Subscribe to usBoost your Business Profits with Niche Marketing
Published Date: 2008-09-16 17:20:00 WorkOnInternet.com


Read More on Marketing StrategyMost companies, whether big or small, should direct their marketing to selected niche audiences. Most of 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.

If you have ever been to the shampoo aisle at the supermarket you’ve seen it. There are literally hundreds of shampoos to choose from. So when Head & Shoulders was launched you might have thought who would have noticed it. Well, everyone did because Head & Shoulders was marketed to the niche market of people with dry scalps and dandruff. Without this ‘unique’ property it would have been lost amongst all the other shampoos in the aisle.

Niche marketing can also be extremely cost-effective. For instance, imagine you offer a product or service that's just right for a select demographic, geographic or ethnic group in your area. You could advertise on local or ethnic radio stations, which have considerably lower rates than stations that program for broader audiences, or in local targeted magazines. So your marketing budget would go a lot further, allowing you to advertise with greater frequency or to use a more comprehensive media mix.

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. Target unique needs. The benefits you promise must have special appeal to the market niche. What can you provide that's new and compelling? Identify the unique needs of your potential audience, and look for ways to tailor your product or service to meet them.
Start by considering all the product or service variations you might offer. In some product industries not much has changed over the years. But suppose you were in that sort of industry, perhaps you could ‘tune’ or modify one of your products to fit a specific section of your market and target them specifically.

2. Speak the language. When considering a new market niche, learn to speak their language. In other words, you should understand the market's "hot buttons" and communicate with the target group as member--not an outsider.

3. Test your new market. Before moving ahead, assess your direct competitors that operate in the new market niche and determine their strengths and weaknesses and how you will position against them. Learn more about them by reviewing competitors' ads, brochures and Web sites, looking for their key selling points, along with pricing, delivery and other service characteristics.


Can’t find any competition? Believe it or not, this isn't always a good sign. True, 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-market carefully to gauge the market's receptiveness to the message for your product or service. Move cautiously and keep your risks manageable.

Companies spend tens of thousands of pounds with agencies developing a USP but you can do it yourself. Just go to http://www.DevelopYourUniqueSellingProposition.com and see how you can leave your competition behind and watch your profits increase every month.

This article was published on WorkOnInternet.com
The URL for this article is : http://www.workoninternet.com/article_25303.html
The URL for the category of this article is : http://www.workoninternet.com/topic_14.html
Work On Internet : the small business and home business online resource center
List extensive information on building a successful small business or home business online by internet marketing.

Google
 
Web WorkOnInternet.com


Home | Submit Article| Article Topics | Article Archives | Newsletter | Business Directory | Contact US