How To Reduce Your Cost Of Marketing
Go confidently in the direction of your dreams. Live the life you've imagined. -Henry David Thoreau
If you have read any marketing literature you have most likely advised that you should find a niche. This in traditional marketing was referred to as market segmentation. The question is; why is it so important that you should focus on it. The answer is savings and profits.
Targeting a Niche Saves Marketing Resources.
There are two predominant mindsets in Trinidad, one where people think that the more businesses they start the more money they will make. One short lived partner of mine insisted in being in 5 businesses at the same time. He ignore my advice which was if what you are doing is successful you can make millions with it, why look at other things. Guess is the same way we think of women, one is good but two or three is a lot better.
The other mindset is that everybody needs what I’m selling so everyone can be a customer. Dope slap for thinking that. Without knowing what you sell I can guarantee you that every one is not your customer. Sure everyone could use your product or service but people buy what they need not what you sell.
As soon as you can wrap your mind around the fact that everybody is not your potential customer you will be way ahead of the game and save yourself thousands of dollars. Trying to market to everybody only wastes your marketing resources. In today's tough economy, you can't afford to waste money on ineffective marketing.
Niche Marketing Allows You To Talk To Your Market
People are people, when you talk to them they listen. There are literally millions of advertising messages produced daily most not talking to anyone in particular talking to everyone. These messages attract the people who are interested everyone else ignores the message. I bet you have too.
Niche marketing allows you to talk to the people who actually has a need and will be more likely to respond to your offer.
When you know where people in your target market shops, how many children they have, where they work and how much money they make you can use a range of tactics and strategies to get their attention. Niche marketing is easy less costly and a lot more ineffective. It makes it easy to learn what appeals to which makes marketing easier and less expensive.
Niche Marketing Helps Your Marketing Strategy
When you know your target market, you know what they read, where they go for entertainment, what TV shows and radio stations they listen to you can craft more effective marketing messages. Your creativity will be tapped which will improve your chances of selling your products or services.
Niche Marketing helps you to meet your potential customer’s needs. It helps to build relationships and brands you with a heart. It builds a client data base.
You Decide And Develop Your Own Niche
The best part of niche marketing is that you can decide which niche you will target. Think about the product or service you are offering. Who in your market absolutely needs it? Its easier if you have been in business for awhile. Look at your current or past clients, describe them. Even if you have not been in business for awhile, write a description of your ideal client.
Describe the niche then go after it and stop wasting money thinking that everybody needs your product or services.