How “niched down” should I get?
Reader Question:
Hey Olivia! My question is about my niche. I’ve been told that I should "niche down" and that my current niche is probably too large, but I'm having a really hard time with it. How niched down do I need to get?
Brittany C. - Colorado Springs, CO
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Hey Brittany! This is a really good question and one that a lot of entrepreneurs have, because knowing who your audience is is so crucial to having good, high-converting messaging.
So I will admit, when I first started The Bluebell Group, I didn't really have a niche. Like, none whatsoever. I was a life coach, so I pretty much targeted anyone who was… living a life. 🤷♀️
Before I knew it, though, I noticed that most of my clients were entrepreneurs who were looking for help with their marketing. And then most of those entrepreneurs were women. And most of those women were moms.
My niche created itself in a way, because that was where my strengths really shined and what I was most passionate about. I had years and years of experience with marketing, and my life coaching training also helped me to work with my business clients with more of a life-first approach, which really appealed to busy moms.
Different coaches will tell you different things about how “niched down” you’ll need to get. In one mastermind I was in, I had one coach tell me that “marketing for mompreneurs” wasn’t a niche, and another one on the same call told me it most definitely WAS.
But, ultimately, the question was a moot point because I was already helping mompreneurs with their marketing and really happy with where my business was.
So, instead, let’s take a look at your results to see if you’ve niched down enough. Here are 5 metrics to keep in mind when evaluating your niche. (Please note, that there are multiple factors that can affect each of these metrics, but when put all together, they can each be a piece of the puzzle in determining how well your niche is serving you.)
Engagement
The first metric to take a look at is your engagement. When you share content, whether it’s free value-add content, like a blog or a social post, or content related to sales, how is your audience engaging with it? How much engagement do you have? What is the quality of the engagement?
Financial Performance
One step up from engagement is the actual financial performance of your business. Are you achieving your revenue and profit goals? If not, one reason could be that your messaging is too broad and is not speaking directly to your ideal clients who would benefit the most from your offers.
Customer Feedback
Pay attention to how customers are responding to your messaging and offers. Are they expressing enthusiasm for your products or services? Or are people sometimes confused by your message or asking for refunds on purchased products? Positive feedback, testimonials, and recurring customers can indicate that your messaging is resonating with your niche.
Competitive Landscape
Analyze the competition within your niche. Are there many competitors offering similar products or services? Assess their market share and how well you differentiate yourself. If the competition is fierce and it's challenging to stand out, it might be worth considering a narrower or less crowded niche.
Industry Trends
Stay informed about industry trends and changes. Is your niche evolving or becoming less relevant? Sometimes, it can be worth exploring how you can pivot and adapt to emerging trends or new opportunities.
If you notice consistent challenges in getting new leads, a decline in demand, or you’re just not making the number of sales you want to make, it may be a sign that your current niche needs to be adjusted.
But I don’t want to leave out the most important metric of all… How much are YOU are enjoying working with your current niche? Does it reflect your strengths and natural talents? Do you feel passionate about who you are serving and how you are helping them? We want to build a business that is unique to you and gets you excited when you wake up in the morning. Not a cookie-cutter business that fades into the background and drains your energy.
If you, dear reader, have any questions about your niche or want to dive deeper, sign up below to submit your questions and I’ll get to answering them!
Until next time!
Olivia
When the day is done…
…the kiddos are in bed, and you're snuggled up with some tea (or wine...mama's choice), join me for business and marketing tips plus a sneaky peak behind the scenes of my life as a mompreneur with multiple businesses and a toddler.
We'll laugh together, we'll cry together...sometimes all at the same time... But the key is we're in this together.
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