So what is the most common mistake that entrepreneurs make? The most common mistake is that they believe that they should market their goods/services to everyone instead of picking a niche.
So you’re probably sitting there wondering why this is a bad thing… here’s why:
It’s hard to choose the message you want to market when you don’t have specific prospects in mind. Finding a message that can resonate with EVERYONE is not as easy as it sounds!!!
You are competing with other generic companies on a price level rather than a quality level because the consumer has so many generic options.
In the long run, it will cost you more money to market to the masses and you will get a lower return considering the volume of people you are reaching out to
In a time where saving $$$ is of the utmost importance, making the switch to Niche marketing could save you more money on the front end and have you earning even more money on the back end.
If there’s a niche, you’ve gotta scratch it! (Sorry bad joke!)… But really, here are the benifits that come with niche marketing.
You are no longer competing on just a price level with so many other companies!
Your goods and services are tailored to meet the needs of your niche, so you can actually charge more money… Especially if the alternative to purchasing your customized goods and services isn’t easily or readily available to the consumer!
You can save money on marketing and advertising because you are able to target the specific publications that you know will reach your niche group!
When your goods/services become specialized, you will find that consumers will respond more favorably to that because your business is fulfilling their unique situation.
I’m sure all of this sounds good so far… but the key is in identifying your niche. Here are some questions that you should keep in mind when making the transition to niche marketing.
Is there an “identifiable” target population that your business has access to that has a similar specific need or interest?
Is the population large enough to support your business?
How many other businesses are already addressing this niche?
Can you products and services meet the needs of this specific niche?
Are there any modifications that can be made to your product/service to better suit the needs of this population?
Is it cost effective for me to target this specific niche?
If you answered yes to most of the above questions, and if there are few businesses service the niche population that you’ve identified, then this is a niche that you can’t afford not to scratch!!!