Business growth isn’t what it used to be. Gone are the days of being everything to everybody. Yet, despite that, some business leaders tout the benefits of being a generalist.
I see advantages for both the generalist and the specialist.
For instance, a generalist doesn’t necessarily develop the same blind spots as someone specializing in a specific industry. Being a generalist can be beneficial in the case of someone like me who consults and coaches small businesses. I can think outside the industry, which can bring a unique perspective not previously considered. On the other hand, marketing as a generalist has its drawbacks and can make it a bit more challenging to proliferate.
Growing more quickly is where being a specialist can shine. With marketing and messaging confined to one industry, it becomes easier to gain traction.
Even as a specialist, focusing on a niche is no longer enough to break into the world of big profits. Instead, in today’s marketplace, a business needs to specialize in a micro-niche to optimize success.
Defining Micro Niche
Most people in the world of business know what a niche is. Sports cars, fitness, health—each of those is a niche. But if you ever crack open a laptop or scroll through your Facebook newsfeed, you can attest to how many professionals focus on those general industries.
Concentrating on a micro-niche can set you apart and make a significant impact. For example, instead of focusing your brand on general fitness, specialize in fitness for teen girls or women over 60. Those are micro-niches.
Here are a few more examples:
- Tiny houses: micro-niche in the real estate industry
- European travel: micro-niche in the travel industry (Or niche down further by honing in on travel to Germany.)
- All-natural makeup: micro-niche in the skincare industry
Benefits of a Micro Niche for Business Growth
Micro-niching, and its many benefits, is exciting. But, unfortunately, it can also be a bit unnerving.
One of the greatest fears for most small business owners when they consider streamlining services to a more specific area, is the loss of potential clients. Is that possible? Emphatically no! I’ve witnessed this in my coaching practice. The opposite is true. When my clients began the process of niching down, their revenue experienced a substantial jump.
Take a look at the benefits that prove micro niches lead to business growth:
- Low competition. Because of the highly specialized nature of the micro-niche, you have minimal competition.
- Ability to gain traction. Every business needs momentum to get started and continue growing. A micro-niche provides the traction required to progress quickly, so you’re not spinning your wheels.
- Increased profitability. Due to low competition, you naturally experience greater profits because you have access to more clients who share your interests, desires, and passions. (Plus, think of how much fun your business would be if you worked in a highly specialized area that you love.)
- Easier marketability. Marketing experts know that standing out in a crowd is the key to drawing attention to your brand and increasing sales. A micro-niche makes this possible and leads to an increase in business growth.
Finding Your Micro Niche
Okay, now you know the importance and benefits of micro-niches. Are you ready to make the switch? If so, how do you find your micro-niche?
Let’s say you’re a fitness expert. How do you stand out from the millions of other fitness experts in the market? Here are the first two questions to ask yourself on your journey toward micro-niche business growth.
- What is my greatest passion?
- With whom do I most enjoy working? (Read Buyer Persona: The Ultimate Tool for Small Business Success in a Crowded Market.)
Once you’ve answered those two questions, you’re well on your way to identifying your perfect niche fit.
What is the “tiny house” of your market? Give us a call when you’re ready to find out—and micro-niche your way to business growth and success. You’ll be up and growing in no time.