Below you'll find a video where I explain the important difference between target market and niche. And, yes, there is a difference. Surprised?
You may have heard both of these terms before, and you may have heard them used interchangeably. However, it might help you grow your service business if you understand that they are not synonymous.
There's an important distinction between the two:
- Your target market is the group of people you serve.
- Your niche is the service you specialize in offering to your target market.
For example, you and I may both serve the same target market, say, service professionals, but offer them different services. I might specialize in getting clients and you might help them create systems for their business.
A simple but important distinction, nonetheless. I go into more detail in the video. What do you think?