A major goal for every business is to attract as much clientele as possible. The desire to create a product or service with mass appeal is tempting to most entrepreneurs; however, this approach can lead to major setbacks. A better approach is to figure out your business’s specific niche and appropriate target markets. “If you build it, they will come” is only slightly true. You need to know what you’re building and who you’re building it for in order to draw in the crowds.

What’s your niche?

There is no such thing as an over-saturated market. There are definitely markets that have high levels of competition and could be a bit of a challenge to enter, but as long as there is a demand for a product or service there is room. One key to successfully breaking into a market is to determine what your niche is. What sets you apart from the competition? Why should someone pick your product or service over what else is out there? The deciding factor here is your specialty. No one specializes in everything. As they say “a jack of all trades is a master of none.” It is perfectly fine to offer a variety of products and services. However, it is extremely important to determine what your core offerings are, especially in the beginning. Figuring out your niche lays the foundation for determining your target market and how to reach them.

Who is your audience?

You know your core offerings and you know what sets you apart. However, now you need to focus upon who will be your key clientele. Targeting a specific group may initially feel like you are limiting your company’s earning potential, but that simply is not true. Brands as large as Coca Cola, Nike and even Walmart have a specific target market they focus upon. It just so happens that their brands have grown to attract the attention of markets outside of their targeted one. As an entrepreneur, you want to ensure your efforts create results and are manageable. Pinpointing your target market will afford you the ability to cater to a specific audience in your marketing efforts and other business decisions. Focus on one central audience that is drawn to your niche and place in your industry. Then build your brand from there.