3 Tips to Dominating a Niche Market
Marketing to a mass market can be extremely expensive. Most of the time you cannot target your perfect prospective customer properly because the market is too broad with wildly-different needs and desires. For example, if you make a living selling life insurance, selling your product to a group of people interested in "insurance" would be ineffective. Some need car insurance. Others need homeowner's insurance. Still others need health insurance. To be more effective at selling your product you need to focus on a market within a market. You need to focus on niche marketing. This article will provide three tips you can use to start marketing to a niche.
Identify Your Niche Market
Whatever product or service you are selling, you can likely dig deeper and identify a segment of the broad market. Using the example above, your segment or "niche market" would be those people who specifically want to buy life insurance. However, you can continue to dig deeper by separating the segments of people who want to buy a whole life insurance policy and those who want to buy a term insurance policy. Each of these niche markets have different needs. Speaking to those respective needs is far more effective than speaking to the needs of a broad market.
Reach Your Niche Market
Once you have identified your niche market, you need to figure out how to put your message in front of them. Most niche markets are comprised of people who congregate amongst each other. For example, those people who have suffered the experience of having a spouse cheat on them share their experiences with each other on several online forums devoted to the subject. If you are selling a product or service targeted to that niche market, you can easily reach them there.
Also, you can reach a niche market easily through advertising on the search engines. Using the "cheating spouse" example above, you can advertise on Google using their Adwords program. When someone types "catch my cheating spouse" into Google, your ad can be displayed. This can be a very effective way of reaching a tightly-focused niche market.
Speak To Your Niche Market
After you have identified your niche market and discovered ways to reach out to them, you need to create a selling process that converts prospects into paying customers. As mentioned above, every niche market has unique needs and desires. It is easier to speak to those unique needs and desires if you focus on a small segment of a market.
For example, assume you are promoting a dating service. Your selling process to convert men into paying customers will likely be far different than your process of converting women. Each gender has different needs that you can speak to if you divide the market. Further, each gender often responds differently to various selling techniques. Segmenting a market into small niches gives you the opportunity of speaking to each niches' unique needs.
Niche marketing is about focusing in on a segment of a market. You can accomplish that by first identifying the group of people within a broad market who have similar needs or desires. Then, you need to find ways of reaching out to that niche market of people to expose them to your product or service. Lastly, you need to create a selling process that speaks to your niche market's unique needs and desires. If you follow those tips, you may be surprised at how easily you are able to convert your prospects into customers.
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