely to convert to raving fans and that you can get referrals for more easily – then consider developing a niche. As I mentioned in yesterday’s post the easiest way to start to differentiate yourself in your firm, and be someone who the partner’s can refer new work to, is to have a niche or a specialism. Of course, you will always be given different kinds of work by your partners – but if you really want to develop your own portfolio, and not be seen as hanging off the coat tails of one of the partners, you need to develop your own niche and technical specialism. If you end up so busy that you choose to not work with other clients, then you might end up turning business away.
What is niche marketing?
Now for the dictionary definition of niche marketing:
Niche marketing is about focusing your marketing on part of the market that would benefit the most from a specific element of your service. The niche defines the features that will satisfy specific needs; probably including price, quality and demographics.
A niche marketing strategy?
A niche marketing strategy allows you to use language that is likely to appeal to a certain sector of the market, show why you are the best person for that market and get more clients from it (possibly paying higher fees too). Said like that, it sounds all too easy, doesn’t it? If you need help to build your niche marketing strategy, then how about downloading our free guide to helping you choose and capitalise on your niche? It also allows your internal network and external referral partners to understand more clearly who you work with and how they can find you referrals (read “the flickering light”, for a great example of a clear way of getting more referrals).
Does niche marketing mean I turn business away?
As a specialist in a specific area, that your marketing is aimed at you’ll get more clients in that area. What would you do if somebody else approached you? You’ll decide if you have the capacity to take them on, or not. You don’t have to turn them away, you just don’t market to them. Let me emphasise that again, your niche may only be a handful of your current clients, however, all you are doing is not marketing to other types of clients – you don’t have to turn them away.
Become the “go-to expert”
If you’re the expert in a specific area, people will want to come to you. If you’re ready for more help to become the “go-to expert”, click here.
Niche marketing examples
The foundation of successful referral marketing is having a clear idea of who you work for and why you’re the right person to recommend. This is much easier when you’ve adopted a niche.
- The accountant that specialises in working for landlords with lots of rental properties. It’s easy to see why landlords will want her, she knows more about tax and relevant profit ratios for that sector. It’s easy to state when networking and easily understood.
- The lawyer who specialises in dealing with new start ups. His fee structure and service delivery is tailored to suit. It’s easy to explain when networking.
- The auditor who specialises in working with big brands helping them with contract compliance for their contracts to media agencies
- The lawyer who specialises in crowd-funding
- The list goes on, why not add a comment on the best ones you’ve seen
How should you develop your niche?
Having a niche doesn’t mean you turn business away, it means you can get referrals more easily, therefore saving your time with your business development. [sc name=NicheWorksheet]