Oct 11, 2010

Niche Marketing: By customers, to customers, for customers!

It is adapted according to the needs, wishes and expectations of small, precisely defined groups of individuals. A form of Market Segmentation but meant only for a very small segment. The one big benefit in this is that it is extremely cost-effective. Other is it also involve low-risk as compared to other strategies. There are three golden rules for it which will definitely boost business growth as: 1) Satisfy unique needs by customers, Position right things to customers, and Always test-market for customers.
The benefits promise must have special appeal to the market in niche strategy. New and compelling at a time! Identify the unique needs of potential audience and look for ways to tailor product or service accordingly by customers mind test.Blue Ocean Strategy
Start by considering all the product or service variations one can might offer. When it comes to marketing soap, for example, not much has changed over the years. But suppose one as a soap maker and invented a new brand to gently remove dandruff from hairs. That is not done by any soap maker earlier so one can be pioneer by offering this in soap line.
When approaching a new market niche, it's essential to speak their language. In other words, one should understand the market's "hot buttons" and be prepared to communicate with the target group as an understanding member not as an outsider. In new niche market it's vital to understand its members' key issues and how they prefer to communicate with companies. For example, suppose a business that markets leather goods primarily to men through a Web site decides to target working women. Like men working women appreciate the convenience of shopping on the Web but they expect more content so that they can comprehensively evaluate the brands and the company behind them. To successfully increase sales from the new niche, the Web marketer would need to change the way it communicates with them by expanding its site along with revising its marketing message.
Before moving ahead, assess the direct competitors one will find in the new market niche and determine how it 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.Market Segmentation Success

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