When asked "what business are you in" many business owners often identify an industry, for example, "I'm an accountant" or "I run a beauty salon " or "I own a restaurant." But claiming to be part of an industry is not what attracts customers. Customers come to you because you offer a specialty. For example, which advert are you mostly likely to respond to: Advert 1: Established since 1985, you can be assured of a great service. Advert 2: "Experts for all small to medium sized businesses Advert 3: "We specialize in new start-ups The chances are youd be more likely to call the company who placed Advert 3 Why? Because they tell you exactly what they do best. They specialize, they fill a niche! So, if you were a start-up company you would be looking for a firm of accountants that provides this specific service to fill your immediate need. In fact most companies, whether big or small, direct their marketing to select niche audiences. Even the country's largest manufacturers target specific market segments to maximize the effectiveness of their programs and often market different niches for each product group. Niche marketing can be extremely cost-effective. By targeting a specific niche, your marketing budget can go a lot further. As opposed to mass (general marketing), your marketing efforts will be high impact and targeted: people who have a specific interest or need can usually be found in the same places. |
