Advantages of niche marketing
Author: Bjorn Djurner
One of the biggest mistakes entrepreneurs make is attempting to market their product or service to a giant general market instead of concentrating on a little niche market. As a marketing advisor, getting my clients to concentrate on a niche market is the most difficult part of my job. Whenever I tell a client that they must start off tiny 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 am going to get fewer sales. Then my reply is, OK, if you want to advertise your product to the world, how many millions of dollars do you've got to invest in regional, countrywide and international advertising campaigns? Then I am getting a blank stare or the telephone goes quiet.
About the Author:
To be successful in today's hyper-competitive, over-advertised market, you absolutely must target your business and selling on serving a specialised and ideally tiny niche market. This is especially true and a matter of survival if you have a little selling budget. If you ignore this advice and try to market to a massive general market before first becoming successful in 1 little niche market, I can assure you that you'll soon go broke and be into Chapter 11. However, if you do decide to concentrate on serving a small niche market, you greatly increase your odds for business success with much less risk.
So what's a slot market? A focused market is group of consumers or firms that all have a very precise need. As an example, let's imagine you sell fancy and reasonably expensive parrot cages. Your niche market consists of folks that own parrots, and especially people who own parrots and earn an income massive enough that they can afford to purchase your fancy parrot cages.
On the other hand, if you decide to promote your fancy parrot cages to everybody in the united states who owns a bird, you are selling to a pretty large general market and the money you spend on promoting will be wasted because nearly all the people who will see your promoting won't have a need or interest in buying a costly parrot cage. Yes, that sound you simply heard is the sound of your money being flushed down the john because you ignored niche promoting.
Here is another example. Let's say you invent a new kind of ergonomic chair. This chair is very comfortable and truly helps folk who suffer from lumbar region agony. Now, what most inventors would do when they come to me to market their product is they might say, everybody will need my ergonomic chair. I need to first market it nationally and then to the world. Then I ask my famous query of how much money do they have for promoting, and I'm told it's a couple thousand dollars. So, my client wants me to launch a countrywide marketing campaign for a brand spanking new product no-one has ever heard of and I am expected to do this with about a thousand dollars. Not going to occur.
My advice for the easiest way to market this new ergonomic chair product is to market it to a particularly specialized niche market and there are several to choose from. The key is finding the market that most wishes 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 that suffer from lumbar region agony. There are many other niche markets that could be considered too. The key's to determine who has got 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 test. Find the people who stay up at night worrying about the issue your service or product solves and you have already found your niche market.
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