Monday, May 10, 2010

Niche Marketing

Monday's Business Bon Bons!

Today we are talking about Niche Marketing. Whether you are involved in a conglomerate site like Etsy or the web in general, it is critical to define a niche market in order to be successful. What does this really mean? It is simply like ESPN is to TV ……..a sport’s lover’s dream. You take a market and find a segment of that market to focus on. This allows you to create their perfect “candy store” so to speak.

Defining your niche has many advantages:

1. You become a specialist instead of a generalist. This distinction will cause your customers to trust you more because it is your “specialty”.

2. You will be able to create your customer's “candy store” which can become their favorite place to visit because it is tailored to your niche rather than broad appeal.

3. It is more cost effective since you will be able to streamline your marketing efforts toward a narrower market.

4. Niche marketing allows you to set yourself apart in a sea of options on the Internet.

Here are a couple of first steps to start you on the path to finding a successful niche market

1. What do you love? What market groups are you already a part of? A passion and personal knowledge give you fantastic advantages as you create your customer’s “candy store”

2. Take the information from step one and research google keywords. Look for niche areas that are not saturated with competition. This is where you will be able to break into the market by meeting a need that has not been saturated with options.

3. Followup by taking a “drive-by” the websites of potential competitors. This will give you an idea of what is being offered and may reveal where there are gaps and opportunities for you to shine.

Thanks for stopping by today! Come back Wednesday……’s always Mom’s Day on Wednesday at Balancing Bon Bons!

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