How to Greatly Increase Your Odds of Business Success By Niche Marketing
How to Greatly Increase Your Odds of Business Success By Niche Marketing
To be successful in today’s hyper-competitive, over-advertised marketplace, you absolutely must focus your business and marketing on serving a specialized and preferably small niche market. This is especially true and a matter of survival if you have a small marketing budget. If you ignore this advice and try to market to a large general market before first becoming successful in at least one small niche market, I can guarantee you that you will soon go broke and be out of business. However, if you do decide to focus on serving a small niche market, you greatly increase your odds for business success with much less risk.
So what is a niche market? A niche market is group of consumers or businesses that all have a very specific need or want. For example, let’s say you sell fancy and fairly expensive parrot cages. Your niche market consists of people who own parrots, and particularly people who own parrots and earn an income large enough that they can afford to buy your fancy parrot cages.
On the other hand, if you decide to market your fancy parrot cages to everybody in the United States who owns a bird, you are marketing to a fairly large general market and the money you spend on marketing will be wasted because nearly all of the people who will see your marketing will NOT have a need or interest in buying an expensive parrot cage. Yes, that sound you just heard is the sound of your money being flushed down the toilet because you ignored niche marketing.
Here is another example. Let’s say you invent a new kind of ergonomic chair. This chair is very comfortable and really helps people who suffer from lower back pain. Now, what most inventors would do when they come to me to market their product is they would say, “Everybody will want my ergonomic chair. I want to first market it nationally and then to the world.” Then I ask my famous question of how much money do they have for marketing, and I am told it is a couple thousand dollars. So, my client wants me to launch a national marketing campaign for a brand new product nobody has ever heard of and I am supposed to do this with a few thousand dollars. Not going to happen.
My advice for how to market this new ergonomic chair product is to market it to a very specialized niche market and there are several to choose from. The key is finding the market that most needs this product as well as can afford this product. One niche market to consider would be to market the chair to assisted living centers for the elderly. Another niche market is Chiropractors who could sell this chair directly to their patients who suffer from lower back pain. There are many other niche markets that could considered too. The key is to determine who has the most desperate need for your product or service and then focus your marketing on that niche market. If you are still confused, do this exercise. Find the people who stay up at night worrying about the problem your product or service solves and you have just found your niche market.
How to Greatly Increase Your Odds of Business Success By Niche Marketing - To learn more about this author, visit Peter Geisheker's Website.
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One of the biggest mistakes business owners make is trying to market their product or service to a large general market instead of focusing on a small niche market. As a marketing consultant, getting my clients to focus on a niche market is the most difficult part of my job. Whenever I tell a client that they must start off small and focus on a specialized niche market, my client almost always says, "But I think everybody could use my product and if I limit my market, I will get fewer sales." Then my response is, "Okay, if you want to market your product to the world, how many millions of dollars do you have to invest in regional, national and international advertising campaigns?" Then I get a blank stare or the phone goes quiet.
To be successful in today’s hyper-competitive, over-advertised marketplace, you absolutely must focus your business and marketing on serving a specialized and preferably small niche market. This is especially true and a matter of survival if you have a small marketing budget. If you ignore this advice and try to market to a large general market before first becoming successful in at least one small niche market, I can guarantee you that you will soon go broke and be out of business. However, if you do decide to focus on serving a small niche market, you greatly increase your odds for business success with much less risk.
So what is a niche market? A niche market is group of consumers or businesses that all have a very specific need or want. For example, let’s say you sell fancy and fairly expensive parrot cages. Your niche market consists of people who own parrots, and particularly people who own parrots and earn an income large enough that they can afford to buy your fancy parrot cages.
On the other hand, if you decide to market your fancy parrot cages to everybody in the United States who owns a bird, you are marketing to a fairly large general market and the money you spend on marketing will be wasted because nearly all of the people who will see your marketing will NOT have a need or interest in buying an expensive parrot cage. Yes, that sound you just heard is the sound of your money being flushed down the toilet because you ignored niche marketing.
Here is another example. Let’s say you invent a new kind of ergonomic chair. This chair is very comfortable and really helps people who suffer from lower back pain. Now, what most inventors would do when they come to me to market their product is they would say, “Everybody will want my ergonomic chair. I want to first market it nationally and then to the world.” Then I ask my famous question of how much money do they have for marketing, and I am told it is a couple thousand dollars. So, my client wants me to launch a national marketing campaign for a brand new product nobody has ever heard of and I am supposed to do this with a few thousand dollars. Not going to happen.
My advice for how to market this new ergonomic chair product is to market it to a very specialized niche market and there are several to choose from. The key is finding the market that most needs this product as well as can afford this product. One niche market to consider would be to market the chair to assisted living centers for the elderly. Another niche market is Chiropractors who could sell this chair directly to their patients who suffer from lower back pain. There are many other niche markets that could considered too. The key is to determine who has the most desperate need for your product or service and then focus your marketing on that niche market. If you are still confused, do this exercise. Find the people who stay up at night worrying about the problem your product or service solves and you have just found your niche market.
How to Greatly Increase Your Odds of Business Success By Niche Marketing - To learn more about this author, visit Peter Geisheker'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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Dianne CramptonDianne Crampton is an executive leadership coach, team culture consultant, author and president of TIGERS Success Series, Inc. Dianne has been helping CEO's and Executives connect their employees to their core values and goals for over 20 years using the trademarked TIGERS team culture process, which stands for trust, interdependence, genuineness, empathy, risk and success. To download a free white paper on behaviors that build strong teams and behaviors that will predictably tear them down go here. Dianne's contribution to the 2010 Pfeiffer Consulting Journal (an imprint of John Wiley and Sons Publishers) entitled TIGERS Hearted Teams is available in November 2009. Her new book TIGERS Among Us: 5 Winning Business Team Cultures And Why, Three Creeks Publishing will release in March 2010. To receive publishing discounts, subscribe to the free TigerTracks Newsletter here. - Visit Dianne Crampton'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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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig'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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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith'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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