Self Employed niche market
The best way to ensure a good return on advertising is to market your business to a specific group of customers. Many business owners think that advertising to the largest achievable market is the best way to succeed. They don't want to target a specific market because they feel that they will lose out on all the other clients that don't fall into the specific category. It is however not the best way to market your business. It is difficult to position your business well in the market without a specific vision.
Creating a niche in the market eliminates unnecessary competition. You can set a higher price since your products or services are geared towards a specific group of clients. There are few alternative suppliers for the products and thus less competition.
When you plan to market your business, you should first do some analysis of the potential group of clients, the immediate and potential competitors, the customer perceptions of your products and services, and your capacity to provide a service to the selected group in such a manner that they will perceive you to be the best choice of a service provider in the market.
Market researchIt is the process of eliminating unwanted customers, products and services that will save you a lot of money and hardship in the long run. You set boundaries by establishing who to sell to, what and where to sell, in what format, how and what to charge. Once you have established the boundaries, you can customize your products and services to the requirements of the market. The sales message will then be more effective when you market your business. This process need not be expensive. It can easily be done by asking relevant questions. To establish if a specific niche fits your profile, ask the following questions:
- Is there a specific group of customers or clients that share related needs?
- Is the target group large enough to secure a good income?
- Is it possible to adapt my products and services to address the specific needs of the target group?
- Are there many competitors who target the specific group?
- Will I be able to reach the target group through affordable means?
The niche that you create will provide you with a focused method to market your business. The target group will appreciate your special knowledge or selected products and services more when you target their specific wants and needs. If the niche is big enough, you can get a substantial income by the provision of services and products that are unique.