In my 10+ years experience of working with clients, one thing I’ve noticed is; there are some business owners that have defined their niche market and have a clear picture of which it is they are marketing to and there are others that tend to waiver or be unsure.
Often business owners view a niche market as narrowing their sales or cutting into a profit margin, so they fear it. The truth is a niche market could be defined as a component that gives your business POWER. A niche market allows you to define who you are marketing to.
When you know who you are marketing to it’s easy to determine where your marketing energy and dollars should be spent. Take for example a car dealership. A car dealership calls me up and tells me they want me to help them develop an Internet Marketing strategy. My first question as always is “Who are you marketing to?” They answer by telling me they want to market to anyone interested in buying a car. Now let’s keep in mind that this car dealership is located in New York.
I approach the process by working with the client and explaining to them that although they market to a person in Seattle, because that “person is interested in buying a car” the chances of that person coming from Seattle to New York to purchase that car is a very unlikely. Therefore they’ve wasted time and money and will more than likely see no return on either. By the time our conversation is finished I’ve helped them see why narrowing their niche market down to be “anyone interested in buying a car within a 50 mile radius”. They now have POWER. They know where to spend time and money to market and their vision is clear. They are now 10 steps ahead of the other car dealership located 20 miles away who is marketing to “anyone interested in buying a car”.
There is even a greater importance in having a well-defined niche market when planning your Internet Marketing strategy to achieve Internet Success. The most common misconception about online marketing is that if you build it they will come or having an online business will make you wealthy. Truth is you have to find your niche market to get them to come and you must offer a product or service that they are demanding to reach a level of financial success via the Internet.
Defining your niche market before you embark on your Internet marketing strategy is important for the following 5 reasons.
You have the ability to maximize your marketing budget by targeting your defined niche market. You’ll know exactly where to advertise. You’ll know where to look to find ezines and related sites that are catering to your market. This gives you a starting point.
Your site can then be optimized for search engines so that your niche market can find you easily.
You are able to cater your site to your niche market. You can develop your site to guide your viewers and help them find solutions or products that you offer that are specific to the problems that your niche market encounters.
A defined niche market makes it easier to develop ideas for new products or services that inherently appeal to your specific niche.
You have an upper-hand in establishing yourself as a leader in your industry.
Do you now see the importance of having a niche market? Are you struggling with who your niche market is? If you answered yes spend some time asking yourself the following questions:
What is it that my current clients have in common?
How do I set myself apart from the competition?
What is different about services or products that I offer?
What are the “extras” that I bring to the market?
The best way to answer these questions is without analyzing them too much. Just write down what it is that first comes to mind. Once you’ve completed them analyze the answer and it will be easy to define your niche market and the other option is let us answer all your questions for you while you simply count your Dollars. Get in touch with us to see how best we can define your niche.
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