Niche marketing is one of the most powerful and underutilized secret weapons for small businesses.
Why don’t more small businesses niche?
Most small business owners think they will miss out on potential sales by selling to everybody.
The struggle is whether to become a Specialist vs. Generalist. There is greater success in becoming a Specialist. People pay more money for a Specialist. Your services and brand are more desirable and your prospecting becomes easier and less expensive. When you narrow your market focus your customer base will expand.
Become recognized as a Specialist in your area of expertise and industry.
This advice is geared towards small business owners: particularly people who are just starting (or about to start) a business.
What is niche market? It is simply marketing to customer groups that fit the psychographic and demographic profile of your target market.
How do you select the right niche market for your small business? This must be researched carefully.
Here are some questions for you to answer:
1] Can you affordably and easily contact the niche market?
2] How much competition is there in the niche market?
3] Do you have experience or familiarity with the niche market?
4] Can the niche market sustain your small business?
Consider these questions before you select your niche market and become known as a Specialist, rather than a Generalist, and watch your small business grow rich.
Robert Moment is an innovative, sought-after small business and marketing coach and author of Invisible Profits: The Power of Exceptional Customer Service. Robert specializes in teaching entrepreneurs and small business owners how to start a business which profits and grows. Visit How to Start Your Small Business and sign up for the FREE 7 day e-course titled, “Turn Passion into Profit: Small Business Startup.”
