Operating in a niche market is increasingly important to your overall business success. You see right now you’re probably marketing your products and services to a wide range of people who exist in a broad demographic. But if you were to implement “niche marketing” into your business, you’ll more than likely find that your overall costs of doing business will diminish, and people will quickly see you as an expert in your niche.
What that being said, you may be wondering why you should even bother with going into a niche. Well my answer to that is simply because you’ll earn more money this way. Plus, you can charge more for your services because you’re selling to a group of people who are targeted, and really need help with something in their lives.
As a business consultant, I regularly see business owners who don’t operate in a niche and spend a lot of money on advertising just to get their name “out there”. What this means is that these business owners are paying a lot more than they should be paying to acquire a new lead or customer. But if these business owners were to operate in a niche, then more than likely they wouldn’t be spending the farm on gaining a new customer.
So how can you re-invent your business and go into a niche? Well the answer is simple really. You can start by targeting a sub-set of your current target market. So if you’re a fitness gym owner, you can focus your gym around helping women lose weight. In fact there’s actually a gym like that in my neighborhood; it’s called “Curves”.
Or, you can take your fitness gym and focus solely on people who weigh over 200 pounds, and wants to start shedding weight immediately. You could operate your gym similar to the program, “The Biggest Loser”. Offer prizes for the top “losers”, and do things each day to help these people remain motivated towards achieving their goal.
Did you just see how I carved out 2 sub-niches from a general business category? You can do the same. You’re prospects and customers will feel as if you know what they’re going through, and will come back to you over and over again until they finally attain their goal. With that being said, I think it’s more than important to carve out a niche for yourself so that you can improve your overall costs of staying in business.
Niche marketing is the key, and don’t let anyone tell you differently. If you want to make more money in your business within the next couple of months, do your research on how you can carve out a niche for yourself. Go online and search in discussion boards or forums to see what the main problems that people are having.
Going back to the fitness gym example, another way to separate yourself from your competitors is to offer a 24-hour gym. This is great for people who have to work mornings, and who normally wouldn’t be able to attend a fitness gym because they close relatively early. I know of a gym called the “Rush Gym” that is open for 24 hours, and they get a lot of members because of it.
Niche marketing can make you very profitable, and don’t let anyone tell you differently.
Good luck with using these strategies to have the most success with your niche marketing efforts.