Is it True that the "The Riches are in the Niches"?
A “niche” refers to a particular area or subsection in a broader market. It’s a specialization, a hyper-focus, a narrower target audience. Niches are specific.
Whatever you are creating—a podcast, book, brand—you need to consider how you can stand out in a crowded marketplace. There are already thousands of products in your category competing for attention. Why would someone choose you?
4 Bussiness Strategies that Work
Not to delve too deeply into business terminology, but there was a savvy individual named Michael Porter from Harvard Business School who outlined four ways that businesses can stand out. His models are useful to consider for our platform.
Porter categorizes these strategies into two main approaches: the "focus" approach and the "leadership" approach. The focus approach involves a business narrowly targeting a specific segment of customers with its services. Conversely, the leadership approach is about dominating the competition and being superior overall. Combining these approaches with the significant factors of “differentiation” or “cost,” he creates four models. The four models are in brief:
Differentiation Focus: A company positions itself in a niche market with a unique feature that competitors lack.
Cost Focus: A company reduces the cost of its product or service compared to others in their niche market.
Differentiation Leadership: A company excels in something across the entire marketplace.
Cost Leadership: A company mass-produces its product, making it the least expensive brand in the whole industry.
When it comes down to it, a focus strategy is typically easier for the average creative than a leadership strategy. Sure, we’d all like to have the best fantasy book in the world, but that’s probably unrealistic. Those of us who aren’t extraordinarily lucky or well-connected are more likely to succeed by focusing. Specifically, unless you’re indifferent to earning a decent amount of money, you’ll likely want to pursue a differentiation focus. You must be unique by concentrating on a niche.
In other words, your optimal strategy to compete in a crowded market is to offer something unique that appeals to a very specific subsection of the larger audience. In other words, as the old saying goes, “the riches are in the niches.”
Why the Riches are in the Niches
It might seem counterintuitive to many: why would you choose to exclude certain people and narrowly market to a small audience, rather than broadcasting your product to everyone? For Christians in particular, it may feel odd to overlook certain groups and focus solely on others.
However, if we consider it, Jesus himself engaged in some form of “niche marketing.” He primarily interacted with just 12 followers, though he occasionally addressed larger crowds, mostly consisting of Galilean peasants. The subjects of Christ’s parables often reflect a predominantly agricultural society, indicating his awareness of his target audience.
By impacting this small group (and being the Son of God, which undoubtedly helps), these individuals went out and evangelized to the world. Jesus invested in a few, they invested in a few, and soon the message became the world’s largest religion! It starts with a niche.
Here are three reasons why the riches truly are in the niches:
Standing out in a smaller environment is always easier. For example, it’s simpler to have the best taco stand in Smalltown, USA, than to compete for the title in the entire world. It’s easier to be recognized as the top Christian podcast about time travel than as a general “Christian podcast.” You're more likely to excel as the author of the best book on vampires and cowboys than to compete in the broader vampire book genre.
It’s simpler to understand your target audience and their needs. Your product shouldn’t be for “everyone.” Attempting to please everyone often leads to pleasing no one, resulting in a product that feels misaligned and confusing. By selecting a niche, you can focus on a specific type of customer. Extremely satisfied customers and fans are your best marketers.
Consider this: If you are a Christian single parent, would you prefer a general book on parenting, which might not address your specific challenges, or a book specifically about parenting as a Christian single parent? Narrowing your audience attracts those who resonate deeply with your message. The relatability becomes a significant advantage.
Niches allow for specialization. A business that focuses solely on crafting quality wooden chairs is likely to produce superior chairs compared to a larger company that manufactures a wide range of furniture in different materials. Specializing allows you to excel far and become an expert in your specific field.
In conclusion, the riches indeed lie within the niches.
How to Niche it Down
There are numerous ways to find your “niche” market that will propel your book to success. Here are three strategies to begin with.
Combine areas of interest. Merge “this” with “that.” By integrating two areas you’re passionate about, you’ll attract individuals who share those interests. You may be pleasantly surprised by the number of people interested in their intersection. Ensure that both areas are popular enough to have distinct audiences.
Examples from the podcast world include “Books and Travel” (exploring the synergy between writing and travel), “The Unlovely Truth” (delving into the intersection of faith and true crime), and “Fantastical Truth” (examining how faith influences speculative fiction), all creatively combining two interests.
Define your ideal customer. Sit down and create a detailed profile of the perfect person to purchase your product. Consider factors like age, location, life stage, education level, economic status, and religion. It’s beneficial to model this profile on a real customer or reader you know. Once you have a clear understanding of this individual, you’ll know precisely how to market to and attract them.
For instance, in my course, Christian Book Marketing Mastery, the ideal client is a Christian author with at least one published book but lacking in marketing knowledge beyond social media promotion. They are ready to invest financially in their book as part of building a writing career.
Research market gaps. Identify what is missing in your industry or category and aim to fill that void. Ask questions like, what categories on Amazon are underrepresented (but still show interest)? Or, inquire on social media about what people feel is lacking in your industry and what they would like to see. Be the solution to the needs you identify.
An example from my experience: When writing my first non-fiction book, Who We Are: Seven Christian Identities to Shape Your Life (which is receiving an updated second edition), I addressed a gap in the market by targeting Christian college students and young adults grappling with issues of identity, a primary concern for that demographic according to my research.
Conclusion
It can be challenging and even risky to niche down. But since most of us won’t strike gold and write the next Harry Potter or How to Win Friends and Influence People where we dominate entire genres or the whole book industry, getting into a specific niche is going to be our best bet for being seen and making money. We have to stand out by being unique in one specific area.
We need to niche.
What’s your “niche”? Comment below and tell us!