Marketing Ideas

You can't hope to market your products or services to everyone, even if you think everyone needs them.

Doing this limits your potential by not focusing on select groups of people or businesses. These specific groups are called "niches."

 By focusing on one or more niches you're able to connect with these people at a level they'll understand and consequently you gain more business.

Certain groups of people or businesses are more likely to want and need your products and services more than others. More importantly your niche must focus on the groups who can AFFORD your products or services. There's no point in targeting groups who want and need your products or services if many of them can't afford to buy or pay for them.

 To succeed in today's competitive market place you need to concentrate your marketing on a smaller number of well chosen segments or niches into which you pour all your resources.

 Because you are targeting smaller numbers, the same amount of money you were previously using to acquire clients or customers, is spread across a smaller number, and therefore you have more to spend on each prospect than you would if your market was bigger. This alone makes you more successful.

In a nutshell your niche market is the segment(s) that represents your best chance of getting a good return for your marketing efforts. These niches are critical to you.

Of course, if you focus on a smaller group you may not get the business of other people or businesses outside the target group. However, what actually happens is you increase the amount of business you receive from your target group(s) or niche(s).

This is because you are specifically meeting needs and requirements of your chosen niche. You're saying to them that, ‘you are THE company that knows about their situation.' No other company specifically meets their needs in this way, and therefore you are seen as the logical company to turn to.

Let's say you're a start-up business and you need an accountant. Your first choice is to look in the Yellow Pages under the ‘Accountant Category.' Although there are a number of ads the first one reads...
‘ABC Chartered Accountants. Tax preparation, auditing, bookkeeping, payroll services, help for start-ups, management accounts, and so one.'

The second ad reads...
‘XYZ Chartered Accountants. Specialising in helping Start-Ups get their businesses running quickly, profitably and effectively.'

Which firm of accountants are you likely to choose? The answer is obvious, but it serves a good example to show how effective this strategy is - yet how widespread it is that few businesses follow this simple approach!

If you can create this bond between you and your niche market(s) I guarantee you'll grow your business to unprecedented levels. That's the power of niche marketing. By concentrating on specific groups, you can achieve very high market shares in that particular category because people automatically come to you.

You are viewed as the only choice because your product or service is 'designed' to solve the specific problems of those people.