Niche Marketing Fears & Reasons For Those Fears From Your Strategic Thinking Business Coach
There are so many businesses that are on what I would characterize as a treadmill with their marketing. They are focusing too much of their time, money and other resources on “chasing” new customers and clients with a broad “shotgun” approach. Some of the leaders of these businesses I honestly believe have never met an opportunity they did not want to “chase,” even though the opportunity represents a 0% chance for success and a 100% chance for a waste of resources.
If we apply some strategic thinking here to marketing efforts, it may result in a strong case to pursue niche marketing. However, I know that there are too many business owners and marketing people who still fear niche marketing and make many excuses to avoid using it. Research has shown that there are a variety of fears regarding pursuing a strategy of niche marketing. These fears cause severe adverse impacts on the ability to grow their businesses. Here are ten (10) of the major fears about niche marketing and the reasons for those fears, according to Your Strategic Thinking Business Coach.
Fear #1: I don’t want to risk turning away good prospects.
Reason for fear: They assume every prospect is a good prospect.
Fear #2: I might pick the wrong niche market for my business.
Reason for fear: They have no confidence defining what business they are really in and in their market research abilities.
Fear #3: I don’t possess expertise or knowledge that would be of value to offer to a niche market.
Reason for fear: They do not realize what valuable expertise and information they actually possess.
Fear #4: I will lose existing clients if I focus on a niche market.
Reason for fear: They may discover that some of their existing clients are not the clients they should really have in their business.
Fear #5: I know the local market is not large enough to define and support a niche market.
Reason for fear: They do not really understand the local market and its potential.
Fear #6: I will lose business and revenue while pursuing a niche market.
Reason for fear: They fail to understand that they will lose business and revenue if they stay on the “generalist” marketing mindset and do not pursue a niche market.
Fear #7: I am too busy operating my business to pursue a niche market.
Reason for fear: They are too busy with activities and with “working in their business,” rather than “working on their business.”
Fear #8: I am not sure how to integrate the pursuit of a niche market into my overall marketing plan.
Reason for fear: They lack the commitment to strategic marketing and to an integrated marketing communications approach.
Fear #9: I believe competitors have already penetrated my niche market.
Reason for fear: They have not even defined their niche market and are not in a position to make this judgment.
Fear #10: I do not have enough experience to develop a niche market.
Reason for fear: They have not used strategic thinking to identify what value they can bring to a niche market and how they can leverage whatever experience they possess.
Your Strategic Thinking Business Coach encourages you to develop a strategic marketing plan that incorporates the pursuit of niche markets. If you would like to learn more about how a strategic thinking business coach can facilitate and guide you in that endeavor, please contact Glenn Ebersole today through his website at www.businesscoach4u.com or by email at firstname.lastname@example.org