Boost your
Profits with Niche Marketing
Most 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 to 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 it is a
process and you can do it yourself. Just go to
http://YOURID.yourusp.hop.clickbank.net
and see how you can do
this for yourself and save thousands of pounds.
You will then be able to leave your competition
behind and watch your profits increase every
month.
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