The riches are in the niches, or so they say. If you’re thinking of pivoting your business and exploring an entirely new niche, it may make you feel a little uneasy.
Entrepreneurship itself can be very shaky at times and isn’t guaranteed. When you find a comfortable spot, it’s understandable to want to cling to that security.
However, it can start to feel very routine and eventually hold you back from reaching your larger business goals. If you’re looking to successfully break into a fresh new market, here are some key steps to take.
Continue to Reach Out to Your Existing Contacts
Just because you’re going into a new niche doesn’t mean you have to leave your existing contacts and old clients in the dust. They may or may not continue to desire to work with you but that still doesn’t erase who they know and what their reach is.
The best type of marketing is still referral marketing. If you can get connected with someone to serve in your new desired niche, half of the work will already be done and you’ll just need to close the sale.
I’ve had tons of contacts reach out to me after they’ve pivoted their business and changed niches to see if I had any contacts, referrals, or leads they could connect with. It’s worth a try as you never know who knows who.
Find Out Where Your New Target Market Hangs Out
Do some research just like you did in the beginning stages of your business to find out where your new target market hangs out whether it be online or offline.
My favorite place to start looking for people to serve in my niche is in Facebook groups. Facebook is still the most popular social media platform so odds are you’ll find your target market on there one way or another.
One of the best ways to reach your niche is by presenting them with targeted Facebook ads. Facebook has already done all the hard work of learning about your target market and what their interests and habits are. All you need to do is create an ad directed toward that niche.
Create Your New Offer
Before you even think about ads, you want to create some type of offer. If you’re changing niches, all your old offers aren’t really going to apply to your new audience.
Get on the phone with a new people in your target market to learn more about what their needs are and how they think. Then, come up with an offer to solve their biggest pain point right now.
It’d probably be best to start by creating a smaller free offer to help drive people to join your email list. Once you know the people who signed up are in your target niche, you can start marketing to them using emails.
Changing directions in business can be scary. What’s even worse is not feeling confident in your ability to start all over and market to a new niche. When you think about it, it’s not much different from the marketing tactics you may have used initially.
If it’s not broke, don’t fix it!