I recently hosted a FaceBook live about how sunless pros (or other beauty business pros) can find their niche. This conversation led me to write this piece because I wanted to create a resource that others could reference or refer back to if they attended the Live.
What exactly is a market niche? A niche is a smaller section of a larger market that's defined by the needs, wants and preferences of a specific target audience. For example, we have a large sunless industry, but within that industry there are companies and individuals that solely offer competition tanning for bodybuilders. So this makes competition tanning a niche market within the sunless industry. People may argue that a smaller market results in less revenue, etc., but this is far from the truth. We're going to dive into these details, as well as discuss how you can go about finding your own niche and growing your market.
Some will argue that there are a lot of cons to being a niche market: fewer clients, smaller market, and less revenue. Let's dissect this and look through a different lens. When you cater to a niche market you are targeting specific customers. These customers are more likely to buy from you instead of the competition because you become an expert or specialist in this field. There's also less competition so you are no longer the small fish in a big pond -- you become a market leader.
It's important to understand that niches do not exist on their own. Niches are created and curated based on smart and strategic marketing that targets a specific demographic or population. This is referred to as niche marketing, and it is critical to the success of creating and growing a desired niche market. Let's use bodybuilding spray tan brands as our example again. The biggest names in the industry are Liquid Sun Rayz, Jan Tana, and Pro Tan -- they are the market leaders and have little to no competition outside of each-other. They market to a specific customer and industry, bodybuilders and show promoters. As a result they have a monopoly on this market, and are able to charge higher prices for their specialized products, skillset, and expertise. They also have strong relationships and loyal clients, which contributes to growing a strong brand.
Niche businesses are often high margin companies. They are more profitable because they focus their time and money on creating or stocking niche products rather than products that cater to every segment of the larger market. You will often see companies niche down when they are reinventing themselves, or rebranding.
Here are a few sunless niches:
Aesthetic Sports Teams (Dance, Cheer, Synchronized Swim, etc.)
Film & Production
Models: catalog, editorial, parts, etc.
People of Color: Black, Asian, Pacific Islanders, Hispanic, Indigenous, etc.
In a nutshell, finding your niche requires identifying a specific customer base; identifying their needs and wants, as well as any existing problems. From there you will strategize to solve as many problems as necessary or possible. And with the combination of strong niche marketing, the right products, service and operation, you can create your own niche, or jump into an existing niche market with a strong game plan.
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I offer a course on Competition Tanning as well as Aesthetic Sports Team Tanning. My newest course covers high-volume tanning and operations that are applicable to any large group (Dance/Cheer teams, Sororities, Competition Tanning, etc.). I also teach you how to break into the dance and cheer world so you can start tanning FULL TEAMS, and earning upwards of $400+ per hour.
Follow me on Instagram @mint_tans & FaceBook @Mint Tan