What you should know about niche marketing
Many business owners make the mistake of thinking that they can be everything to everyone. They mistakenly assume that just because they have a great product or service then everyone will want to buy from them. While there may be a larger population that are somewhat interested, the reality is that only a certain segment of the population will be most likely to buy your product and service and those are the people that you need to find. The group of people that you are looking for are referred to as your niche market. Here is what you should know about niche marketing-
- Do the right amount of market research-You can not assume that you will simply stumble across your niche market. Instead business owners will need to do the right amount of market research that leads them to their niche market. Keep in mind that depending on what your business sells it may be easy or more difficult to find your niche market.
- It helps to have an emotional connection with your niche market-You shouldn't just feel passion for your product or service but also for the people that you are marketing to. Successful business owners often refer to their customers as "their family" because they have found the people that they love to market and sell to. When this happens you find that you are surrounded with people that you like and want to do business with.
- Focus on solution marketing-Sometimes is can be helpful to determine the end before you ask the question. This means that you may need to look at who would need or want your product or service in order to determine who your niche market will be. Then once you have determined that you can then implement your marketing strategy.
- Keep in mind that your niche market may know each other-People who want or need the same products often know each other. This means that you can use referrals and recommendations as part of your marketing strategy. If your niche market will know each other this can be a great way to build your customer base in a short amount of time. It can be helpful to seek out networks of people who meet and interact on a regular basis.
- Understand that your niche market may not be local-Many business owners assume that they have to find a local niche market in order for their marketing to be successful. This is not necessarily true. Your niche market be global so don't be afraid to expand your search.
Once you know who your niche market is then it is much easier to identify marketing characteristics that can be used in your marketing strategy. You will know what magazines they read, the trade shows, conferences, and networking events they attend. You will also know where they meet, what directories they are listed in, and what online sites that they frequent. All of this information will give you access to determine the most effective marketing plan for your niche market.
Niche marketing needs to be built on solid marketing basics. You want to let your target market know that you care about them and their needs. You want to show them that you have the solution for their needs or wants. And you want to position your business as the expert in your industry so that your customers look at you with credibility and trust and turn to your business when they are looking for the solution for their need or want. If you can do this through your marketing you will be successful for the long term.