Niche Marketing Fears & Reasons For Those Fears From Your Strategic Thinking Business Coach
Niche Marketing Fears & Reasons For Those Fears From Your Strategic Thinking Business Coach
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 jgecoach@aol.com
Niche Marketing Fears Reasons For Those Fears From Your Strategic Thinking Business Coach - To learn more about this author, visit Glenn Ebersole's Website.
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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 jgecoach@aol.com
Niche Marketing Fears Reasons For Those Fears From Your Strategic Thinking Business Coach - To learn more about this author, visit Glenn Ebersole's Website.
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Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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