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The best markets are not the biggest

It is quite understandable that you choose the largest possible market in which to sell your products. But if you’re a small business, big markets aren’t necessarily the best.

The largest markets may be the most famous, but they are also the most used. In large markets you will find a lot of competitors, more consumer resistance and a lot of price competition.

If you are not very careful, your large market full of opportunities could become a wasteland for your business because no matter how much you try, the battle with established competitors will be long and arduous.

The solution! – niche marketing

If you are a small entrepreneur and want to achieve rapid business growth, the best strategy is to look for sales opportunities that you can convert better than your competitors. This is the main idea behind “Niche Marketing”

In this and the following article, we provide a five-step plan for implementing the program Niche Marketing Strategy.

Five Steps to Develop a Niche Marketing Strategy

Five steps of niche marketing are?

1. Divide your “big” market into smaller market segments

2. In these segments, identify areas of business niche for your product

3. Research these niche areas and evaluate their market potential

4. Build a profile of leads in these niches

5. Develop a strong product offering for these customers

In this article, we will focus on steps 1 through 3.

1. Segment your market

Market segmentation has been around for a long time. You may have already done some segmentation of your market by deciding to focus on a specific geographic area or socio-economic group (e.g. small business, young professionals, industry type, etc.).

Now take your segmentation a step further by looking at other ways you can share your market. For example, the manufacturer of gasoline and diesel engines has decided to segment its market into family cars, trucks and ships.

2. Identify areas of the business niche

When you have a list of market segments, keep in mind that although you think your product is suitable for all the segments you have selected, there will be some groups of companies or individuals in each segment who will need and want your products and services. others who will not.

These groups may be your first niche market. For example, the manufacturer mentioned earlier decided to focus better on “family leisure boats” as a niche market rather than “high performance boats” because he had a lot of knowledge and experience about the types of engines used in pleasure boats. free time

So, look for niche areas within each segment and find niches where you think your product will fare well. Spend more time on this.

It is not always easy to find niches in an existing market or to identify new profitable niches in which to create a business. But luckily, there are plenty of online resources that can help – local business directories, online directories, trending and fashion information websites. Also, large retail sites like Amazon and eBay provide information on market sectors and niches where many of their products and services are sold.

In addition to using the Internet, you may also need to do some research on your phone and in your local library, especially if your business is more focused on the local community than on the wider “global internet” market.

3. Explore your niche areas

Once you have a list of niches you are sure you will need to evaluate the size and business potential of each. It’s easy to omit this step, but if you do, after spending a lot of money and doing a lot of work, you’re trying to grow a business in a niche that isn’t commercially viable.

Explore each niche to find out about:

a) Probably the level of customer demand

b) commerciality (ie can you make money from it)

c) Competition in the niche (who and how much)

One of the best niche strategy tools to help you with some research is also free. It’s called the Google Keyword Tool.

This tool is most commonly used for online businesses, but can also be very useful for local and online businesses as well as online.

Probably the demand for your product

Most consumers (domestic and business) nowadays use the internet to help them decide what and where to buy. They do this by typing word and phrase combinations (keywords) into Google and other search engines, hoping to find useful information. All major search engines store these keywords in huge, searchable databases to find how many people globally search for specific products or services.

This tool will also give you ideas about other keywords and business niches that you may not have considered.

Commercial value

The Google Keyword Tool will also provide you with information about the commercial value of your niche. This allows you to provide pricing information that advertisers are willing to pay for online ads based on your keywords.

This whole area can be explored by spending some time researching Google Ad words and ad sense, but at this stage all you need to focus on are the cost-per-click (CPC) figures provided by the Google Keyword Tool.

Competition

You can find out about global and local competition in your chosen niches with the Google Search Advanced Search feature.

Use your search engine keywords to find information about the amount of potential competition. Explore search results in the first few pages. These are the main competitors you should try and outperform. If you’re focused on local marketing, use the advanced search feature to include other relevant keywords such as your geographical location (such as “Oxford”).

When doing your research, remember that many companies that portray themselves as competitors may not be a serious competitor for you, because even though they sell products in your niche, they may not be treated as an expert. area.

4 and 5. Create a customer profile and develop a product offering

By this stage, you will have a very good understanding of your niche market and can begin to build the profiles of your potential customers in this niche and produce marketing and sales materials tailored to their needs.

At this stage you are really starting to differentiate yourself from your competitors. The two steps you need to take to achieve this will be described in our next niche marketing article: “How to Find Niche Customers Who Want to buy your products “

Expanding your niche strategy

Once you’ve started making progress in selling your products in one niche, start working in another niche. For each niche, you will probably need to change your marketing materials and messages a little, but you will build on knowledge and experience that will allow you to very easily develop your niche strategy and include other relevant niche markets.

Thanks for visiting our site. As a way of saying "thanks" here's a FREE course on how to make $688 a day online using FREE methods: 

(CLICK HERE TO ACCESS)



Source by Leslie Line

 

 

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