Most businesses try to sell to everyone.
They believe everyone can use their product or benefit from their service, so they try to net as many sales as possible with a broad approach to their marketing strategy. This leads to many businesses undertaking a campaign that is very general and widely targeted. And this approach could put your business six feet under…FAST.
Thinking you can sell to “everyone” is a fatal flaw. You need your marketing message to be laser-focused and which targets a niche. Your prospects and customers must know that your marketing message is meant especially for them. Generic messages just don’t cut the mustard.
The easiest thing to sell is whatever people want to buy. It’s that simple. And what they want to buy is the product or service that’s tailored to their specific needs.
Stake A Claim with Niche Marketing
Maybe you actually do offer a product or service which can be used by everybody, but you’ll have more success if you learn niche marketing. Niche marketing is a multi-step process which involves sniffing out unique markets that have an untapped profit potential – and then learning everything you can about that niche, before making an irresistible offer to that niche’s audience.
Now the key to niche marketing is to not only make your message ultra-specific and highly targeted, but your message also needs to be extremely personal to your prospect. And your prospect must feel as if it’s them and ONLY them that you’re talking to. Mix an extremely personal message with an irresistible offer and you will create a compelling message that will hit your desired target square on.
Personal + Irresistible Offer = Compelling Message
It’s possible to appeal to more than one niche, especially if you have the infrastructure in place that can support you selling to multiple niches – however, you must give each individual niche that feeling that this is all that you do and you do it “only for them.”
Your Marketing Niche
Before you decide which niche to focus your attention on, you should research who your prospects are in that niche and determine if the niche is actually profitable.
To help you separate a good profit making niche from a bad profit making niche, take a look at the following questions to gauge if your niche is worth pursuing. If you answer mostly yes to these questions, your niche might just be a winner – however, if you answer mostly no, you might just want to give that niche a wide berth and forget all about it.
10-Question ‘Litmus’ Test’ For Profitable Niches
- Are there mailing lists (direct or email) available for you to use?
- Are there any trade journals that allow you to advertise in them?
- Are there any conventions or trade shows where you could exhibit your product/service?
- Is there a way to get in touch with the niche that is affordable to you?
- Is there a large market potential or is your niche limited?
- Do the prospects in this niche have money to spend and are they willing to spend it?
- Is the market accessible through associations, clubs or organizations which you can capitalise on the social aspects of marketing?
- Is there the possibility for repeat business or would you generate one-time only sales?
- Is the market growing, declining, or static, and is this likely to change?
- How many competitors are already in this niche, and is there room for one more?
Please note, if you stumble upon a niche with no competitors, this doesn’t necessarily mean you’ve struck gold – no competitors usually means that there is little to no profit to be made with your target market.
So once you’ve asked the questions above and analysed the answers, the most important question you must ask is:
Can I make a profit from this niche?
If you believe you can and it appears there’s money to be made in that niche, you may have found yourself a viable business. But remember to test, test and TEST before throwing all your chips in and getting your fingers burnt.