Friday, September 12, 2014

How to Find Your Niche Market

So, you have a great product or service.
 
If you’re like most small business owners, you just want to get your product or service in front of as many people as possible.

In fact, you’re probably ready to sell it to anyone and everyone. Right?

Wrong.
If you’re a small business owner on a shoestring budget, you don’t have the means or the manpower to engage in mass marketing practices.

The problem with mass marketing

As the name suggests, mass marketing is a strategy used to get your message out to as many people as possible. At first glance, this may sound pretty darn good.

But, mass marketing is no more sophisticated than standing on a street corner yelling at passersby hoping to attract their attention. It’s a crude shotgun approach that just isn’t effective.

Couple that with the fact that in order to get your message out to the masses, you’ll need to tap into traditional marketing platforms such as television, radio, and newspapers.

We all know that these traditional marketing platforms are incredibly expensive and beyond the scope of the shoestring marketer.

The final problem is that if your marketing message is going to appeal to the masses, then it needs to be very general and speak to everyone including: children, grandparents, moms, and teenagers.
And consumers today aren’t big fans of being lumped together with the masses.

They want to feel like you know them, understand them, and can connect with them.

Basically, they want to feel special.

You need to find your niche

A niche market is a much smaller segment of your “entire market.”
Instead of trying to figure out how to connect to everyone and anyone, you communicate to a very specific segment of your market.

Let’s imagine that you want to start a dog food company.

Your problem is crystal clear. Your company will be competing against the big brands like Purina, Iams, and Nature’s Recipe. For a small business owner on a shoestring budget, it’s almost impossible to play at the same level as the multi-million dollar companies.

So, what in the world can you do?

First of foremost, don’t try to compete.

Instead, find a gap in the marketplace that the big brands aren’t addressing and fill it.


Why niche it?

Niche marketing is the best way for a new small business to enter an existing market dominated by big brands.

But, niche marketing is also appropriate for established small businesses that need to stand apart from their competitors.

Niche marketing allows you to narrowly concentrate your time and resources to maximize your effectiveness.

But, always remember that niches don’t exist – they are created.
They are created by carefully identifying your customers’ wants and needs that are not being addressed by other businesses.

Your ultimate goal is to be the biggest fish in a small pond as opposed to a small fish in a big pond.
What’s missing in your industry and how can you fill it?

$10 OFF!

Custom Business Cards

All cards ship tomorrow + Free Shipping!

Iridescent Pearl Finish Business Card (Style 3)Iridescent Pearl Finish Business Card Template
White Linen Business CardsPhoto Business Cards (Platinum Finish)
French Linen Business Card Template (Sky)) Metallic Finish Business Cards (Style 2)
Gold Finish Business Card