Many experts are afraid of choosing a specialty or committing to a niche. The thought of tying themselves to a specific product or service induces anxiety or shortsighted strategies. Arguments against declaring a niche usually center around closing off potential customers or passing up opportunities.
We often overvalue the possibility of attracting a customer by chance and underestimate the power of proficiency.
Benefits of choosing (and committing) to a niche within your industry include:
Differentiation Against Generalists
Nothing defeats a competitive “Me Too!” better than a genuine subject matter expert. Generalists often say yes to anything remotely related to their skills whereas experts focus their precious time on topics where they excel.
Focused attention means your skills, knowledge, and experience are deeper than general working knowledge.
More Effective Solutions
Understanding the intricacies of your field produces faster, more qualified solutions for your customers, resulting in better returns and allowing you to charge more.
Library of relevant case studies & client testimonials
When your case studies and work history align perfectly with the problem your client seeks, they self-select to work with you to solve their problem. Your past work becomes a sales tool for future work.
The more specialized you are, the less competition you will have. This naturally raises you to the top of search engines, top-of-mind marketing, word of mouth, and referral traffic.
Higher Profit Margins
Specialty and expertise allow you to charge more for your solution. You benefit in two ways: 1) charging more for the solution, 2) expertise means you can determine a solution faster. More money, faster.
Experts fear choosing a field or niche too narrow. I challenge you to thoughtfully consider your industry and look for areas you can specialize. I believe you’ll find that, within that area, there is even more room to grow and niche.
“Photographer” is general, “Destination Photographer” is fine, “Destination Wedding Photographer” is a specialist, “Top Destination Wedding Photographer in Scotland” is niche. Sure, she will miss out on a lot of photography opportunities but will dominate the specific needs of couples.
I think of a defined niche as a valuable moat of protection around your brand.
This week, consider where you can specialize. Where do you excel? What are you known for? Where can you niche?
All the best,
P.S. If you missed last week’s newsletter (I heard there was a technical glitch), you can view it here. It is about the “War for the Last Word.” Fitting for today’s hyper-conflicted world.