Unless you have been living under an Internet rock, you’ve most likely heard the buzz about Niche Marketing. Right now, it’s the hottest marketing topic online.
Is it a new concept?
Well, on the web perhaps, however, if like me, you have been involved in direct response marketing in the ‘Bricks and Mortar’ world then it isn’t – that is the way we have completed things ever since time immemorial.
So what’s this Niche Marketing thing all about?
If you’ve ever taken Marketing 101 then you’ll have heard about the old marketing adage : “Find a need and fill it” -that’s what “Niche Marketing” is all about. Discovering a “focused” group of people, with a specialized interest, willing to buy (The Niche) and promoting a suitable product or service to all those interested in buying it (Marketing).
Allow me to provide you a couple of examples of these Niches :
Recipes Golf Fishing Health and Fitness Travel Collectibles Dating Dog Training Satellite TV Beauty Tips Astrology Cats Bartending Alternative Health Hand-poured Candles Gourmet Foods Gambling Mortgages Credit Cards Music Jewellery
The list just goes on and on and these are only the main headings, there are niches within each of these niches. Think of a subject and there’s probably a niche market for it.
But the name of the game is to find a “tightly focused” niche. The reason for this that if you target a general market, the competition is fierce and it’s hard, if not impossible, for the small guy to get a foothold.
When you narrow down the size of the market, you eliminate most of the heavy hitters with bottomless advertising budgets, simply because these guys aren’t interested in making a few thousand bucks a year from these tiny specialized markets, they are after millions from mass markets.
And let’s face it, if you are a small man, you simply can’t be everything to everybody, therefore you should choose a specific focus (Niche) for your business. For example do not target “Fishing”, instead target “Fishing Baits” or “Fishing Lures” both of which have a far more specific focus.
Get the idea?
As soon as you narrow down the size of the market, you have an automatic advantage over larger companies. Here is why :
* You are able to rapidly become an expert in your niche (if you are not already)
* It is easier to keep current with a narrowly focused market niche
* You are able to respond quicker to changes in the market
* You are able to build close relationships with key customers that will be tough to compete with
Niche marketing is not a magic bullet. It’s not an issue of setting up a website and then sitting back and waiting for the cash to roll in – “build it and they will come” might have worked for Kevin Costner in Field of Dreams, however it doesn’t work that way on the internet – if you let that happen, you’ll be waiting a long time.
If you would like a successful niche business, you need to work at it the same as any other business – if you are prepared to put in the effort, though the rewards could be significant.
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