Tag Archives: entrepeneurs

Know Your Niche

Getting to Know Your Niche

“Niches typically describe smaller sets of customers who have more narrowly needs or unique combination of needs.”

Philip Kotler

Sometimes, deciding what niche to focus on for your niche marketing business can be quite difficult. How do you choose when there are so many possibilities? Other times, the answer quickly becomes as clear as day.

Whether you have a concrete idea and are ready to roll, or need to spend a little time deciding just what niche is right for you, you will need to do some research before truly beginning your niche marketing business.

Your niche should be something you enjoy (like hiking, biking, painting or cooking) but that also allows for you to fill a void in that niche. For example, if you enjoy cooking with organic ingredients, maybe you can provide a product like an organic cookbook, offer recipes of the month and exclusive coupons for organic foods.

Just be sure you know what you are talking about and enjoy it, because it will quickly become your bread and butter, both literally and figuratively!

Once you have chosen your niche, you will then want to ask yourself the following questions: (All may not apply.)

* What is the formal definition of this niche/topic?

* Who is typically interested in this niche?

* Who is/are my target market(s)?

* Is there a broad target market? Or a narrow target market?

* Are there many other marketers already catering to this niche?

* How can I stand out from other marketers in this niche?

* How will my business/offering be different/better/valuable?

All of these questions and more are critical to answer before getting to work. Why? Because it is absolutely critical to understand what you are doing before you begin doing it!

You will also most likely need to differentiate yourself because unless you have hit the jackpot with an off the wall, yet realistic idea, you will most likely be joining a niche that already has marketers catering to it.

How do you stand out? Well, you begin by offering quality products and services. Don’t just say you know what you are talking about. Actually do the research, put together valuable information, and provide your customers with something your competition isn’t; Expertise!

Your target market/customers will soon realize that your products are better than the rest and that your commitment to customer service is what truly sets you apart. Respond to requests in a timely manner. Act on calls to action, like increased functionality or product improvements. And pay attention to feedback. What your customers are saying to others is often just as important (if not arguably more) than what they are saying directly to you. While not everything they say is worth listening to, 99% of it certainly is. Just as the old adage goes in the restaurant and retails businesses, the customer is always right!

Remember, niche marketing isn’t about you. It’s about them. Your customers are the very essence of your business. They are who you are selling to and providing for. If you put them at the top of your list, you will soon be at the top of theirs!

 

Tags:, , , , , , ,

Featured Box Wordpress Plugin developed by YD

WP-Backgrounds Lite by InoPlugs Web Design and Juwelier Schönmann 1010 Wien