Niche Marketing Definition

Niche Marketing Definition

There is more than one niche marketing definition, so I’ll share my personal favorite with you.

First, here’s the dictionary definition:

Niche noun

An activity that is particularly well suited
to a person's interests, abilities, and personality.

A special area of demand for a service or product.

By the way, I happen to say 'nitch'. It can also be pronounced 'neesh'.

A powerful, compelling, and profitable niche marketing definition actually involves two distinct things:

1. Knowing precisely who your audience is (your target market or ideal client).

2. Knowing exactly what services and products, or specialty, you offer to fit the specific needs of that audience.

If either the target market or specialty is missing, you will likely have a tougher time generating the kind of momentum that results in a continuous stream of well-paying business.

So here's my favorite niche marketing definition:

Niche = Target Market (the 'who') + Specialty (the 'what')

The first step in your niche marketing definition, then, is to clarify your target marketing definition.

"Sue was instrumental in getting me to focus on my business plan and define my target market. Most importantly, she helped me to learn certain things about myself (strengths and weaknesses) that are essential to my future success.

Perhaps most impressively, she turned me from a skeptic into a believer in the coaching process. I found the work we did (and Sue's demeanor) to be motivating and uplifting."

Dom Fanuele, ChCF
Your Money Matters Brokerage Services, Inc.

Next, every target market has a specific set of desires, wants, issues, or concerns that they will gladly pay you to help them resolve.

That's important enough to say again. :)

Every target market
has a specific set of desires, wants, issues, or concerns
that they will gladly pay you
to help them resolve.

So the second step in clarifying your niche marketing definition is clearly defining what you will enjoy offering to help your target market resolve those desires or concerns.

In other words, now it's time to define your specialty.

The most powerful specialties meet the following three criteria: they are something people want and will pay you for providing, they are something you enjoy providing, and they are something that you have interest, experience, background, training, or competency in providing.

For the first criteria, here are some of the most common wants, desires, problems, opportunities, and needs that people will pay good money to achieve or resolve:

Money: how to make more, invest, lose less, save

Relationships: how to improve, date, find a spouse, break-up

Time: how to manage, better use, delegate

Health: how to improve, maintain, save

Success: how to achieve, maintain, move towards
Happiness: how to increase

Entertainment: how to increase, enjoy

Lifestyle: how to improve, handle basic living needs, add luxury

Stress: how to reduce, manage

Business: how to improve, manage, grow

For the second criteria, it's a really nice bonus (in fact, I'd say it's a huge priority!) if you enjoy the specialty you choose.

Too many small business owners have offered something they thought clients wanted, even though they didn’t particularly enjoy offering it, simply because it seemed like a good way to make money.

You will be living and breathing your specialty, day in and day out. It's really helpful to choose something you will enjoy talking about and working on every day!

To meet criteria three, you may have personal experience, training, education, a unique interest, a strong passion, work experience, specific resources, or simply a huge desire to help people with your specialty.

When any one of these three aspects of your specialty is not honored or met, you will probably not see the level of enjoyment, success, and profitability that you want.

On the flip side, when you have a personal reason to provide a specialty people want and will pay for, and you enjoy that specialty, you will find the most abundance, the most ease, the most satisfaction, and the most eager customers and clients.

That sounds like a great business to me!

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