Who Do You Serve?
Now that you are familiar with why customers buy, let’s take a deeper look at the client’s you serve. Keep in mind there may be common themes to the following 5 questions, or if your business provides scalable product(s), you may have varied answers.
- Who is your client? (Describe the industry and demographic)
- What do they do? (Manufacturing, distribution, service provider, ETC.)
- How do they do it? (Salespeople, storefront, online, ETC)
- Why do they do it? (What need is being filled, why is it important, and their value & mission statement)
- When do they do it? (Is their business or manufacturing cycle seasonal)
Knowing these answers of your clients and positioning them very strategically will take your business from 211 degrees (good) to 212 degrees (GREAT). So, that’s only one more degree of effort that makes significant difference.
Okay, now it’s time to analyze your business dynamic. Is the assessment of your business aligning with whom you are serving? If not – why not? Is there room for growth?
- Who is YOUR ideal client? (Describe the industry and demographic)
- What is YOUR niche or differentiation?
- What do YOU do? (Manufacturing, distribution, service provider, ETC.)
- How do YOU do it? (Salespeople, storefront, online, ETC)
- Why do YOU do it? (What need is being filled, why is it important, and your value & mission statement)
More about Niche Marketing
By definition, a niche market is a subset of a market on which a particular product is focused. Niche marketing defines product features, production qualities, demographics and price range to satisfy specific marketing needs.
It is a highly specialized market segment, which targets a niche of particular enthusiasts and aims to survive among the competition from numerous super companies. Niche marketing is a useful approach, which can help businesses to increase their financial gain margins.
Niche marketing is extremely cost-effective. For instance, if you are offering a product for a selected demographic, you could advertise the product using a local media so your marketing budget will go a lot further, allowing you to use a more comprehensive media mix. Niche marketing works well when you understand the market.
Understanding the market means you are able to identify the unique needs of your potential audience, provide new and compelling products, tailor your products in the right way, communicate efficiently with the target group and identify how you will position against your competitors.
Have I succeeded with getting your creative thoughts going about growth ideas for your business? Here are a few advantages of niche marketing.
Advantages of Niche Marketing
Niche marketing makes it possible for businesses to build their brand loyalty. This marketing approach lets you provide customers with products and services they need and desire. You end up having a leg up on the competition because items in a niche market are difficult to find in general products.
Best For Giving Marketing Insight
Niche marketing is all about selling to a segmented market. It is about taking your products to people who have an interest in receiving them. This can help you redefine your business, leading it in a new product directions and services.
You will end up creating new opportunities for your business by selling similar or support products. Once you begin to concentrate fully on niche marketing, you will learn about new products, innovations and ideas about the market.
Saving On Your Marketing Dollars
This is a type of marketing where you will never throw away money hoping for returns. Niche marketing makes it easy for you to save on your marketing dollars.
Generally, you do not have to send over ten thousand flyers or post cards to one or several neighborhood. Instead, send less than a thousand flyers to a target audience that meets the requirements for your niche.
With this approach, you will be able to reach a larger percentage of people who are more likely to use your services or purchase your products.
Just to drive the concept of niche marketing home… My niche as a coach is that I am a “Business Growth Coach.” I market my services to people just like you. Rather than spending marketing dollars on people that are not Established Business Owners or Sales Professionals, I select specific target marketing to maximize my rate of return and you should too!