Finding a niche continues as the secret solution for tough competition in a slow economic climate. This is based on a 2 year study by RJP Research, in Long Beach, California. Because people buy solutions that can’t conveniently be found anywhere else, finding a way to carve out one becomes a growing necessity. That’s why niche marketing is one of the fastest growing business support skills. Whether a company is Fortune 500 or operating from a kitchen table, finding creative ways to carve a niche continues to grow in demand.
The reason more companies and even individuals have niche marketing on their mind is because of growing competition from every direction. The business world is so competitive companies have to work harder to find profitable opportunities and markets to sell to. The all things to all people type of company is going the way of the buggy whip and eight-track tape player.
Now the companies who thrive, specialize in specific products, services or people. The needs of today’s consumer changes so fast, a company needs to specialize just to keep up with them. For a company to ignore establishing a niche marketing strategy as fast as possible is not only risky but hazardous to their sales health. Why? Because most of the stiffest competition will come from companies who have one. In addition, many prospects will slip through the cracks and find a business that meets their needs more specifically.
Based on the 2 year research study, here’s 3 tips to help any business, large or small, establish a solid niche.
1. Know The Target Customer
This may seem obvious, but it would surprise most people how little most businesses know their target customer. Many businesses continue to make the rookie mistake of trying to be all things to all people. And others get stuck in the lazy habit of failing to monitor their target customers changing needs. The needs of today’s consumer is like a moving target, always changing. But many businesses get so involved with sales figures, projections and record keeping they fail to keep up with the changing needs of their target customers.
2. Know The Competition
Now to stay competitive companies must know the competition almost as well as they know their own business. This may sound like a lot of work at first glance, but with the internet and a little effort a company can know their competition better than many know themselves. At a minimum a company should know …
1. The top 5 competitors in their local area or industry.
2. Their direct competitors, the one below and the one ahead of them.
3. Their competitors weaknesses.
4. Their competitors strengths.
5. The type of buyers they attract.
3. Know The Niche
Based on research by the University of California, one out of eight business owners have a niche and can explain it in under 30 Seconds (like an elevator speech). Many had to think about it, others gave vague descriptions and others scratched their heads or stared into space with that blank look. Most could describe their job or business description. For example, barber, accountant, beautician or sales agent. But few could say what separated them from the competition. Few could describe what professional marketers call their unique selling proposition or U.S.P. These are all necessary elements in helping any business, organization or individual carve a niche.
Based on 5 year study – Here’s the Top 15 ways to create successful niche products and services with little or no money Read More Here!