|The Importance of Sales Niches Most companies, whether big or small, direct their marketing to select niche audiences. Even the country’s largest manufacturers target carefully pinpointed market segments to maximize the effectiveness of their programs and often tackle different niches for each product group. |
Niche marketing can be extremely cost-effective. For instance, imagine you offer a product or service that’s just right for a select geographical area or type of business. You can set a calling campaign to specifically target that area and leave out the general market. Taking on a new niche can be a low-risk way to grow your business, as long as you keep in mind several important rules:
1. Meet their unique needs. Identify the unique needs of your audience, and look for ways to tailor your product or service to meet them.
2. Say the right thing. When approaching a new market niche, it’s imperative to speak their language. You should understand the market’s lingo and be prepared to communicate with the target group as an understanding member–not an outsider. Customize your marketing campaign to reach the specific target including your approach whether it is language or the procedure for making contact. For example, you will approach an attorney in a different way that an Auto Mechanic.
3. Always test-market. It’s best to conduct a competitive analysis by reviewing competitors’ ads, brochures and Web sites, looking for their key selling points, along with pricing, and other service characteristics. But what if there is no existing competition? Believe it or not, this isn’t always a good sign.
It may mean that other companies haven’t found the key to providing a product or service this niche will want to buy. However, it’s also possible that many companies have tried and failed to penetrate this group. Always test the market carefully to gauge the market’s receptiveness to your product or service and message.
The promise of Niche marketing is there for the taking. While it is intensely competitive, the size and lack of geographical barriers are especially suited to business people who are blessed with niche vision and a dose of creativity and determination.
How do you market your business? Do you need fresh ideas on how to reach a new audience? Rich Enterprises has a variety of marketing programs that work for most commercial businesses.
Contact us to hear more!
(888) 443-5247 or www.richworldwide.com.
You may also want to view blog regarding “Finding Your Business Niche”.