Image by Gerd Altmann from Pixabay
By Henry Brown
As a small business, it can be tempting to try and do a bit of everything. You could feel that by diversifying yourself, that you will appeal to a wider range of customers and therefore bring in more money. In reality, this is far from the case. It is, in fact, much better to find and define your niche and work really hard at this instead. By doing this, you will be known as an expert in your field and can have an edge above your competition.
What is a niche?
A niche is when you specialize in a certain market, industry or service. If you are struggling to think of a business idea, then coming up with a niche is a good place to begin. It is key to identify a niche that you can master and that isn’t oversaturated already.
Why is a niche so important?
– It helps build your online visibility
When you are focused on a specific range of products or a particular service, then you can concentrate your website and online business around this. This will help you to rank and improve your search engine optimization (SEO.) You can target specific keywords around your niche and provide a higher concentration on very specific topics of the same niche. This can mean that search engines view you as a highly authoritative site and rank you higher. An example of this could be the Healthcare Capital Management company Petrichor who are very niche and therefore have a better chance of ranking.
– You are seen as an expert in your field
If someone is looking for a service or to purchase something from a business, they want to know they are getting something from an expert. If they are looking for some new running trainers for examples, they will be more likely to buy from someone that knows all about running trainers and focuses purely on them, rather than someone who sells a plethora of other items too.
– It is more scalable
When you are just starting out with your business, you don’t want to have too much to think about. It is much better to focus on one thing and make it perfect, rather than trying to rush out a whole plethora of things. Remember, it is much easier to add in new items as you grow, rather than to take things away and disappoint potential customers. Adding in additional services or items as you get bigger can be seen as a benefit and really showcase how well you are growing, so can make you look bigger and bring in more profits.
– It is easier to stand out
When you focus on one product or service you make yourself much more memorable. Think of companies such as Fabletics – they are known for their high-quality sportswear and are the brand many people go to when they need this. As a small business, you need to stand out against other, bigger competitors and finding your niche can be pivotal for doing this.
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Henry Brown is an online marketing executive. When he isn’t talking shop, he’s roaming the streets of London, uncovering the extra-ordinary in the ordinary.
