Why What You Consider A Niche Could Be Totally Wrong and How That Could Be Costing You

In what niche are you seeking new leads?

Before we begin you need to know what niche you are looking to grow your business or leads within. Now once you read this article, I hope you will fully understand your niche, or at least know how to properly identify it and use this knowledge to your advantage to grow and increase your business and results online.

 Think you know what a niche is?

I know MANY people think they know their niche, but when they tell me I have to point out that they are in fact wrong!

I will ask, so what is your niche?

This sounds like an obvious choice, but whenever I ask people what niche they are in, they tell me the top level market and they have not niched right down into the sub markets, or they do not understand there is a difference and this is a critical distinction to make. The reply often is wrong and they don’t know there is a distinct difference

For example; Weight loss is a market and NOT a niche…

…You’re probably thinking – What the heck Chris?

Weight loss is a niche…

I will tell you this… No. It is NOT!

A niche would be something like; ‘The Ketogenic (Keto) Diet’.

This is within the weight loss market, but niched down to a specific area within a general overall market like weight loss.

Weight Loss > Dieting > ‘The Ketogenic (Keto) Diet’

Fitness and aerobic workouts is another niche, still within weight loss (or fitness), but niched down. To further sub niche, it could be ‘aerobic workouts for over 40 year olds’

Take Online Marketing – That is a Market – NOT a niche!

Now if you sub niche down to you come to a deep level niche like – ‘Facebook advertising for ecommerce stores’, if you can get right down to this level, then THIS is a niche!

I hope you now know what I mean by know what niche you wish to build your list within!

You can always go for a general market and in most cases you will not have the same passionate people and will not have the same results from your lead magnets as they are too general.

So I say, firstly KNOW your niche or at least what niche you wish to grow your leads within and then by knowing this, it will help you to begin the creation of a valuable and more importantly in demand lead magnet that is designed specifically for that niche and directly for a very specific sub section of the market.

Rather than seeking to include everybody with your niche you actually do want to rule out people with your niche selection. If you single out the correct niche, then you will be able to directly target people within this target group and the lead magnet will be highly relevant to them and their needs, therefore giving you better results.

So how can incorrect niche selection cost me?

Time:

Firstly you are going to take longer or lose time by going after an incorrect demographic or wrong or too general a niche. You have to be very specific and the better you can get at this, then the quicker you should be able to hone in on your target audience, get your offers in front of only these and begin seeing results.

Advertising Spend:

If you incorrectly focus on the wrong target audience or it is too wide or general, then they are not going to be as interested in what you have to say or your offers. It simply isn’t something they are after or interested in enough to take action. Add to this spending on advertising. Focus on the wrong or too wide of an audience, ad you will get plenty of tyre kickers and non interested people clicking on your links but not taking action (or enough of it). This is going to cost you both in the ad revenue, time lost and also on poor conversions.

Conversions:

Your conversions will be a lot lower if you go after the wrong audience or too wide a demographic. You won’t be able to gain an accurate estimate of conversions if you have the wrong demographic of people coming to your pages and simply leaving again as they’re not as passionate about the niche or sub segment you are seeking. This in turn still counts as page visits and traffic hitting your pages, lowering your conversion percentages.

How can I fix my niche selection?

As discussed you have to know exactly what niche you are seeking to enter.

Once you know this, then you need to intimately know and understand the Needs – Desires – Fear – Pain Points of this niche.

When you apply this into your marketing, then you should find that it does exclude people you may have considered in the past. Do not worry about this as in the beginning you want to only focus on the people who are passionate about a niche and begin making your offers to only this demographic.

Remember if you correctly identify your niche you WILL exclude people and this is a good thing.

on the flip side you will also better target others. This means if you create an offer or a lead magnet for this segment of the market, then you will for sure see better results and have a list of passionate people seeking to either buy from you or give you their details in return for your targeted lead magnet.

If you are unsure how to create a lead magnet for your business, then I have the perfect post for you. Go here and enjoy my post on 18 Ways To Create a High Value Lead Magnet in Under 30 Minutes

 

About The Author

chris

Chris Cole is passionate about online technology, video and audio. He is from Northern Ireland and has been working online since 2009. He likes to write about his marketing journey online and is also a lover of all thing Video and Podcast related. Follow Chris' journey and while you're here - Watch out for the new Broadcast Geeks Podcast that is coming soon. If you like this site, then why not come and join Chris over inside the Broadcast Geeks Facebook Group (Click Here) https://www.facebook.com/groups/broadcastgeeks

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