| If you want to make more money in today's
competitive environment, then you need to master your business niche. Let me show you a
perfect, prime example of niche marketing at its best:
The AARP card appeared in the mail again. This time I
actually opened the envelope and reviewed the material included with the invitation to
join. Offers of insurance, magazines, on-line registrations and general information
related to aging spilled out across the table. Everything in the packet maintained the
specific intent of enticing a middle age person to join the group dedicated to senior
citizens.
A scant five years ago, I wouldn't have acknowledged the
promotional material. It would have been swept into the nearest garbage can as I briefly
wondered why this organization wasted its marketing dollars on me. Now, as I scan the
introductory letter, the supporting messages delivered in the envelope are beginning to
make sense. I've discovered that the magazine is dedicated to providing me with
information on medical advancements for cholesterol control, suggestions to slim the
middle age bulge and tips to improve my memory. That last one caught my attention.
Startled, I realized that I aged into the targeted
demographic of The American Association of Retired Persons (AARP) and didn't feel it
coming on. When, for god's sake, did I stop being 35? AARP knew it would happen and
patiently primed the pump for several years as it waited for me to emotionally recognize
that my body and brain would change. My perspective would alter and this organization
graciously waited until it was needed.
Now, that's niche marketing!
When is Niche Marketing Most Effective?
Niche marketing is most effective when you immerse yourself
in a specific topic area and then start building your reputation for being a thought
leader on that specific topic. It may sound intimidating, but in reality, all it demands
is focus.
Nido Qubein, a recognized business strategist and forward
thinker coined the term "Intentional Congruence". He stresses that everything
you do in your business must tie into everything else you do. It's about having intent and
purpose to intimately understand what you are doing and why.. Without understanding who
you help and why you are doing what you do, how can you expect anyone else to know?
5 Elements to Identifying and Building Your Business
Niche:
1. Create an inventory of your strengths.
Identify how you relate to people and get specific in your values. List what you already
know and what you need to learn to position yourself as an expert in your field. Describe
the specific abilities you possess that are unique to you. Determine where you stand in
terms of current finances. And, estimate what financial requirements will be necessary to
build your niche with your target market.
2. Select the top two areas you have a passion for
pursuing.
Without passion or emotional engagement for the subject area, long-term success is
unlikely. The ultimate goal is to do what you love, love what you do and make an
acceptable living as you do it!
3. Research the two niche areas you've identified.
Determine: who are the top three businesses or individuals already doing what you want to
do? Review their websites and gain a sense of how connected and informed your future
competition is. Research the internet fully to gain a sense of topic areas, product
offerings and customer/client "reach out" efforts. Identify what is already in
place and focus on those areas you feel are under-served.
4. Build a resource inventory.
Contact business professionals as needed to build alliances. Create opportunities to
interview people or hire whoever might be necessary to fine tune your business plan or
fill in the gaps of knowledge on areas that are critical in establishing you as an expert.
Offer your services to other business professionals as well. Just because you are new to a
niche, doesn't mean you are lacking expertise. They simply don't know about you yet!
Building relational capital with others who thrive in the market you wish to enter is
always beneficial to everyone who participates.
5. Put your stake in the ground and claim your position
within your targeted niche. Here's how...
- Start offering your knowledge to the masses by using social
media liberally.
- Become a fan of expert pages and register to participate in
other List Serves that focus on your area of expertise.
- Read and post to other expert blogs on your topic.
- Write articles focusing on your area of expertise and submit
them for online publication. You can go to TryMyFreeArticleTemplates.com/karel for 3 free
article templates.
- Make every opportunity to interview other industry experts
by tele-seminar and provide those to your clients as additional resource material.
- Build an accessible on-line library that is exploding with
information for your customers and clients.
- Create surveys for completion by your target market to gain
knowledge through research and insight that is unique to you. Publish a white paper or
report annually that includes this research.
Now, you have the keys to dominating your business niche.
Nothing is holding you back from being the expert, knowing your target market and
maintaining a gentle helping hand. You are in charge of designing and maintaining a world
of comfort for your customers and customers. You can make their lives easy because they
now have you - the expert to rely on. |
