Targeting Your Prospects – The Benefits Of Niche Marketing

Many businesses make the mistake of trying to be "all things to all people". And the Truth is that unless your a fortune 100 company with multiple divisions... you can't! You're better off choosing the markets you want to target and then focus exclusively on serving these segments better than anyone else. Learn the keys of niche marketing and targeting your prospects.

The more closely you can define and pinpoint your target market, the more success you're likely to enjoy. Many businesses make the mistake of trying to be "all things to all people". You're better off choosing the markets you want to target and then focus exclusively on serving these segments better than anyone else.

Specialize - don't generalize. Choose niche markets that are both easily identifiable and accessible.

Carefully examine the results you've achieved up to this point. Chances are the 80/20 rule, also known as the Paredo Principle comes into play here. This concept states that 80% of your business comes from just 20% of your customers. Run the numbers and see if this idea is accurate in your experience. In most cases, it is.

The next obvious step is to review those 20% of customers who account for 80% of your business. Do they fit into a particular niche that's identifiable and accessible? Perhaps the top 20% of your customers live in the same neighborhood, a characteristic not shared by the other 80%. Or, it could be that the top 20% fit into specific occupational or special- interest groups.

It may be your top 20% consists of a variation of professional occupations like Architects, Dentists and Chiropractors. In this case, each group could represent a specific niche, and each niche may require a separate marketing approach - one that "speaks" to them as special members of their peer group.

In seeking a niche in which to focus your marketing effort, select a target group with an already established "want" for what you offer. Success is much faster and more of a sure thing wherever there's the likelihood of a strong desire for the benefits and advantages your product or service offers.

Don't try to create a desire for your product, find where that desire and demand already exist, then offer your superior solution in the most advantageous and appealing way.

As Marketing consultant, Anthony Blake says "There are people walking around with money to spend money that's burning holes in their pockets all you have to do is follow the smoke."

You'll achieve greater success by concentrating on specific market niches that are currently under-served or not served at all. In these markets, your products and services are wanted, appreciated and placed in high esteem. You're often seen as a "savior" of sorts, for providing much-wanted, helpful solutions.

Look at what others are doing and do something different. Avoid the niches that most companies in your field cater to. Go after the markets that others consider "too small" or "too insignificant" to worry about. Just make sure that it's a large enough market to make your efforts profitable.

You also need to target market segments that can be easily reached through your advertising and marketing strategies. Groups that don't have affordable and comfortable accessibility probably aren't the best niches to approach. To try and market successfully to a market that's difficult to reach can be a frustrating, draining and costly experience.

Marketing Strategy Planning

Profitable marketing starts with scheduling a strategy session

Schedule Now

Be adaptable and flexible. Markets and opportunities are constantly changing. Nothing remains the same, indefinitely. Change is happening all around you, whether you choose to accept it or not. Be prepared to refocus your target markets, whenever it becomes necessary. Your flexibility and adaptability is what enables you to expand and grow with a changing and constantly evolving marketplace.

When seeking target niches, look for markets that:

Share common problems and have similar "wants" so that you can, in effect, "package" solutions that serve many, rather than customizing solutions to individual, specific requirements.
You know and understand, or those you can gather relevant information about, that will help you to understand the best marketing appeals to use.
You can reach easily and affordably.
Are easily identifiable as those who are under-served by others in the market.
Can easily pay for your products or services.
Show a past history of buying related products or services in the recent past, where the dollar volume of each purchase is close to or more than the cost of your product.

Using these ideas will help you determine the most lucrative and productive areas in which to concentrate your marketing operations.

You just finished reading an excerpt from a report called, "How to Double Your Business in The Next 90 Days". This report shows you 11 key concepts for boosting your sales, cash flow, and profits. Get Marketing Tips by downloading the full report.