Target Market vs. Niche Market
February 14th, 2007 by Cristina Favreau
What’s the difference between a Target Market and Niche Market?
I get this question a lot. It’s a question I’ve been asked a lot lately, so I thought I’d clarify my opinion here.
A Target Market and Niche Market are the same but different in their own way. They are the same in that these terms are used to describe a group of potential clients who share common characteristics, making them extremely receptive to the customized services you offer.
The differences, however, will affect the way you communicate to these groups. I like to use the illustration of an apple tree… so, here goes…
Your entire available market, that is, all those who CAN POTENTIALLY do business with you can be compared to an apple orchard. There are a lot of trees to choose from. The point (and benefits) of choosing just one ‘tree’ is to:
- maximize your efforts
- minimize spending (money, energy, time, etc)
- make more money
- get more clients
- get more referrals
- achieve expert status in a specific field
- create a clear and compelling message that talks to this group
- and more!
After all, you’re not going to pick the few “perfect” apples in each tree from the entire orchard… Let me rephrase: You CAN pick the few “perfect” apples in each tree from the entire orchard, but that wouldn’t be efficient.
Your TARGET MARKET is that one tree that has most of what you want — the ones most LIKELY to use your services. At this point you can choose any Target Market, just for the sake of choosing one. But here are some of the criteria you should consider:
- Are there enough people/businesses to sustain me in this target market?
- Do I know and understand this target market on all levels?
- Does this target group really need what I have to offer? Do I offer solutions specific to their needs, challenges, issues, problems?
- Can they afford my fee?
- Do I easily have access to this target?
- Do I LIKE servicing this group?
Your NICHE MARKET can be compared to a branch on your apple tree; it’s an offshoot of your Target Market. Your Niche Market is a smaller segment of your existing Target Market. It’s more targeted, more specific, and more tightly defined than your Target Market. Your Niche can actually become your sole and unique Target, that is, you’ll choose to serve that Niche and not the entire Target.
Still with me? Did that make any sense?
While I’ve only just scratched the surface, this should be enough information for you to start narrowing down, at the very LEAST, who your Target Market is. Then you can do a little more digging on how to laser in on a niche.
To have even more fun, you can go through the process of choosing your IDEAL CLIENT!!! But I’ll save that for another post!
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