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Niche Marketing
Niche Marketing is probably the
most important concept for anyone marketing a product or service to
understand. It can be the difference between your business idea being
profitable, and it failing miserably.
Niche marketing, simply put, is defining who you
expect your customers to be and who you will sell your product or
service to. This sounds simple enough, but lets review a couple key
ideas:
A Niche market is a select group pf people that
share a common interest in a specific item or topic. "Home Owners" or
"Pet Owners" are not specific enough of a niche or target market. You
may think the market potential is enormous by these titles, and indeed
they are. The problem is these groups are too diverse in individual
needs, and you'd be much better to further define you true market.
Niche marketing, or defining your niche market,
should be as detailed as you can break your market down to. Taking this
to a "sub-niche" level can show you fantastic results.
Keep one thing in mind, if you try to sell to
everyone ( a poorly defined niche market) you likely will sell to much
fewer than you expect.
I was fortunate enough to obtain a marketing
course and materials that told it straight and have seen much success
in niche marketing and knowing how to determine an advertising approach
that gets the most sales for my advertising dollar.
I have seen some new marketing ideas that say it
is better to advertise to the masses, rather than a niche. This may
make sense in drawing as much traffic as you can to a website, and you
might pick up a few "non-niche" cusomers. However, in the end, I do
feel that if you aren't advertising to the specific niche market that
is truly looking for your product or service, they won't buy just
because you "found them" and brought them to your site.
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