Concentrated Marketing Efforts

Defining a niche market helps you maximize your marketing budget and connect you to consumers that are more likely to buy from you. With fewer, more focused marketing and communication channels, you know where to concentrate your efforts.

For example, let's say that you have been advertising and promoting flower arrangements for many different occasions. You start your day by going to a bridal fair to pass out brochures and talk to brides. Then you have lunch with a business professional who is interested in purchasing seasonal window designs. That afternoon, you have a meeting with the funeral director for the new funeral home across town. Maintaining that many relationships is exhausting!

Instead of trying to be all things to all people, find a specialty. If your passion is creating exquisite window displays for large corporations, focus your efforts on that.

When you have a clearly defined target audience, you can craft a stronger marketing message.

Become a Specialist

As a specialist you will be able to provide more value to the client because you have honed your expertise in a specific area.As you build trust and credibility, customers will place great confidence in you and see your as an industry leader. You will also start to attract your ideal clients as customers refer you and share their experience.

Increased Profitability

When you have a niche business, customers view you as an expert and are willing to pay premium prices for what they perceive will be a better product or service.

Focusing on a niche might feel like you are excluding people, but in reality you will be appealing to customers that are more likely to buy from you.

"Identifying a specific market segment - finding your niche - is one of the critical keys to unlocking small business success. Most small companies can't compete against big corporations when it comes to reaching an entire market. So if you can carve out a slice of that market - define it and serve it well - you can own it." - Small Business Adviser, Rhonda Abrams

Are you interested in pursuing a niche market?

Stay tuned for an article next month that focuses finding a profitable niche!