What is a niche?
A niche is a set of criteria defining a specific target of potential customers for your business. The more criteria you assemble, the more focus your efforts are going to be. The goal is to meet prospects who share the same kind of challenges that your chatbot expertise is going to tackle. Indeed it can take a lot of efforts to research the right client at first but at the end of the day you’ll have greater chances of closing. A niche is a smart way to look at the market.
Why a niche is important for your chatbot business?
First of all, remember that offering value to the wrong customer is a waste of time, energy and money. A deal takes place when an offer meets a demand, period. The chatbot market is still new and recent, so that means it will be easier for you to take a portion that you fully understand. Your niche should become your domain of expertise as in the future it’s going to be easier to communicate about your services to them. If you are doing a good job, your clients will more likely talk to their peers and word of mouth will become a self fulfilling prophecy.
How to define the right niche for your agency?
The right niche for your agency is the one you have curiosity around, you are willing to help and also contribute. First realize you cannot go to all different directions, as tempting as it can be. The discipline of reaching out to the same kind of businesses regrouped in your niche will build up trust and make yourself become an authority during your pitch. When the question “what experience do you have” comes, you’ll be more confident telling them that you already have provided value to the same industry.
Do I have to pivot my niche?
If you come to the conclusion that you have reached a top level in your particular field or that maybe you have completely lost interest in your niche, it might be time to look for new opportunities. Try to target towards the similar types as it’s easier to build upon work you have done in the past. It is according to our experience better to adapt and adjust based on what you already did rather than building something completely new from scratch.
Ok cool, can you now give me some examples?
When we started in 2016, we didn’t really know where to go at first so we began with an industry we were familiar with: the music industry. We traveled in the United States and were really close to that business, being musicians ourselves, passionate about music and production. Each industry has their own specifics and language. The good news is that anything is learnable so do your duties and gather knowledge, articles, blogs, interviews, network around it.
Therefore spend daily hours discovering what are their current and future challenges, studying how their market works, meeting people who are influencer, etc. Our first paying client was Sony Music Entertainment. We then moved to the media industry, radio stations which shared the same kind of criteria: the age of the audience. Other criteria could be the size of the business, the number of decision makers in the company, the engagement rate on their facebook page, B2C type of business, etc.