How to “Niche Down” in Your Market

“Niching down” makes becoming an industry influence much easier than focusing on a larger, general market. Think about it. Which market is harder to penetrate, bass fishing, or bass fishing Lake Michigan in the fall? 

The answer is obvious.

That is because a very focused, niche market is smaller in size. This means fewer competitors, and yes, it also means fewer prospects. However, smaller, targeted marketplaces usually have rabid followers. They are extremely focused on this one narrow slice of a larger industry.

That means a lot of things become instantly easier for you. Research, staying on top of marketing trends, content creation, and other marketing activities are simpler, as well as quicker to perform.

When you dig deep down into a larger market, another business advantage often presents itself. Sometimes you discover a passionate niche market that is not being served. These people have money to spend, and they are just waiting for someone to come along and offer products and services that specifically cater to their very focused marketplace.

So, exactly how do you niche down in a larger market? The following 3 steps work in pretty much any industry to help you locate micro-industries where you can quickly become the dominant market influence.

1. Identify Your Main Industry

If you sell vehicle hubcaps, you’re in the hubcap industry. If you sell boats you are in the boating marketplace. Write down your general industry on a piece of paper.

2. Identify Your Industry Talents

Perhaps you have the quickest turnaround time for creating customized hubcaps for certain types of vehicles. Maybe you are good at face-to-face sales. Identify any area in your industry where you have a specific talent, or otherwise edge on your competition.

3. Break Down Your Main Industry

The boating industry can be broken down into fishing boats and pleasure boats. There are fishing boats made for targeting bass, redfish, and other types of fish. Pleasure boats differ in size, cost, how frequently they will be used, and other important metrics. Continue breaking down each subcategory of your main industry until you cannot dig any deeper.

Look at the answers you generated from this exercise. Do some brainstorming. Write down everything that comes to mind, no matter how silly it may sound. Somewhere in that list is your laser targeted market. Even with some competition in that micro-niche, following a plan proven to build your industry influence could help you quickly become the influential industry leader.