These days, everybody seems to be talking about “niche” marketing; but what is this strange sounding phrase, and how does it apply to your business? Actually, if you have a small business, then niche marketing should be your best friend. If you haven’t already established this relationship, it’s time to get going. After all, you’re a business of limited size and means, and you can’t take on those enormous companies such as Amazon and Wal-Mart that are simply too large to compete with. Instead, take on a corner of the market where you won’t have to compete with those huge budgets for advertising and price cuts.
Niche marketing begins, therefore, with identifying that corner of the market where you will excel. The trick here is to find one that is the right size. If it’s too big, you won’t be able to compete. If it’s too small, there won’t be a large enough number of sales to keep you profitable. To find your niche, you’ll need to do a bit of homework. Get to know your industry very well. Look around online, get a hold of some trade publications or hobby magazines, and, if possible, ask around. Once you’ve got a grasp of what’s out there, find an empty little part of that market that is waiting for you to fill it.
With your niche market, you’ll then need to have a niche product. After all, it’s all well and good to know where you fit, but if you don’t have anything to offer, you can’t make any sales! One great way to find a good niche product is to use a keyword software program, such as the free ones offered online. They’ll let you know what people are looking for from companies like yours. Then, you’re all set to make it happen.