by Susan L
Reid
http://www.SuccessfulSmallBizOwners.com
©
2008
There is a tremendous excitement in the air about
niche marketing. Why? It's the best way to get the most bang for your buck. And
more than ever, marketing your product or service to a specific group of people
is what funnels prospects to your website.
However, when
you are a small business owner just starting out, niche marketing may seem counter-intuitive.
After all, marketing to a larger group of people will net more sales, right?
As
a small business start up consultant, getting my clients to focus on a specific
niche market is one of the most challenging parts of my job. Often, they resist,
saying, "I don't want to restrict my market because if I do I'll get fewer
sales." "Do you have an unlimited supply of dollars?" I ask them,
"Because you'll need millions to market to a broad market group."
Is
it okay with you if I save you months of agony and millions of dollars?
Good!
Here are the three things every first-time small business owner must know before
they market to their niche group.
Pre-marketing Niche Checklist
1.
Do you know who isn't in your target market?
Ruling out
who isn't in your niche is a fun way to get around the resistance many first-time
small business owners have to narrowing their niche. Go crazy here. List all the
things you know for certain about who your niche isn't. How old aren't they? Where
don't they live? What kind of a lifestyle don't they engage in? Where don't they
hang out, live, or eat. What don't they buy? What luxuries don't they want? What
aren't they saving for? What product or service don't they need you to supply?
This
creative approach is not only fun, it easily and effortlessly narrows the market.
After answering this question, you will be much closer to determining who your
niche market is and more open to focusing your business to serve a specialized,
smaller niche group.
2. What problem does your niche have
that your competitors already solve?
In all my years of
helping women start up businesses, every time I've ask the question, "What
product or service does your niche need," they've predictably responded with
what product or service they are excited about rolling out. They haven't a clue
as to what their competitors already offer. Worse yet, they don't know what their
niche actually needs.
To keep the focus off my client's
need and on her niche's need, I've found focusing on her niche market's competition
to be a great work-around solution.
Engaging in market research
at this stage of the start-up process gives you the inside scoop on your competition.
You'll come to know were the gaps are, and begin to formulate solutions. As you
examine each of your competitors write down the answers to these questions:
+What
products and services do they offer?
+What problems do you
think they're solving?
+How would you solve this very same
problem?
Armed with the answers to these questions, you
are ready to position your solutions for success.
3. What
solution is your niche market willing to buy?
This question
is designed to shift your thinking from what you are selling to what your niche
market is buying. What are they willing to pay for? How much are they willing
to spend? Why do they want it? Knowing the answer to these three questions puts
you in a powerful marketing position.
From this position,
you can now focus your energy and resources on developing specific solutions that
you know will be relevant and meaningful to your niche group. Ones you know they
want and are willing buy.
Stop guessing what your niche
market wants and who they are. Complete the pre-marketing niche checklist to know
for sure. Do this before you market to your niche and you'll save money, avoid
months of agony, and attract a constant stream of eager prospects to your website.
Deliver your product with confidence by figuring out who your niche market isn't
and what your market's problem is.
