Sorry…I couldn't resist that title!
When it comes to marketing, one of the most powerful concepts is the Niche Market. I've found that many small business owners are reluctant to focus on a smaller segment of their market, for two key reasons:
1. They have a hard time actually defining that segment/niche
2. They are afraid they’ll lose potential customers that are outside that niche
Defining the niche is a tricky task, but your niche might just be sitting there waiting for you to run with it. Take a look through all of your customers. Is there a group that are just a real pleasure to work with? You know, the ones who pay on time and truly appreciate the value of your product/service! Or…Or! You might look at one particular product or service that sells the best. In either case, your potential niche might just be right there in front off you.
The second problem is a little more difficult. I completely understand the reluctance to take your current efforts and, in a sense, REDUCE the size of your target. The key is to make a smooth transition from a general marketing campaign to a niche marketing campaign. I hate to do this to you, but look at the law industry (lawyers). It’s very rare that you see a sign for a law firm that just says, ‘Lawyer’ or ‘Attorney’. They all dig out a niche: accident law, business law, sports law, divorce law, bankruptcy law, etc. In fact, they likely carve it a little deeper by sticking to a certain geography.
The other thing to consider here is the shear size of your market. If you did some research and counted the size of your current market, I’m positive you’d find enough of them to start getting more focused and still have plenty to sell to.
The point is that a marketing message designed to target a specific niche will be heard faster and louder by its intended audience. Isn’t that something we’d all want from our marketing campaign?
Where Should I Go Now?
Main Blog Page
Become A Business Coach like Stuart
When it comes to marketing, one of the most powerful concepts is the Niche Market. I've found that many small business owners are reluctant to focus on a smaller segment of their market, for two key reasons:
1. They have a hard time actually defining that segment/niche
2. They are afraid they’ll lose potential customers that are outside that niche
Defining the niche is a tricky task, but your niche might just be sitting there waiting for you to run with it. Take a look through all of your customers. Is there a group that are just a real pleasure to work with? You know, the ones who pay on time and truly appreciate the value of your product/service! Or…Or! You might look at one particular product or service that sells the best. In either case, your potential niche might just be right there in front off you.
The second problem is a little more difficult. I completely understand the reluctance to take your current efforts and, in a sense, REDUCE the size of your target. The key is to make a smooth transition from a general marketing campaign to a niche marketing campaign. I hate to do this to you, but look at the law industry (lawyers). It’s very rare that you see a sign for a law firm that just says, ‘Lawyer’ or ‘Attorney’. They all dig out a niche: accident law, business law, sports law, divorce law, bankruptcy law, etc. In fact, they likely carve it a little deeper by sticking to a certain geography.
The other thing to consider here is the shear size of your market. If you did some research and counted the size of your current market, I’m positive you’d find enough of them to start getting more focused and still have plenty to sell to.
The point is that a marketing message designed to target a specific niche will be heard faster and louder by its intended audience. Isn’t that something we’d all want from our marketing campaign?
Where Should I Go Now?
Main Blog Page
Become A Business Coach like Stuart
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