What is your target market? When I ask business owners that question I usually hear something like...* Small Business Owners * Opportunity Seekers * Doctors * Homeowners
Do you define
targeted market for your business similar to one of these? If you do, you're working harder and spending more money than necessary to promote your business. And you're enjoying only a fraction of sales you should be getting.
Most business owners recognize value of targeting a market. But when you target a broad audience like those listed above, you're only targeting prospects who CAN use your product or service. You have to narrow your focus if you want to target prospects who are LIKELY to use your product or service. One of best ways to do this is to find a niche market.
WHAT IS A NICHE MARKET?
A niche market is a narrowly defined group that includes all of following:
1. Individuals in group have same specialized interests and needs. 2. They have a strong desire for what you offer. 3. You have (or you can create) a compelling reason for prospects in group to do business with you instead of with someone else. 4. You can easily reach individual prospects within group. 5. The group is large enough to produce volume of business you need. 6. The group is small enough that your competition is likely to overlook it.
WHY YOU MUST NARROW YOUR FOCUS
A niche market enables you to target your sales messages with great precision. The more narrowly you define your niche market easier it is to cater to specifically defined interests of people in that market.
For example, some businesses describe their target market as "opportunity seekers". But this is a broad audience. You cannot cater to specifically defined personal interests of individuals in this group because it may include all of following:
* Executives who want to get out of corporate environment and start their own business * New mothers who want to start a home based business * Students who want to generate some extra income
