Niche Marketing is Not Specialization

Summary

Niche Marketing is a terrific way to grow a business quickly.

Many business owners confuse niche marketing with specialization.

These are two completely different concepts.

Focusing on a niche with your marketing is about targeting your message to an individual group or audience. This is a MARKETING strategy.

Specialization is about organizing your entire business around a specific area of expertise.

For more on this difference, watch our video.

Transcript

I’m Dave Lorenzo, Chairman and Founder of Valtimax Consulting and today we’re going to talk about niche marketing and I’m going to discuss one of the really important questions that I get all the time when it comes to focusing on a market niche for your marketing.

The question is, “How does niche marketing differ from specialization?” and this is a great question because when we talk about niche marketing, all we’re talking about is focusing on specific messages for specific target audiences. We’re not talking about limiting your business or your professional practice to one particular area.

So if I said to a lawyer, “We’re going to focus on the target market of affluent individuals who need their wills and their trusts written up and you’re going to target your marketing to that audience even though only half of your practice is made up of trust and estates work and the other half is real estate work,” I’m talking about your marketing. I’m not telling you to abandon your real estate work.

You see, what you’re trying to do is you’re trying to match your message to the target audience. So your marketing is niched.

Specialization is something that’s completely different. In Florida for example, lawyers are not allowed to market themselves as specialists unless they have board certification. So we don’t ever use the term “specialist” when it comes to the law.

We use the term “specialist” a lot in the medical field and you can be a specialist in the medical field but I will give you some examples of folks that I’ve met and worked with who have really leveraged the specialization angle while still maintaining a regular practice.

For example a surgeon, a surgeon who doesn’t have a full surgery calendar may choose to be a general practitioner and set up a concierge medical practice where he takes only a few patients every week or every month. That can be very, very effective and it can augment his surgery.

Now, if you’re a surgeon who has a very busy calendar, you’re not going to want to do this but you’re a doctor. You can be a general practitioner as well as a surgeon. If you’re an ear, nose and throat doctor and you also want to see patients on a part-time basis as a general practitioner, you can do that provided you have the office staff to handle it. We’ve helped people set up these types of practices but they’re specialists and they have to do two types of marketing.

The first type of marketing is in their area of specialty. The second type of marketing is in the secondary niche which is their general practice or concierge practice.

So think of it this way. A niche focus or a niche if you’re a fancy person, a niche focus is specific to your marketing. You’re matching your message to your market and it’s always a good idea to do that. Everybody should do that.

Specialization should only be done when we determine that there’s enough demand for the area of expertise that you have and that’s your whole practice or your whole business.

So specialization versus niche marketing, two different things. I want you to make sure that you always match your message to your market when it comes to marketing.

This is Dave Lorenzo. I look forward to speaking with you again soon. If you would like more information just like this, you can visit me at Valtimax.com. Have a great day.