How To Market Your Business E-Course
Niche? ... What Niche??
What should you know before going after a niche market?
Companies direct their marketing to select audiences.
Even the largest manufacturers target carefully pinpointed market segments. Many times they will tackle different niches for each product group.
I have a Hewlett-Packard laser printer, but in today’s market - Hewlett-Packard markets all-in-one machines that print-fax and scan.
They market these to the home office market but still target larger businesses for higher-priced, single-function units.
Niche marketing can be extremely cost-effective.
Imagine you offer a product or service that's just right for a select demographic or ethnic group in your area.
Why not advertise on local ethnic radio stations, which have considerably lower rates than the stations that program for broader audiences.
Your marketing budget would go a lot further - you can
advertise more often and use a more varied media mix.
If you target a new niche as a way to grow your business
with a low risk factor - then be sure you keep several
important rules in mind.
Meet their unique needs.
The benefits promised must have special appeal to the market segment or niche that you want to market to.
What can you provide that's new and compelling?
Be sure to identify the unique needs of your potential
customers and figure out how to market your product or
service to meet them.
What different products or
service could you offer?
You know, not much has changed over the years in marketing advertising items like pens, notepads, calendars, etc.
But what if you were the manufacturer of these items and you had invented a method or machine where individuals and businesses could brand their own products.
This would give you something unique to offer, wouldn’t it?!
What a fantastic niche market - from a home-based business to the mom and pop stores; small - medium - large sized business everywhere.
How about marketing your items so that with every order of $2,500 (or more) of pens, notepads or calendars you could give away the methodology or the machine that does the branding.
Would that stand out from the rest? Is that unique?
Say the right thing
Speak your niche's language.
When approaching a new market niche be sure to speak their language.
Make a point of understanding the market's "hot buttons" and be prepared to communicate with the target group as an understanding member - not an outsider.
Use their jargon and fit right in with their comfort level.
When launching a unique campaign for this market - consider that you may need to alter basic elements. For example your company slogan may translate poorly to another language.
Let's say your new niche market isn’t affected by a change in language or customs - you still have to understand the key issues plus the how and why anybody in your niche would like to communicate with a you.
Always - Always - Always test-market.
· Always test-market carefully to gauge the market's receptiveness to your product or service and message.
Move cautiously to keep your risks manageable.
Before moving ahead - assess the direct competitors you'll find in this new market area and determine how you'll position yourself against them.
Conduct a competitive analysis
Review competitors' ads - brochures and Web sites. Look for their key selling points - pricing - delivery and other service characteristics.
· But what if there is no existing competition?
This isn't always a good sign because it might mean other companies haven't found the secret key to providing a product or service that this market segment will want to buy.
It could be that companies have tried and failed to penetrate this particular group.
Focus on your niche market..
· When you focus on your niche market you expand your appeal to your clients - get increased referrals - leverage your unique background and interests.
· Your marketing strategy must leverage your highest values instead of killing them in the field of a general practice.
· A properly framed target market uses the widest range of your talents - skills - and training.
Obviously the best market is one where you are most readily accessible to the people who are most likely to benefit from your offer. A business that focuses on a niche market is serving the need for a product or service that is not being filled by other providers.
Next installment we find out about the SSSSSizzzzzzle...