Have you ever heard of the saying “jack of all trades, master of none”? In short, it suggests that while a specialist excels at a single task, a generalist can handle most tasks competently. When you run an internet business, the same applies.
Establishing your credibility over others by carving out a niche market and presenting yourself as the go-to brand for a particular audience produces a more concentrated outlook. And that is why it is said that Focusing on a niche market makes it simpler for the correct buyers to declare, “This is for me.”
Hello, and greetings to everyone on the other side of the screen. If the title of today’s episode made you click on the blog and say to yourself, “This is for me”, let me congratulate you real fast as you made the absolute correct decision!
So… without further formalities, let us jump to our today’s discussion, that is, Figuring out a niche for designers
But First, What is a Niche In the context of the Design Niche Market?
Well, A niche market is a subsection of a larger market that can be characterized by its own particular requirements, preferences, or identity, distinguishing it from the market as a whole.
Almost every market can be further segmented or refined based on its participants’ unique requirements and preferences.
Some of the popular criteria used to define a niche include:
- Price (luxury, moderate, discount)
- Demographics (gender, age, income level, education level)
- Level of excellence (premium, handmade, economical)
- Psychographics (values, interests, attitudes)
- Geographics
Watch our work on Product Explainer Video here
Why Does It Matter, Though?
At the end of the day, it’s still about being a good designer who can design… pretty much everything, right?
Wrong!
When starting out as a freelancer or business owner, it is pretty difficult to get clients without any blueprint. What is more difficult is managing an audience & making marketing efforts without a niche, or a specific intent in mind.
A design niche market helps you establish a targeted customer base. A strong market niche makes it more likely that certain clients will choose to purchase from your company over the rivals. Specialization enables them to recognize your brand and product and understand how well your offer addresses their demands. Furthermore, concentrating on a smaller target group enables you to focus on the caliber of your customer service and establish a lasting relationship.
Secondly, It lessens competition. You can set yourself apart from businesses going after the mass market by entering a niche. You may concentrate on providing a superior product and service instead of having to compete with household names.
Moving on to the next point, it is also important to consider that working with a specified sector also lowers the price of marketing. You can reduce the costs of small business marketing, advertising, and promotion if you are aware of your target market in detail. Instead of investing your resources in more general promotional activities, you’ll conduct targeted advertisements and campaigns tailored to your audience’s requirements.
Additionally, niche marketing enables you to establish more intimate connections with your audience.
It exhibits knowledge. Instead of offering just another generic service or product, you may position yourself as an authority and thought leader in the sector by holding a commercial niche. Being an expert makes you stand out from the competition, draws in the right clients, and builds credibility.
What if I or my business can’t survive after niching? Should I be a Generalist (multiple niches) or a specialist (single niche expert)?
Magic can happen when you identify the precise targets for your brand presence, messaging, and marketing.
When they discover your brand and click “Buy,” they will do so with the least resistance.
But concentrating on a single perfect market won’t last. Why?
Markets might change at any time. They are subject to change, sometimes abruptly.
Design Niche Market
If you dedicate all of your efforts to reaching out to and selling to a great, unique target market, you possess the threat of:
- an inexpensive rival entering the scene and competing for that specific market
- sudden reduction of spending in that specialty owing to more significant, general economic issues
If you narrow your focus too much, all of your possibilities will come from the same small pool. The pool may dry up with just one change in the wind.
You should target several distinct target markets rather than simply one because of this. When one of those markets inevitably shifts, your business will be more stable if you have a larger pool of targets. (And I support sustainable business practices in addition to stability!)
So, now that we know in a nutshell what a design niche market is and why you need it, let’s move on to the next big question coming up, that is, how to find a niche?
This will involve a lot of brainstorming, researching, and soul-searching. You might already have the industry you’re working in, but you haven’t made it specific yet. If not then, here are three steps that might help you niche down effectively without losing out on potential prospects
1. Start by identifying JUST ONE Ideal Client
Whom do you serve the best through your company?
You probably already know who your ideal client is if your brand is well-established.
For instance, you might be aware that a stay-at-home mother is your perfect client. Or Maybe it’s a freelancer. Or maybe it’s a teacher or a writer who has self-published.
Make sure you’ve decided they’re THE person you serve best, whoever they may be.
Also read: How Video Content In Your Marketing Can Be A Game Changer For Your Business
2. Now, Think of more customers who resemble your ideal client in various markets.
Next, consider other individuals who would profit from your services and resemble your target client.
They might be persons working in related industries in parallel roles. For instance: The teacher of the course, Author, Expert Consultant
When you stop to think about it, everyone here is interested in knowledge exchange. They all go about it in different ways, but they all strive to serve others in the same way.
Make sure your company can serve each of your target markets superbly as you grow your customer base. Identify the cause of this and explain how it came about.
3. Determine What They Have in Common to Correctly Nich Down.
The last phase of narrowing down is: Find out what the three target markets for your business have in common.
This will give you great clarity in terms of positioning your brand because you’ll speak to this ONE commonality in all three of your target groups – in other words, you’ll hit three birds with one stone.
At the same time, you’ll maintain a diverse group of targets, and if one falls by the wayside, your business won’t go under.
