Small Business Marketing Series – Choosing a Niche Market

Written by Ben Botes


Continued from page 1

Use this analysis to decide what degree of specialization your product or service calls for. Will operating in a niche mean alterations to your product or service? Can you offer flexible service solutions?

Identify areas where customers’ needs aren’t already being met and look for competitive edge by adding features or offering a value-added service that isn’t currently available.

Conduct research to see if there is a group of customers that your competitors are failing to reach and consider how your product or service could be updated or adapted to attract them.

Explore how your customers buy from your competitors. Can your product or service be sold in a different way – overrepparttar Internet or through a mail order catalogue? Once you’ve completed this analysis userepparttar 141929 information to identify customers that have things in common and things that make them different from others buying in that market. Then create a profile of these customers and use this asrepparttar 141930 basis of market research to ensurerepparttar 141931 niche is viable.

Step 3 Appeal to Your Customers

Now that you have a good idea of what your target group want, it is up to you to make sure that you appeal them. Meet their unique needs. The benefits you promise must have special appeal to your market niche. What can you provide that's new and compelling? Look for ways to tailor your product or service to meetrepparttar 141932 unique needs of your prospective clients.

Sayrepparttar 141933 right thing. When approaching a new market niche, it's imperative to speak their language. In other words, you should understandrepparttar 141934 market's "hot buttons" and be prepared to communicate withrepparttar 141935 target group as an understanding member--not an outsider. In addition to launching a unique campaign forrepparttar 141936 new niche, you may need to alter other, more basic elements, such as your company slogan if it translates poorly to another language, for example.

In instances where taking on a new niche market is not impacted by a change in language or customs, it's still vital to understandrepparttar 141937 key issues and how they prefer to communicate with companies like yours.

Step 4 Test and Review

Step four is to test and review. Always test-market. Before moving ahead, assessrepparttar 141938 direct competitors you'll find inrepparttar 141939 new market niche and determine how you will position against them. For an overview, it's best to conduct a competitive analysis by reviewing competitors' ads, brochures and Web sites, looking for their key selling points, along with pricing, delivery and other service characteristics. But what if there is no existing competition? Believe it or not, this isn't always a good sign. True, it may mean that other companies haven't foundrepparttar 141940 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 gaugerepparttar 141941 market's receptiveness to your product or service and message. And move cautiously to keep your risks manageable.

By now you should have a pretty good indication of which niche market you are going to focus on and whether this isrepparttar 141942 right market for you. Remember what you have learned from your clients, be responsive to them and trust your research.

Ben Botes is an author, entrepreneur and expert speaker on new venture creation. He is also the founder of http://www.my1stbusiness.com a web portal for 1st time business owners and entrepreneurs. Visit my1stbusiness.com today for the most extensive range of small business resources, courses, articles and tools, designed to unleash your entrepreneurial spirit.


Fashion Marketing 101

Written by Amie Pronowski


Continued from page 1

Fashion marketers play an essential role withinrepparttar fashion industry because they arerepparttar 141908 link between designers andrepparttar 141909 public. The success of a line of clothing does not rest solely on its design. Often, successful marketing is just as crucial, if not more so, torepparttar 141910 line asrepparttar 141911 actual clothing itself. This is because marketing isrepparttar 141912 tool through whichrepparttar 141913 designer identifies withrepparttar 141914 public, andrepparttar 141915 public identifies withrepparttar 141916 designer. Without this exchange, it would be difficult to establishrepparttar 141917 consumer base required to have a successful line of clothing.

Ultimately, fashion marketing is a fun profession—changing and reinventing itself just as often asrepparttar 141918 clothes it promotes. It integratesrepparttar 141919 artistic nature of fashion withrepparttar 141920 creative aspects of business—making for a highly rewarding career torepparttar 141921 ambitious and innovative.

Amie Pronowski writes for Fashion-School-finder.com ( http://www.fashion-school-finder.com ).


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