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Finding the right niche to market your product to
When it comes to marketing your small business, finding the right niche to market your product to is essential. A niche is a specialized area that you can focus your marketing on. When you specialize, your business is more likely to succeed. Say for example you have a sporting goods store. In order to distinguish yourself from the competition, you can establish a niche that will set your apart from everyone else. While you may be able to purchase, say, camping supplies from any sporting goods store, your store could focus on higher-end, luxury camping supplies. Soon, your store will be known for supplying higher-end items that can't be purchased from chain sporting goods stores, no matter how well-known their name is.
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This principle applies to all businesses. How you market your niche will determine how successful your small business will be. So how do you find that right niche?
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- Do your research. This is perhaps the most crucial aspect of finding a niche. Many failed businesses result from choosing the wrong niche. The business owner may choose a niche that is too popular and wind up competing against millions of others. Or, they may find a niche that is too small to turn a profit. Don't start your business or begin marketing your product on impulse; this results in a lot of wasted time, money, and effort. Instead, make sure there is enough of a market for your product that it can bring you money without drowning in the competition.
- - Market in the right places. Once you've determined your niche, make sure you market it in areas where people who will be interested in your services can find it. For example, if you start a resume writing business, don't just advertise your services in the newspaper. Instead, market directly to your niche by advertising in places like career fairs, employments agencies, or on job search websites. Marketing in the right places is an important part of finding your niche.
- - Narrow your product down. You may have a product that people of all ages will enjoy. Let's say you sell giant beanbag chairs, which are very popular right now. Instead of marketing the product to everyone, focus in on a niche. Beanbag furniture is popular for college students, but say you decide your niche will be beanbag furniture especially for children. Now you can focus your marketing efforts on nurseries and children's rooms and tailor your product to a younger clientele.
- - Think before you act. Perhaps you think you've found the perfect niche because you have no competition in the area. This may indicate a gold mine, but it also might suggest people have tried to market to the same niche and have failed. So proceed with caution before jumping into marketing efforts.
One of the best ways to look for a niche is keeping your ears and eyes open to your potential customers. When you're just starting a business, everyone is a potential customer. Listen for people who express frustrations over current products, or listen for people who say things like, "I love this product, but I wish they made it for." By knowing the type of things people like but have a difficult time finding, you can better find your niche.
Finding a niche is important to creating a successful small business, and with a little research, you can find a niche that will increase your chances for success.
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