Finding a Market Niche is important for you to be able to really make profit from your trade. But how is it done and why is it beneficial for your business?
Niche marketing is the strategy business people of this generation use to embark on a new business. This marketing method is done by discovering your specific marketing category.
This is discerning to which group of customers you sell your product to and what product to offer them. It is comparing your products benefits to a market’s need to define whether or not that category can be your target.
Niche marketing helps starting entrepreneurs to prevent profit loss by defining their product’s compatibility to a prospect group of buyers.
Discovering Your Specific Target Market
There are vast kinds of customers with different preferences and needs. But in defining your specific target market, you ought to ask yourself, “What category of customers do I want to serve and which need of theirs could I cater to?” Answering this will be your primary step into finding your niche market.
A lot of starting middle class businessmen fail by automatically targeting the upper class, thinking that those people invest money right away on something in a jiffy.
They think that by mingling with the rich, they increase their chance of profit. So, they try to reach that market by putting up stores in classy places thinking it would be the easiest way to earn, causing them to invest thousands of money.
Later on, they discover that they come against better stores, dropping them down the list. They realize they paid more than what they earned because they didn’t discern properly the market that their product really needs.
It is best that you choose the market you can most connect to. Think of the category you can most relate to and can relate to you as well.
Choose the market that you think will have a lasting bond with you and your product. Don’t think about how much money you will get; rather, think of how much relationships you can build.
The longer and stronger connection you have with your target market, the better business you can have with them.
Narrow down your specific market. For example, your target market might be kids. Now, what kind of kids do you want to serve? What is your ideal range of their ages? Infant years? Toddler years?
What need of theirs do you want to cater to? Hygiene? Nutrition? Apparel? Those are just few kinds of questions you can ask yourself to narrow down your target.
Discovering Your Specific Product
After discerning the kind of customer you want to serve, it is essential to know the kind of product you want to offer them. Take Zara, the clothing brand, for example. This brand is very famous because it focused on its niche market: girls and women who adore and love fashion.
With that, they produced clothing that appealed to their category of market. It made them successful. Why? Because they focused on their niche. They only sold the product that would cater to their niche’s need and preference.
Niche marketing helps businessmen discover their strengths. It teaches them to focus on who they should provide to and satisfy with their products.
It disciplines them to improve on their product to still catch on the appeal of their market. And when they finally learn how to establish this, they become successful in their chosen field of market.