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Resource Center > Article
Have You Defined Your Target Niche Market?
27 Oct 09 Posted by: Kevin James Culp
in Growth & Profit
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If you’re trying to be all things to all people you could be missing the boat and tossing money right out the window.

Buying a Home-Based Business can be an easy proposition these days. For instance, BusinessOppotunity.com has dozens of Home Based businesses listed for purchase and some that are free to start. The critical element isn’t which to choose in most cases. What’s truly important is that once you’ve purchased your new business you must define your niche target market to increase your sales so you not only survive in the current state of the economy–but also thrive.

It’s critical to understand that you can’t afford to target everyone right off the bat. You can compete with medium to large business by defining a target niche market and focusing your marketing dollars and brand message like a laser over a long period of time. This is most cost-effective method to reach your desired customer and to generate on-going business.

Target Niche Market

Here’s some food for thought to digest as you define your niche target market.


  • Think like a buyer of your service or product. Ask yourself this basic question: How would I find this business, product or service if I were interested in buying it? Then ask yourself how you can reach this desired customer for the least amount of money possible on a consistent basis.in e Remember that a marketing plan is something you stick with. Work your plan daily and know that in general your ad must be seen at least seven times before it even registers with a potential customer. If you have a well-defined target niche market, you can clearly identify what print vehicles they are likely to read, what blogs they might read, what trade shows they might attend, and what kinds of web sites they are likely to visit so that you can market accordingly.

  • You must know your customer and understand customer trends to best market them. Ask yourself: What are they interested in learning about my business and how will it benefit them? They will be asking… “What’s in it for me and how will I make money”? By clearly understanding your target niche market, you can determine what to communicate to your potential customers and what not to communicate.

  • Do your homework. I can’t stress this step enough! You need to do some research to determine what other interests the people in your niche have. For instance, if your product or service targets single people, join a singles group. When you connect with them ask lots of questions to conduct some free research. You can then use that information to further develop products and services for your business.

Focus on your thought process, target your niche market, do your homework and work your plan. These are effective steps to position yourself in front of your desired customer without breaking the bank. Now get to work!

 

Carpe Diem My Friends

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I had the pleasure of chatting with Shawn Pigg, CEO of Hotels Etc. for BusinessOpportunity.com's Podcast series that will be released very soon on our new Digital Platform.  Here is the transcript from that call for our regular RSS feed subscribers who get all of our posts first.

If you would...
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