How to Find a Niche Business Value Proposition
More and more consumers are figuring out how to find a niche business so they can get exactly what they’re looking for rather than weeding through a bramble of related service-providers. To capture these savvy consumers, businesses are often left with no choice but to develop a niche business value proposition to set their brand apart in today’s competitive landscape. But this isn't necessarily a bad thing. Ask these four questions to discover your business’ unique value proposition and use it to your advantage.
1. Who's my target audience?
You can’t always target everyone who visits your website. Before you can find your niche, you must know which customers you’re targeting. Trying to cater to all of them will leave you with a meaningless and overly general value proposition that doesn't really cater to anyone, so don’t even try. Instead, think of your ideal customer and what motivates them. If you’re not sure, consider surveying your current and former customer and create an ideal customer profile based on the results.
2. What can I offer my audience?
A niche business value proposition should be designed to draw your ideal customer in with something unique that only you can offer. This value proposition must be more than just a tagline; today’s consumers are too savvy to fall for such gimmicks. Your value proposition should clearly and concisely explain what your business does, who your business is for, how your products or services are useful, and how they’re different from the competition’s offerings.
3. Is my message credible?
We see outrageous value propositions all the time. Just think how many times you've seen phrases like “world’s best” or “just like mom made it.” There’s no way to back up a claim that your product or service is the best in the world, let alone the best in town, so leave these irrelevant and outlandish claims out of your value proposition. Instead, make statements that are relevant, verifiable, and reassuring.
4. Is my value proposition working?
Once you've established a niche value proposition, the work is far from over. Testing, testing, and more testing is the only way to tell if your efforts are working.
While businesses that appeal to broad and general audiences have their place, sometimes it’s better to offer a niche service because it helps your brand stand out from similar providers. Are you ready to find your niche?