I read an interview with Promise Tangerman, the founder of a “boutique graphic and web design studio.” The title of the article in Forbescaught my eye: “The key to success according to this tech founder? Stick to your niche”.
I thought that if you don’t want to listen to me when I pound the table about that very subject, maybe you’ll listen to her.
Here’s an excerpt:
Karin Eldor (the interviewer): “Why is the concept of focusing on a niche so important to you?”
Tangeman: When your industry feels flooded with other people doing the exact same thing as you, you have to be different in order to stand out, and you have to stand out in order to get the sale. The number one question I get asked on a daily basis is: “How do I get more customers and clients?” That answer is simple: focus on your business and create a niche for yourself.
A niche is when you create a very specific product or service that only appeals to a small group of people. So you’ll create a more focused product, market it to fewer people, and as counterintuitive as it seems, actually make more money.
Eldor: Why do believe creating a niche will help you attract more customers and clients?
Tangeman: For starters, your business will be considered unique, so people will have a reason to talk about you and tell their friends about you. As well, you’ll be viewed as a specialist in the sector of your industry, and therefore you’ll be your specific customer’s first choice. And you’ll have a better, more targeted product, so people will be willing to pay a higher price for it. As a result, you’ll have a higher and faster conversion to sale, because you’ll know exactly where and how to market your product.
Change “product” to services, “customers” to “clients,” “higher prices” to “higher fees” and this could have been written for lawyers.
So, here I am, standing up and doing the Simon Cowell “slow clap”. Maybe even hitting the golden buzzer.
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