If you have ever been to business seminars or class, then you might have heard the speaker shouting “You should find your niche”.
I was thinking about this last night while I was shopping for a gift on a website called Nurse Watches that focused exclusively on watches for nurses.
But what exactly is a niche? Niche markets are basically specialized markets that can be defined as a portion of the marketplace which are identified to have special features.
In simple terms, it is finding where you are really good at or where you belong.
What is a Narrow Niche?
A narrow niche concentrates on a very specific topic. It is like a sub-sub-sub topic from a larger or broader niche category.
If you are into bonsai trees, then you are limited only to just selling bonsai trees. You don’t provide container gardening or selling gardening tools.
Most narrow niches are monetized differently but they have one thing in common. They only focus on one specific topic and provide an in-depth cover.
Pros of Narrow Niches
- More Unique = Less Competition
The more unique you are the more you stand out in the crowd. And we all know that it is getting more crowded out there so you need every advantage you can have.
For example, your business is in the fitness industry. When you market your business, then you can easily get lost to thousands to millions of business that crowds that space. However, if you choose narrow niches, then you have very specific targets which also means less competition.
- Being an expert
When you choose narrow niches, then you become the expert in that particular field. You are now able to focus your attention on a particular topic and gather every information needed to help people.
- Better customer service
Narrow niches help provide better service for customers. You will be able to provide your customers meaningful services and products that are tailored to meet their specific needs instead of a one size fits all approach.
- Do one thing really well
Rather than being a “jack of all trades”, with a narrow niche, you get to master the specific niche you have chosen. And when you do one thing really well, you build authority and good reputation which really helps in attracting more customers.
- Products are easier to test
Choosing a narrow niche means a limited number of use cases. Prototyping, product testing, and refining are so much easier since they only need to function in the specific area that you have chosen.
- Improving products
With a narrow niche, you get to refine and better improve your products or services. Since you have already established a customer base, you can use that as a test bed in order to come up with other innovations and improvements.
Cons of Narrow Niche
- Scaling requires building other websites which means a lot of work to grow
- Limited traffic volumes
- Content creating can be really hard. This is because narrow niches need to specific and in-depth as it needs to be.