Make More Profits By Using A Niche Marketing Strategy
Some business owners tend to be clueless on how to initiate and execute a niche marketing strategy. The most likely reason is that most business people think that it is better to promote products to as many people as possible than cater to a specific group of people. That surely sounds like good business sense, but it actually results in huge advertising losses and promotional expenses with very little results.
To aid you in understanding how a niche marketing strategy really works, let us discuss the thought a little bit more. Assuming that you are marketer of high-ticket skin care products, let’s use that example:
At this point, you may be thinking that offering your product should be offered to every woman that comes your way. To tell you the truth, that would be a grave mistake. You will end up chasing prospects and customers who have no current need for the products you offer and can’t afford it. A better approach is to market to those women who want and need the product now, and can afford it.
When you spend less hours and time on people who are not "qualified" to buy, and instead focus on those people who have a need for, can afford, and are willing to buy your product, your sales ratio will increase and you’ll get more results.
The concept described above is called niche marketing. First, you define your specific niche and then focus all your efforts on that niche. As shown in the example above, the likelihood of succeeding in your business goes up when you use a niche marketing strategy. As an additional benefit, you also tend to spend less time and money on advertising when you target the right niche.
Strategy is Key
The key for a good niche marketing strategy is to find the type of people who have money, need, desire, and urgency to buy your product. To do that, you need to start a little market research using various useful online tools to gain the much needed reconnaissance.
At this point, you might be thinking: “Niche marketing sounds good but I think my product has general appeal to the public. I don’t want to put a limit on my marketing scope"
That’s a valid concern. Your product or service may be able to serve people in various industries, age groups, and income levels. If that’s the case, congratulations. However, I still recommend niche marketing as the most viable marketing strategy. Here’s the reason:
Positive Marketing Results
Niche marketing strategy is more preferable because it allows you to gain more sales and positive marketing results, at a lower expense. After gaining some kind success in a small niche, you may choose to expand your marketing efforts to other niches and may even go nationwide or worldwide. This is a safer path to getting rich. Instead of taking on the whole world at once, why not dominate a certain niche first?
If you think that niche marketing won’t lead you to the success that you have always dreamed of, then think twice. As in any field of expertise, it is important to succeed one step at a time, Work in a single niche first, then gain a positive reputation in that specific field. Once you experience initial success, that’s the time to expand to other markets.