3 Pitfalls of Niche Marketing
The pendulum swings. One day, it seems that everybody has rushed to one side of the boat and then, realizing that the vessel is about to tip, everyone rushes to the other side. Which of course doesn’t solve the problem as it’s when the weight is balanced that the best speed is attained.
So it goes with trends; from diets to ideologies, people tend to go to extremes before they find a place of stability. The current emphasis on niche marketing; a concept that gained momentum as the technological age escalated into the dot com boom and beyond, may have hit the extreme of the pendulum swing. Strategizing to reach a focused, targetable portion of a market sector makes sense. In the tsunami of information that looms over each of us every day, understanding the science of reaching your ideal clients or customers with a carefully crafted, crystal clear message means sales and profits. I teach this process, so I’m well acquainted with its importance particularly when launching a marketing strategy. However, there are some traps in this emphasis on niche marketing.
One trap is that your specialty can become so narrow that you turn away business that you are perfectly capable of serving. Another trap of a narrow focus is vulnerability. Remember when we used to hear, “diversify, diversify?” It was seen as protection against the inevitable cycles that affect every business at one time or another.
The biggest trap is of personal concern and involves a concept I call career convergence. I am passionately seeking the convergence of all the years I’ve invested developing numerous skills and talents. I’m not unique in having experience that has endowed me with a wealth of knowledge; I don’t know a little about a lot of things, or a lot about one thing. I know a lot about a lot of things. Therein is the rub of niche marketing.
Niche marketing has its place and season. But there’s something beyond that. Sometimes a niche can become a box. I’m not willing to box up any portion of experience and put it on a shelf. I’m all about taking down walls and helping people have fun at what makes them shine.
The Best is Yet to Come!