The Most Common Mistakes Made By Start-Ups
Finding your niche market is incredibly beneficial for businesses in a number of ways. Not only does it allow you to get specific on who you need to be targeting and where to find them, it also makes it easier to become an expert within your niche. A lot of people (myself included) have been quite wary of using niche marketing due to a fear of limiting their potential or being ‘labelled’. However, instead of holding you back or limiting you in any way, using niche marketing can catapult your success and growth. It is a lot easier to become well know in a smaller, more specific group of people. It also allows you to create content and products you KNOW this audience will love instead of guessing at products that will appeal to the masses.
Trying to cater for everyone vs finding your niche
A common mistake that many start ups make is trying to cater for everyone. When that happens they just end up getting lost in the crowd because they just don’t stand out. Even if you do want to work with different types of people that’s no problem, you still can. However, you do need to choose one target group of people when you are doing your advertising and marketing or your voice will get lost in the crowd.
Think of it this way, when Apple launched the iPod, they targeted it to young music lovers. They had these silhouettes of young men and women dancing around on a coloured background with their iPod. Did this ad target middle aged men? No. But did your Dad get an iPod? Exactly! Sometimes people buy into a certain market as they want to identify with it to make them feel young/ cool/ modern or a whole range of other things.
First in best dressed
The other thing to watch out for is the rule that first in wins. Think about it, if you cut your finger what do you ask for? A Band Aid. You don’t say ‘Could I just grab an adhesive bandage there please’. My point – the first to the market is usually the one that’s well known. Unless they have not done a good enough job with marketing and getting their brand established – only then can another brand come along and steal the glory. However, this is unlikely. This is why you need to be FIRST.
How can I be first if everything is taken?
Now do not panic, I know these days it’s increasingly hard to be the first at anything. But that’s OK! Just because you can never be the first nutritionist – you could be the first nutritionist that does raw food health retreats for girls in their twenties. By narrowing it down like this, it makes it so much easier to find your audience and market to them.
The way to be first is to add your own personal twist to what you do. Instead of being an accountant, you could be an accountant that helps young mums starting in business because you have kids of your own and that’s what you are passionate about. This is actually a good thing. How amazing is it that you don’t have to just fit into a box of being an ‘accountant’ or a ‘nutritionist’ but you can add your own personality and flair which will actually make you stand out! YOU get to decide what is your favourite parts of your business and you can focus solely on that if you want to. Finding your niche that works for you gives you freedom to create the business of your dreams.
Do what works for you
One of the biggest things people struggle with is actually finding your niche. It can be hard to know which product or service you love the best and what you want to focus on. Make sure you get to the core of what drives you and makes you passionate first. If you need some extra help to really work out what your passion is and how you can use that to create your own niche, we’ve got you!