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| Written by Webmaster | |
| Monday, 14 September 2009 | |
By Eric King One of the most important mistakes entrepreneurs make is making an attempt to market their product to a large general market instead of targeting a tiny niche market. As a marketing specialist, getting my clients to concentrate on a niche market is the most difficult part of my job. Whenever I tell a customer that they must start off small and target a specialized niche market, my customer nearly always claims, But I think everyone could use my product and if I limit my market, I will get less sales. Then my response is, okay, if you'd like to market your product to the world, how many millions of bucks do you have to invest in regional, state and global advertising campaigns? Then I am getting a blank stare or the phone goes quiet. To be successful in today's hyper-competitive, over-advertised market-place, you really must target your business and promoting on serving a specialised and ideally small niche market. This is especially true and a matter of survival if you've a little promoting budget. If you ignore this recommendation and try to market to a massive general market before first becoming successful in one tiny niche market, I will assure you that you're going to shortly go broke and be into Chapter 11. However, if you do make a decision to target serving a small niche market, you greatly increase your odds for business success with far less risk. So what's a gap market? A focused market is group of purchasers or companies which all have a very express need or want. As an example, let's say you sell fancy and reasonably dear parrot cages. Your niche market consists of people who own parrots, and especially folks who own parrots and earn earnings big enough that they can afford to buy your fancy parrot cages. On the other hand, if you decide to promote your fancy parrot cages to everybody in the U. S. who owns a bird, you are promoting to a pretty large general market and the money you spend on marketing will be wasted because virtually all the folks who will see your marketing will not have a need or interest in buying an expensive parrot cage. Yes, that sound you heard is the sound of your money being flushed down the john because you ignored niche marketing. Here is another example. Shall we say you invent a new kind of ergonomic chair. This chair is very comfortable and actually helps folk who are suffering from lower back 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 question of how much money have they got for selling, and I am told it's a couple thousand dollars. So, my client wants me to launch a state promotional program 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 happen. My advice for how to market this new ergonomic chair product is to market it to a very specialized niche market and there are many to choose between. The key is finding the market that most wants this product as well as can afford this product. One niche market to think about would be to market the chair to controlled living centers for the elderly. Another niche market is chiropractors who could sell this chair without delay to their patients who suffer from lower back agony. There are many other niche markets that could be considered too. The secret is to identify who's got the most desperate need for your product or service and then target your promoting on that niche market. If you are still confused, do this exercise. Find the people who stay up at night troubling about the difficulty your product solves and you have already found your niche marketplace. Eric King SEO and Marketing analyst My blog StepOneWeb Tag it:                  |
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| Last Updated ( Monday, 14 September 2009 ) |
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