Niche: The New Age of Marketing
Change is good.
There is a need to adjust the way we market our products and services due to an increasingly competitive market. Thus, we need to turn marketing on its head by focusing on the customer, asking the customer questions and responding to their answers. What the customer wants, needs and is willing to pay and where they are willing to pay—in terms the Internet and the popularity of online purchases. In other words, take the main focus off of the sales, profit, place and promotion and focus from the customer perspective and use the proper mix of marketing tools to stay relevant and competitive. It is up to you to find customers to fit your preferred customer profile then make sure you keep those customers satisfied because that will be the best barometer of success.
Successful Ventures
What key differentiating attributes do you offer?
If you want to be a successful venture, you need to serve a specific niche. By focusing on a unique market, you will become an expert and provide quality services and/or products. Brilliant advice you say? Yes, but it is up to you to identify subtle differences in the market and make sure you can make a profit with that segment to be more successful. Remember, the benefit to niche marketing is the value you offer your customer and the lack of competition.
International Niche Marketing
For international marketing to be successful, rests on a firm’s abilities to find unique segments where needs are specialized. Specialized niches transcend national boundaries and many companies view the world as their marketplace. International niche marketing is desirable and accessible for a number of reasons. First, you develop a global vision and sell your unique and valuable product to global markets. Second, your unique knowledge is what helps you sell. Today, companies can, and should, make the shift to expand internationally.
Perception is Key
Your product may not be as unique or as specialized as everyone thinks but image is everything and you have to market yourself to show the customer you are different. For example, offering superior service.
Understand your Competitor
It is important to gather information about your competitors on an ongoing basis in order to create your own niche opportunity. Figure out what makes them unique and what specifically gives them a competitive advantage. Find out their pricing and advertising strategies and research their websites and online presence—make sure you realize that your online presence can also be researched. Attempt to talk to customers at networking events and talk to your competitor’s suppliers. Most importantly, hire a team of people to focus on the competition in order to differentiate your niche and specialize in the aspects where they may falter or differ in some way.
Corporate Mission Statement
Do you have a unique product or service?
If yes, compile a diverse team to create a mission statement for your company. Start by asking the question: Where do we want to go? This process should and will take considerable time to list ideas, for example, commitment to quality, technical superiority, continuous innovation and putting the customer first then revise your ideas until you have a corporate mission statement for all levels of the company. Make sure you review and most likely revise your mission statement annually. You don’t have a unique idea yet? You can start by considering what other people or companies do not want to do and figure out if you are the right person for that niche.
Customer Satisfaction Guaranteed
Customer satisfaction guaranteed should be an ongoing goal for all companies—particularly niche companies. There are many strategies for gathering customer satisfaction information and you can start by Googling: “Customer satisfaction information”.
Niche marketing and perceived value pricing
If you are a niche marketer, you need to set your price at the highest level your target market is willing to pay. This is simply because you have little or no competition. However, if you are just starting out, it may be wise to give away an hour of your time or a sample of your product—in the beginning. This is a great way to build relationships, focus on customers needs and provide you with reference points and feedback. This approach is a powerful technique as long as you give and ask for nothing in return besides, perhaps, an email address or contact number.
Build Trust and Credibility: Tell a Story
Do you have a short story to share with a customer?
Sharing a true story, happy or sad, helps you connect with your customer or demonstrates how your company, service or product can help serve a customer’s needs. For example, how did a customer solve a problem, using your product, or dealing with your company? Customers respond to stories of how other customers have solved problems and found solutions!
Conclusion
When you have a clearly defined niche and you summarize the differentiating benefits for your business, not only will you attract your ideal customers and clients, you can often build your clientele, your business and profit from all of your hard work. Good Luck.
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