I hope you find my writing and business tips and observations useful. My business and blog are dedicated to helping businesses communicate clearly and reach their potential. Read, subscribe to my newsletter, enjoy! Tash

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What is a niche?

Have you ever actually thought about what a niche really is? Can you give me a simple definition of a niche?

I’m tempted to write no more until I have some answers, but I won’t prolong it 🙂

I recently read a blog post  that includes a section on marketing to a demographic rather than a niche and I found it really interesting. A demographic is group of similar people whereas a niche is a group of people with a similar problem – parts of a demographic may be more likely to have a problem but not everyone in a demographic will.

Not convinced? Think about all parents who run a business (demographic) – do they all need to find childcare to enable them to work? Of course not as some have teen or adult children, some have a partner who cares for the children and some have a business that can cater for the children. Do they all have to do things on the cheap because they have no money? Definitely not as many self-employed parents run very successful and profitable businesses. Do they all need a professional writer to help them with their website copy or blogging? Afraid not as some are excellent writers themselves, some don’t have or want a website/blog and others get family or friends to help.

That simply, there are three niches within the demographic of parents with a business. Marketing a niche is easier and more effective so who are you targeting? Do they share a problem you are offering to solve?

Measuring your business…

I just came across a blog post about why you need to measure performance which seems like a good starting point for all small business owners.

It’s a good question – I mean, if you don’t measure your success in various areas of your business, how do you know you are actually succeeding? Or how will you know that there is a so-far-minor problem in one area before it turns into a major issue for you and your business?

Yes, it is important to keep on top of where you are at in all areas of business, but I liked the suggestion in this blog post that it is better to start monitoring one or two key areas now than to wait “until I have enough time” to set up measuring programs for everything important to your business.

Why start small with your measuring when the whole picture is so important?

  • it is easier to do so it’s more likely to actually happen!
  • starting with one area will teach you skills and make a wider scale measurement easier later
  • data in one area can be dealt with – once that area is working well, you can focus on another area. Compare that to trying to fix 6 areas at once whilst also trying to manage clients and general business tasks
  • improving one thing often has a flow on effect to other areas anyway
  • you’ll gain confidence and belief in measuring that will inspire you to make time for more over time

So my question is – how often do you measure your business performance? Which area do you think most needs assessment right now?