Choosing Your Niche – Why So Many Get It Wrong

www.mike-hynes.comOver the next few blog posts  I will be outlining  easy to understand lessons that will help you learn the ins and outs of niche marketing and how you can use it to effectively reach your target market and sell more products and services.

In this first  post I am are going to talk a little about what niche marketing is and why is it important to your business.

Chances are that if you have been exploring ways to make money and build your business online that you have heard of niche

marketing and maybe you have even been using is as a part of your business model.

But when it comes to niche marketing many people don’t really take the time to understand the importance of researching and narrowing down their target market.

During these blog posts you’ll discover the significance of niche marketing. You will also learn why it is important that you have a basic understanding of what it is and how it works, so that you can determine whether or not niche marketing is important for your business.

Let’s get started by talking about how niche marketing helps you target your market effectively. Think about this question for a minute” do you really know who is your target customer is?”

While you are pondering that question in your mind let me give you two basic definitions that will help you answer it more effectively.

1. Marketing:

The majority of small business owners can easily define the term “marketing.” Typically speaking, marketing is the process of increasing awareness about your business, products and/or services and the art of persuading consumers to be prepared to be sold something. Not to be confused with sales. This is defined as the process of directly selling a specific product or service to a consumer.

Marketing and selling work hand in hand. Marketing brings potential customers to your business, selling is what gets them to actually exchange their cash for your product or service.

2. Niche market:

A niche market is a specific group of people that share something in common. In the business world, they are the groups of consumers that you should be focusing on, because they are the ones that will be most likely to purchase your product or service. They are referred to as your target market.

A niche market can be broken down and defined in several ways.
For instance, they can be broken down by:

– Age
– Gender
– Employment
– Income
– Family and marital status
– Interests and hobbies
– Ethnic and cultural backgrounds
– Social or religious beliefs
– Geographic locations

Most of the time a niche will be broken down in many different ways and many different factors will used to narrow it down, making it possible for business owners to effectively target the right group of consumers.

Why is niche marketing important?

The answer to that question is simple, niche marketing is important because “not everyone needs everything all of the time.” Let me explain.

In fact it is a basic business principal that many business owners often miss. If you were to ask most business owners the question “who is your target customer” most of the time they will answer “everybody”, because they truly believe that everyone will want what they have to offer. By making this assumption they fail to actually reach the people
who really will.

When you think about it from the point of view that not everyone will want your product or service then it becomes fairly clear why and how niche marketing is important to every business owner in some way.

When you are researching and defining your own niche market, always keep in mind that all people have different wants and needs. By using niche marketing to narrowly define your target customers and focusing your advertising efforts on them you will see a much higher return on your investment and much more success for your business.

So as you can see, niche marketing is a basic and important business principle that should be learned and used in every business model, especially if you want your business to be successful.

We have a lot to go over in the next few blogs if you want to learn how to use niche marketing for your own business, so make sure you look for my next blog post soon.

Thank you again for joining. If you have any questions or need any assistance please feel free to contact me at anytime using the contact page above.  I will be happy to help.

5 Comments

  • Damien

    Reply Reply October 2, 2014

    Heya! I’m at work browsing your blog from my new iphone 4!
    Just wanted to say I love reading through your blog and look forward to all your posts!
    Carry on the outstanding work!

    • Mike Hynes

      Reply Reply October 5, 2014

      Hi,
      Many thanks for your comment. Glad you like the content.
      Regards, Mike

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