Whether you’ve been in business for many years or just starting out, target marketing is an approach you must use. It will save you time, money, frustration, and aggravation, and it will help you develop a marketing message.
Define Your Niche
No matter what business you’re in, you’ve got competition. Luckily, there’s the idea of the “niche market”. Identifying and carving out a niche – a special space — in the marketplace, allows you to discover the buyers looking for your products or services there. You can then focus, or target, your appeal toward them.
Your work isn’t over after identifying your target market. The next step is to create an even more focused niche, or perhaps several niches, within that target market. The idea of niche marketing is to be a big fish in a small pond, rather than a small fish in a big pond. Niche marketing is also sometimes referred to as micromarketing.
Recognize that you can’t be all things to all people. The more you can narrow your definition of a target market, the clearer your marketing message can be. The process of defining a niche within your target market is the key to success. Even large companies recognize the value and benefit of this exercise. Take Walmart. The niche defined by this big company is shoppers who are bargain-minded. Shoppers who want more upscale products shop elsewhere.
You will hear business owners talk about “finding” a niche. But a niche isn’t something you “find” at the end of the rainbow. Niches aren’t hiding waiting for you to magically discover them. According to Lynda Falkenstein, author of Nichecraft, “Good niches don’t just fall into your lap; they must be carefully crafted”.
Smaller Is Bigger
Many entrepreneurs fall into a state of confusion and get entangled into the “all over the map” trap. They think they can engage in many activities and be good at all of them. Sadly, they learn tough lessons. Falkenstein warns: “Smaller is bigger in business and smaller is not all over the map; it’s highly focused”.
She advises the small business owner to create a good niche and be as specific as you can. Otherwise you will wear yourself out and your message will be weak and confusing.
Qualities Of A Good Niche
A good niche takes you where you want to go. It supports your business vision.
Your customers are there!
Once you’ve defined your niche, a marketing plan comes together readily.
You see it as a business game you can play and win.
It evolves and supports your core business, and you can see long term success.