Targeting the right market niche can be a difficult concept for new marketing entrepreneurs. When researching a niche it is very easy to look at the big search numbers and want to enter them into a broad category. However, the larger the niche, the more competition you will have.
Being an expert in a smaller niche means you will not be competing against hundreds of others, solely on price. If you target the right market niche, you will be selling products and services to a customer base who may actually pay more, because they cannot find a good alternative anywhere else.
This process has to start with focused market research. Who is my best potential customer? Who are my biggest competitors? What exactly is my targeted customer looking for? How can I offer a better product or service?
Market research can be costly and time consuming. Yes, you can hire expensive consultants and market researchers, but often the answers are right in front of you – your customer. Ask him what he needs, or what else you could do for him, and be prepared to alter your product or service accordingly. You can do all or most of this research yourself on the internet, and by asking the right questions.
- Do I have a target market with similar needs and interests?
- Can that market sustain my business?
- Can I accommodate that market niche by changing or adapting my products or services to address that market’s needs?
- How much competition will there be?
- Can I reach my potential customer cost-effectively?
If you provide a superior product or service, in a specialized targeted niche, you will excel by providing your customer with something he cannot find anywhere else.
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