One of the biggest mistakes we make as business owners is we try to be all things to all people. A clearly defined target market gives any business owner the opportunity to differentiate thier company from the competion. When you are able to identify your target market- your niche- it will then give you and your creative business the benefit of focus.
Examples of companies with a clear, focused target market:
Walmart- caters to families that want to stretch thier dollar. They don't have to capture the high-earners, there are plenty of thrifty consumers keeping Walmart in business.
Apple's iPod - is targeted toward young consumers between the ages of 15 -25. They developed ads that were hip and edgy which clearly spoke the language of this young generation.
What Can You Do?
To define a niche for your creative buisness , ask yourself the following questions:
What do my top & favorite buyers have in common? Are thy in the same industry, same age range, same demographic?
What kinds of people or industries could benefit from my products and/or services?
What industries or people have a need that my products and/or service could solve?
What kinds of people or industries do I most enjoy working with?
Once you have indentified your niche for your creative business, put your energy into reaching your audience. As you creative business grows and new products and services are added - take note of your possible new niche audiences. Focusing on a niche can be incredibly powerful and has the potential to change the way you do business.
Good Luck , send me comments and questions if you have any.