Jun 14, 2012

Niche Branding Strategies: Identifying a Good Niche Segment

A niche is a small, focused target market for one’s services that can be very beneficial to the business. It will help business to focus on clients and identify the services that one can offer. To develop deep expertise in a single area and "niching" will help one to raise business rates and create a successful one. But to maximize the benefits one must to make it sure that it is selecting a good niche. To niche well there are several things to consider like following:
  • Potential customers in the target market afford those services: If one is offering a high-ticket item to a target audience that doesn't have much money, then it has chances to run into trouble? Or if target audience doesn't control the buying decision or isn't authorized to meet the cost of product or service that can also lead to trouble. In these cases, one might explore packaging products in a more affordable way, creating payment options, or choosing a new targeted niche market that will be easier to sell to. 
  • Put value to the products/services: Do they think that they use products/services? Even if target audience is able to afford products/services, they have to also feel that the products/services have value to them and that they need those products/services. If they think that products/services would not improve their lives or businesses, then they are unlikely to make the purchase. Likewise, if customers think that they can do it themselves, or that they don't have a need that services will fill, then they won't make a purchase. 
  • Understand the products/services: If target audience doesn't understand what products/services do means if it's too technical for them to understand what one is selling or why they might want or need it then one will have a very tough time making any sales at all. Make sure that the target audience can at least be taught to understand products/services and the benefits they provide.
  • Find the people as target market: If one can't find the people who will make up the target audience, then they likely cannot find the offering. For example, the easier it is to find networking groups or mailing lists that have large populations of people in target market, the easier it will be to market to them by speaking at events and sending out direct mails to them.
  • Look at competing providers in niche: If so, is there enough market for one’s products/services? If the target one is marketing to is served by many other providers, then it might be difficult to capture enough market shares to sustain the business.
  • Is the niche within the abilities to deliver: Do one have experience serving this niche before or can one get that initial experience easily? Some ways to do this include through pro-bono work, discounts, or aligning with a professional organization to offer discounts to its members. One might also be able to read about the industry one is planning to market to, to learn more about the specific problems and challenges they face.
  • Is the niche enough to sustain one in the business: Are there enough potential customer companies or enough need in that industry that one plan to serve? If one chooses a very specific niche, one might find that there are just a few companies that one could serve. If that's the case, one might want to widen the niche. If niche fits these criteria, then it's likely that one have created a great niche, in which one will make more sales and grow the business.

Latest Tweets about Marketing

Popular Posts