Niche, niche, niche. I know, I know, you’re sick of that word. But I’m here today to give you SIX reasons why niching down puts more money in your pocket.
But first, a quick refresher on niches.
A niche is: “products, services, or interests that appeal to a small, specialized section of the population.”
Niches come down to this: A unique target market and specialized services tailored to that target market.
And yes, it’s really ideal to have BOTH. You can have a unique target market, but if you aren’t offering services that speak to their pain points – you won’t have the success you’re looking for. You can have a specialized service, but if you aren’t marketing it to a specific audience, you’re missing an opportunity.
If you’re really not sure what your niche is, or you have a specialty service, but don’t know who your target market is, don’t lose sleep over it. Start with one or the other. Your niche will often present itself organically as you market your business.
Now let’s talk about money, baby! How can identifying your niche and marketing directly to your target audience put more in your pocket?
#ONE: People pay for quality.
In every industry, across the board, specialized services have always demanded a higher price tag. If you’ve tailored your business to serve a certain market, the implication is that you understand and can meet the needs of that audience BETTER than Ms.-Generic-Virtual-Assistant-around-the-corner. Clients will pay more just for access to your knowledge and expertise.
#TWO: You’ll attract your ideal clients.
Nope, having clients come to you is not just a pipe dream. When you market your business specifically to one audience, it’s like sending out a beacon that attracts your ideal clients to your business. Your website, social media accounts, and your social proof will all be screaming, “You have unique challenges and I exist to solve them!”
#THREE. You’ll build authority faster.
When you are first starting out, building “authority” online seems like a goal for another version of you. The version with years of experience, mountains of glowing reviews, and proven success. That’s not how it works. If you don’t have a niche, or it’s not small enough, you’ll find that it doesn’t matter how hard you work, or how well you do your job – you’ll never reach that place of authority. You have to be known for something. What corner of the internet are you trying to reach? Show up as an authority to that specific audience and you will become an authority. Just. Like. That.
#FOUR: The law of scarcity.
If what you are offering is in limited supply – the value will increase exponentially. If you can establish yourself as an authority in an ultra-specific niche, you’ll have more work than you can handle. When you offer a specialty, it changes the dynamic between you and your prospective client. You’re no longer frantic for the chance to get a job – your client is frantic for a chance to work with you.
#FIVE: Less time spent = more money.
When you get really, really good at one service, you’re naturally going to get faster and more efficient at that service. What happens when the time needed to complete a task decreases? You effectively give yourself a raise. (You’re using package pricing, right? That’s the only way to go!)
#SIX: Referrals for the win!
One of the best things about serving a small market is that your clients often become one of your best marketing tools. They know people who need the same thing you are providing them. People who will gladly pay you your worth for the results you’ve gotten for their friend or business colleague.
The Goal: Better Clients, Better Pay
Everyone wants better clients. Clients that not only willingly pay your prices, but who also appreciate the value that you bring to their business. I’m telling you right now, the magic formula is to find your niche and then lean into it. Your business should exist to solve your ideal client’s problems. What do they need? What do they want? How can you meet their needs?
That’s the secret to making more money and creating a business that’s both fulfilling and profitable.
Are you a Virtual Assistant who wants to elevate your brand, find better clients, and create the business of your dreams? Join me in my FREE, private Facebook community for more tips, trainings, and the support of thousands of entrepreneurs just like you!
