Niche Marketing: Targeting the Best Prospects


By

N. Venkateswaran
Asst. Professor
Department of MBA
Panimalar Engineering College
Chennai
 


Many entrepreneurs think that selling to the widest possible market is the likeliest path to success. They are afraid to pursue a market niche because they fear they'll lose business by turning away customers. But this 'take all comers' approach is not very effective. It's hard to stand out when you market your business without a distinctive set of prospects in mind.

Occupying a niche means you won't be competing with a lot of similar businesses solely on price. And because you will be selling products and services that are customized to the specific needs and predispositions of a select group of people, you can often charge more. Your products and services serve a market that can't easily find alternatives.

The process starts with market research: analyze your best potential customers, your competitors, your market's predisposition toward your products and services, and your ability to serve these people so well as to make you their vendor of choice.

Market research is like sticking your toe into a lake before jumping in. If you figure out exactly which group of people you want to reach, and what their needs are, you avoid wasting time and money. Once you know, you can alter your product or services to fit the needs of your target market more closely, and you can craft a message that reflects your business and your customer.

Market research does not require expensive consultants, surveys or focus groups-- it can be as simple as asking your best customers the right questions. To determine if a particular niche is right for you, ask yourself these questions:

  • Do I have an identifiable target population with similar interests and needs?
  • Is the market large enough to support my business?
  • Can I tailor my products, services, and business identity to address that market's particular needs?
  • Is my target market currently underserved?
  • Can I reach my potential customers in a cost-effective manner?

Your niche will give your marketing efforts a natural, sharp focus. The more you specialize, the more your market will see the value of your services because you speak directly to their unique situation. Assuming your niche is large enough, you can do quite well by becoming a provider of products and services that can't be found anywhere else.

15 Effective Niche Marketing Strategies

1. Making More cash - Most individuals desire to make more money. They want to keep off not being able to buy all their needs and wants. You could object product niches for employment, home businesses, networking marketing, affiliate programs, employment advancement, etc.

2. Increasing Profits And Sales - Most businesses want to increase their profits and sales. You could goal product niches about marketing, copywriting, advertising, cutting costs, publicity tips, etc.

3. Making fair Investments - Most individuals want to get high returns on their investments. You could object product niches about investing in the stock market, bonds, futures trading, etc.

4. Getting A elevate - Employees want to avoid being on a low pay scales at their place of effort and losing their job. You could aim product niches about communicating at work such as asking for a raise, promotions at work, etc.

5. Getting A Promotion - Most employees want to succeed and offer their employer their best. You could target product niches about moving up the ladder at work, career advancement, above or underachieving at work with the consequences of each, etc.

6. Working From house - Many individuals would somewhat work at home. You could target product niches about home business start-up, home business opportunities, affiliate programs, network marketing, etc.

7. Working Less - Most individuals want to work less but smarter. You could target product niches about businesses that require little or no work, automated income streams, part-time jobs that pay the same as 40 hour a week jobs, etc.

8. Eliminating Debt - Most individuals want to manage or eliminate their debts. You could target product niches about money control, debt consolidation, stopping debt collectors from calling, etc.

9. Having outstanding Credit - individuals want to maintain excellent credit. You could target product niches about improving their credit reports, financial management, how to increase their credit rating, etc.

10. Finding A Bargain - Most people like to find bargains. You could target product niches about being thrifty, negotiating lower prices, where to find fair bargains, etc.

12. Retiring Early - Most people want to retire beforehand or at least have money for their retirement. You could target product niches about planning for early retirement, investing for the long designation, goal setting, etc.

13. Being Educated - Many want to new their education. You could target product niches about college grants, college ratings, college loans, college living, etc.

14. Save Money - Most people want to save money. You could target product niches about starting a budget, lower bills, stretching their money further, shopping smarter, etc.

15. Being Successful - Most people want to be successful. You could target product niches about advancing and reaching goals, motivational techniques, getting into the right mind set, etc.

The Future of Internet Marketing is in the Niche

The dot bombs failed. But not entirely in vain. They left valuable lessons in their wake. Mainly, that you can't be all things to all people. And that you can't survive if you're not making money.

Today, more and more established big businesses are coming online. But they're doing so carefully. Practically. They're keeping the lessons of the dot bombs in mind.

Specialization is the Key

The key for small businesses and home businesses is to master the art of niche marketing and specialization. Sites that provide general information are already dominating their markets. They already have a loyal customer base and strong marketing strategies in place to bring new customers to their door. And they can usually spend quite a bit more money on reaching their market than the small or home business can.

However, it's important to keep in mind that many big businesses don't want to bother with smaller segments of their markets. They can afford to be general and market to the masses. That's how they are accustomed to doing business.

Make Sure You Choose the Right Niche

Finding your niche is critical to online success. So is using productive niche marketing strategies. Without a carefully-chosen, tightly targeted niche and a well- structured marketing plan that places your product or service squarely in front of your niche market, the only thing you can count on is failure.

That's because not every niche is profitable. The right niche has to be carefully selected. It can't be too small to support a market. It can't be too big, or you won't be able to compete. And it must be reachable and viable.
 


N. Venkateswaran
Asst. Professor
Department of MBA
Panimalar Engineering College
Chennai
 

Source: E-mail June 29, 2007

        

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