You are a coach or a therapist and so far you have been helping your clients with different types of needs. You are what we commonly know as a generalist. On the other hand, you could also specialize in a particular group of clients.
But why pick a segment of the population (a niche)? Why not just target everyone? I mean, wouldn't it be better to target the whole world instead of just a small, little group?
There are many benefits of having a niche in your business.
Most practice owners believe they should make their audience as big as it could possibly be and cast their net wide. However, the best strategy is counterintuitive and the reverse of what most people think. Let me explain: if you go onto Facebook, and you run an ad with a headline that says, "Hey, everybody", it's not going to work very well. However, if you write an ad on Facebook asking "Are you a young woman struggling with anxiety?", your message is already 100 times more powerful just by picking that niche.
Some women will recognize themselves and your message will resonate with them. Your marketing will be more powerful, your conversations more meaningful, and it's much easier to acquire clients because you know exactly who you should be talking to in the first place.
Coaches or therapists who focus on a specific part of the population, for instance people who struggle with relationship issues, have more chances to attract people’s attention, thus eventually converting them into a client.
Specialists often have a more profitable practice, and they can build their reputation more easily and in less time. That's a fact. The metaphor I love to use is the one of the general practitioner, versus the brain surgeon.
A general practitioner sees different types of patients, back-to-back all day long, for an average of 15 minutes at a time. It's a numbers game. They're just seeing as many patients as they can, just rolling them through. A patient comes in, they diagnose their problem, and then it's onto the next one. They have to see a lot of patients and work long hours and risk getting worn out. We rarely hear about a general practitioner getting praised for his work in the newspaper and magazines. They don't get paid very much, either.
Then, you've got the brain surgeon, who is still a doctor, but this time, he has a specialty. The brain surgeon typically works in an awesome office. Then, they only have to see a few patients every week, they don't have to work as many hours. If they prefer, they just come in for those two surgeries, work their magic, and then that's it, they're out. They are often praised as geniuses and celebrities. They appear in the newspapers and magazines. They get paid, on average, 30 times as much as the general practitioner. Imagine that, 30 times!
They're both doctors. Both of them went to med school, so why is there such a massive difference? The difference is because one's a generalist and one's a specialist.
It's hard to be the best in the world at multiple things. However, as a coach or a therapist, it's a lot easier to become one of the bests at something specific. The choice is yours.