What is Niche Marketing in Entrepreneurship?

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Niche marketing is the primary source of income for numerous online marketers. It makes great business sense. Entrepreneur success comes with specific knowledge and your focused efforts to meet the needs of a particular market.

Remember this particular market will only be successful if you offer something unique and enough people are ready to pay actual money to resolve their problems or meet their needs.

Niche marketing is based on two things. Your special offer AND enough people looking for what you have to offer them.

Notice this is about you. Your specific effort. Your sense of style and service could be enough to help you edge out the competition but the more competition – the more unique you will have to be to succeed. Already have a business but not making enough money to call it a “business”… yet? Take stock of what you are arranging right now and see where you can whip up your sense of style. Become an expert. Start with your product or service. Know everything there is to know about it. This product – who needs it, what do they use it for, where are they purchasing it now or where are they looking for it, why they want it, how your item will meet your client’s need.

Create an excellent client profile for each product or service you offer. Who needs or wants it – usual then look at “who needs it most now!” Do you see how your list changes when it makes the “want” urgent… based on NEED first? Who can pay for “it” and who is willing to pay the price you’ve set.

Become an authority of this person. Write down everything you can think of in regards to this ideal “customer.” This image you design will guide you through the residual steps of this exercise.

This absolute client you want to reach. What precisely does he or she want? What problems or wishes will it address? Do they want to buy it? Are they looking for a free or cheap way to get their hands on what they want? Do they worry about price? Does quality exceed the quantity for this ideal customer?

By knowing exactly what type of solutions or desires your ideal customer is looking for, you will be better prepared to meet their need.
Where are they currently getting this service or product? If you offer is a new or unique product or service, look closely at similar items and how readily available they are to your target market. Where would they “shop” to find what you now want to offer? Why are they looking for it? Why is it important to them? Why should they look to YOU for a solution?How effective will your item be? How soon do they need it? How badly do they want it? How will they expect to pay for it? How much are they willing to pay? How fast will they expect delivery? How will they hear about it? How will you convince them that you offer precisely what they are looking for?

At first sight, this exercise seems terrifying but you will quickly see that knowing your product and the people who will buy it is the only way to create your niche marketing plan. Work your way through all of your products or services and write out the answer to the questions in all 5 areas above. Only then will you know how to create your business.

Armed with this knowledge you can plan your website, your blog, your sales pages, and your content. You will know how to relate to your readers and visitors. You will use your “expertise” to match up the right products and customers. As a professional in your “field”, you will learn how to meet the needs of your clients. Become an expert on your customers.

Too often, I watch home business owners fight online because they don’t realize that the key to having a successful home business is being an eager student of both your product and the people who buy what you offer. Your niche? This functional knowledge and strong passion that compels you to be always learning in this one preferred area.

The more specific, more natural it is to stay concentrated and be productive.

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