FM Walsh & Associates Inc.

How to Figure Out Your Niche Markets

Too many business owners resist picking niche markets to focus on because they worry that doing so will limit their sales potential or slow down their revenue growth.   In fact, not having clearly defined niche markets is guaranteed to slow down your growth and ensure you waste time and money on ineffective marketing and prospecting.   It’s rather like going onto a sailboat and just sitting there watching the view, rather than navigating it.  You don’t get very far.

No defined niche markets means you have no idea who you are marketing to.  Knowing who your potential customers are means that you’re spending your marketing budget in ways that will get you the best ROI.  It also means that you are prospecting in the right places rather than getting frustrated and depressed because you are not selling anything.

Having defined niche markets means you build a reputation – the market knows what you do and potential customers have an easier time finding you.

Adding new products or services becomes easier because you know what appeals to your niche markets.  You don’t waste time and money carrying stuff that doesn’t sell.

If you’re struggling to figure out who your niche market is, answer the following questions:

1.  What do your current favorite clients have in common?  What makes them good clients?  How did they find you?

2. What sets you apart from your competition?

3. Why do customers buy from you?  What is different about services or products that you offer?  Why do customers buy your product or service?

Once you have answered these questions you should have a good idea of what niche markets would be a good fit for you to target.