Manage Your Money Monday - Niche Focused Marketing Can Improve Visibility

Are you focused on a Niche Market?

...or are you aiming for whatever can bring revenues in the door? 

Consider an archer, with a quiver full of arrows. In a field filled with targets, will that archer pull out a bevvy of arrows, load them into the bow, and launch them... HOPING to reach one or more of the targets? 
Probably not and neither should you!

A few weeks ago, a blog entry was published on how your Business Model affects your top line. Answering those 5 W's will help you to define a niche. Once you do define your niche, however, it's usually in the best interest of your company to stick to it.  

A niche market is the subset of the market on which a specific product or service offering is focused.

A key reason to stick to your niche -- it makes it much simpler to market your product or service. This is especially true when it comes to the Who your target market is: the demographics
Have you ever been to a networking event and listened to various people introduce themselves? The format is often a 30-second or 1-minute Elevator Speech or Elevator Pitch. 
  • The ones that make you sit up and take notice are which ones? 
    • The person who starts with "I'm looking for anybody who..."  -or-  "My company helps very small businesses, owned by women who..." 
    • The guy who says "We can help you get more customers."  -or  "If you've been thinking about finding time-saving ways for more potential customers to get to know you, we can help you with that."

Those are just a couple of examples. But, here's another question for you: 
How narrow can you make your market niche? 

The better you can define exactly what you're selling, the more likely it is that you will find your target market quickly. This is especially true of services providers -- the folks that sell intangibles. They must know what prospects' problems look like and what the symptoms are of an unsolved problem. That helps them to tell good stories and paint mental pictures for their prospects of them solving THEIR problems similarly.

A narrower niche may help you to hit your target more consistently, with a corresponding increase in revenues. You will likely find yourself spending less time, and marketing dollars, to get more customers with just a little more focus. Try it. Let us know how it works for you. 

Comments are welcome. Tell us what you think.
If you need help being more visible to your target market, click here and we can get started on solutions targeted for you!

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