Niche Marketing
Feb 20th, 2009 by Laurie Neumann
The last time, we talked about focusing on one niche. But how do you do that, practically, if you have different skills and interests?
Let’s look at three ways you can focus on a niche.
- Just Pick One – do your market research before deciding on a particular niche, as you want to choose one that has profit potential. If you have three different areas you are interested in, choose one and start researching. If all systems are go for profit potential, you have a winner.
- Umbrella Concept – you can offer multiple, related services or products. An example given in the Marketing for Introverts course is someone who offered the service of proofreading for textbook publishers. There may not be enough business or demand for this type of service among textbook publishers, so they could offer editiing, proofreading and indexing, and put it all under the umbrella concept of Textbook Editorial Services. As you can see, all of these services are related and are being offered to the same group of people.
- Develop a Hybrid Business - If you have various skills and interests, see if you can combine two or more of your talents into one business. An example from the book of a hybrid business is a lady who was a professional organizer, then started a real estate business. She could develop a hybrid business and take care of all the hassles of moving – from selling the house, to finding a moving company, to coordinating the entire move. That way, she will use her real estate background plus her organizational skills.
These are some practical ways that you can “focus” your business. Don’t let yourself be worn thin in several different niches. You will end up spending a lot of money on advertising to different groups of people, plus you’ll spend a lot of time trying to dabble in all of them. But that’s what it’ll be — a dabble. Instead, make a “splash” in one focused niche!