A cash rolling industry; Pet Market trends and niche Market concerns

Do you love Pets? Do you want to give the maximum care to your dog and would like to watch happily, when he grows? Yes. At least ninety percent of you reading this piece would have seen campaigns like this and must have answered yes inside. Isn’t it? Pet industry is the best growing industry in the latest trend and a person who would like to start a business in this industry has a definite success. According to a study conducted by Industry Research Report, Pet supplies industry has recorded a boost by 4 billion dollars in USA and products such as Cat Litter, Cat Toys, Pest-control products, and Pet Carriers have been recognized as the leading products in supply. However this industry has become solemnly competitive and the downside is that the existing markets are already taken by the big guys in the industry. Now small players need a strategy to coop-up their business with these big guys and these small players seem to come-up with actually inspiring products that no one has even thought of. Have you ever thought of a cat that suffering from Diabetic? Yes. There are pharmaceutical companies that provide Insulin Therapy for Feline Diabetic, which is an illness cause to cats as well, humans. What do you think about the dogs with Arthritis? Would you say no when a company specially designs an orthopedic dog bed for your lovely dog that suffers from Arthritis for a long time, a comfort lift career where you can make your dog or cat to sit comfortably when you walk, Ramps and Steps for your dog that has difficulty in jumping into your car. Therefore, creativity is everywhere and it can help you to make long journey in your business. Seems interesting? If yes, then read our other articles and leave a comment.

Strategic branding concerns for small businesses; the foremost path to succeed in a business, example provided with Chinese brands  

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Strategic branding concerns for small businesses; the foremost path to succeed in a small business, example provided with Chinese brands

(Source: Google image)

The very basic investment for a small business should be made to target and position the offerings of this business in a most attractive and in a profitable niche. Later, the business’ success is decided by the facts such emotional relationship between the business and its customers, the acceptability, recognition, loyalty and so on. Therefore it would be more logical to say that the sustainability and profitability of any business is purely depended on how a product or a service or an offering is emotionally recognized as a brand, how it is strategically positioned as a brand, what concepts that brand represents for and how unique that brand stands smart from the competitors.

Therefore, a well-built brand should cover all above mentioned aspects and the branding strategies should be enormously brilliant to beat against the practical circumstances that arise. Chinese brands seem to benchmark in the global markets with their brilliant strategies. In a general manner, Chinese products are recognized in other countries as less in quality, low- safety, cause of physical diseases, worst user friendliness, and standing for low social responsibility. Therefore, the concept of ‘Made in China’ has actually become a desecration for Chinese brands and nowadays world leading Chinese brands have started refusing to use this conception in their branding options. Any brand that is named something like ‘Zing or sing’ would be easily recognized as a Chinese brand in global market and leading Chinese brands have started to avoid branding their products in a Chinese way and yes, they are successful. The best example would be Bird a Chinese brand for mobile phone had been world listed as one of the best mobile phone soon after Nokia. (Interbrand, 2005)       

Chinese brands can be considered as role models for any business that is about to brand its offerings on the perspective of avoiding the practical circumstances in a clever manner. Other than, a good brand should represent good ideas that would be beneficial from the customers’ viewpoint or from any other stakeholders’ involved in the business. The ideas might be emotional or rational and most importantly, in both ways, the brand should ensure the end customer is benefiting from the ideas and concepts rather than just keeping them for a business model. Example: Wal-Mart is not just a place to buy products, it is concept of low-cost high quality purchasing and most importantly, it functionally benefits the customers to save their money and emotionally making them happy.

For a small business, these concerns would be quiet enough to make their brand successful in a niche market. However, when the business grows in the forms of expansions, partnerships and alliances, the coverage of branding concerns also get expanded as well well-studied compliance to the areas of where they need to grow.  

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How can you promote your brand among your niche?

This would be the ultimate aim of selecting a profitable niche and if you know how to do correctly, then you will be very successful. You can select advertising, direct marketing, personal selling and even sales promotions as your mean of promoting. It all depends on your product category. Here I am only focusing on advertising.

Broadcast media (use radio for advertising): Radio may not be considered as glamorous as Tele-vision. It makes it more difficult to attract some talented professionals to design ads. Local radio has a particularly close to a local image and if your niche consists local people, then you can go for it. Talented radio professionals make their listeners to remember the ad.

Tele-vision: Due to the high exposure, glamour, and audiovisual impact of the Tele-vision, it has become the favored medium of buying new products, raising brand awareness and loyalty among your niche. Nowadays re-positioned brands also use this medium to attract their new niches. (Ex: Tigo) Tele-vision ads have short life-spans, most ads last for 15 or 30 seconds.

Outdoor media: Poster advertising is one of the oldest media for consumer goods advertising, sites on walls, hoardings and bus shelters and they can be leased for per calendar month.

Cinema: Cinema advertising takes advantage of high audiovisual impact and the captive audience but still requires a high quality and entertaining value.

Internet: forty years ago, the newest medium was Tele-vision, about 17 years ago it was cable Tele-vision and currently it is the internet. There is evidence that Tele-vision audiences are migrating to the internet. In the US, over a million prime time Tele-vision viewers have shifted to internet. Niche segmentation is very easy to accomplish with internet.

So now you have to decide on which one is really suitable for you. If you have anything to ask, you are encouraged to do so.

Mathangie

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Niche marketing Pros and Cons: would you lose your business if you only focusing on one niche?

Ok. Now it seems niche marketing is one way to quickly succeed with your business. However, everything in this world has its pros and cons. So what about niche marketing? There is no doubt that one can easily reach the target by focusing only in a most-significant niche in a small business.

Nevertheless, if your company is quiet big and capable of promoting it well too, then you can go for target markets. In case, a large company only focuses on a small niche, it means that it is losing on sales unless if it is not for specific reasons. However, does it mean that big companies can’t be successful with niche marketing? Yes. They can. How? Let’s say you own a large company that owes different business segments. So that for some segments you can only concentrate with specific niches. For an example, Wal-Mart has started marketing specific mugs that are especially designed for hunters in Africa.

Though you are big company, you still would have some business units that do not financially perform well and other segments, which are more profitable. I would recommend to allocate more budget for the cash cow segment (most profitable) when deciding on your promotional activities. Then for the units that do not financially perform well, you can stick with small niche and that niche should consist of customer who will definitely buy from you. Therefore, you can reduce on your production units and can too ensure that production does not exceed the demand from your small niche.

Mathu

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Different strategies of positioning a product in a niche: what would be more successful?

Positioning is an art of capturing a soft corner in your customers’ minds and you can do it in different ways. This is what your customer would know about your product and what would stand for the rest of the world regarding for you too. Let’s see some of the examples of positioning your product in your selected niche or niches.

Price or quality positioning: If your product is such very high in quality, then this is for you. Whenever a product has high quality, which is always consecrated with the highest price margins. Here what you remember when you are saying high-quality, it always results in less-bulk, long life-time, safety, excellent after sales services, warranty, ISO certifications and it should give the feeling to your customer that it worths to their paying. If your product has all of them, then you can set market above price margin for it for sure. In addition, since you have the ability of producing high quality product, it is always advisable to concentrate much on your branding because quality-seekers would prefer to buy bands rather than just looking for products.

Benefits positioning: As a good marketer as well as a good businessperson, you should always say that you are selling benefits rather than just saying you have a product to sell. When your product has a worthy benefit than your competitor, then you can use that as your strategy of positioning. Best example would be Nokia for its user-friendliness.

Unique selling proposition: If you think that your brand or product has a unique feature, then you can go for it. Let’s say you the first to introduce something in your market, then you can always use that as a tactic of promoting yourself.

Competitor based positioning: If you are in a very competitive market, then you should look-into what your competitor is doing. Here you might position your brand against to competitor. For an example, adbrite is positioned against to Google adsense.

Cultural based positioning: If you love your tradition and religion very much, you can go for positioning your product with cultural symbols or a value that is most respected in your tradition.

So that deciding on your positioning strategy is much depended on your product and its capabilities and it is up to you to select on it.

Mathangie

you may also interested to read our article on is it possible to make million dollars with a specific niche in a small business

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Is it possible to make million dollars with a specific niche-concentrated small business?

Nowadays, it seems everyone is wanted to earn million dollars but in reality, only a few people have succeeded in getting into this. However,earning million dollars is not just a dream and is possible if you own a giant industry leading company in any field or if you are working for multinational firm or you born with enchanting look and for your poses, someone is ready to pay for you. Nevertheless, we all do not have the above-mentioned opportunities. I assume at this moment, when you are reading this article, you own a small business or planning to start a one.

When you have a product to sell, or talents you owe that you think others are willing to pay for it; you are now to select, target and position your product in an appropriate market. What a person who want to earn average profits would go and select a target market (please read the article on Understand the basic myths behind target markets before currying on your niche)) and would design his or her positioning strategies for that particular market. Now a person who is passionate about earning million dollars would go for the most attractive and relevant niche and would position his or her product with significant strategies. Here I am listing down some ways you can make million dollars with your small niche.

You can be a successful person if you can cover your broader target market’s requirements by paying less efforts along to your most focused niche in which you are paying the maximum effort.

When selecting your niche, be careful on the profitability of it. This has two meanings that your niche may consist very rich people who are willing to pay high or consisting of people who are dying with a need of buying from you. Thus, it ensures the willingness as well the ability of purchasing.

Invest on developing your brand loyalty and emotional relationship between your brand and to your niche. Here your brand must represent your niche. The examples can be pen downed such as Mercedes Benz for upper class people, Emerald for good-looking men and MAS holdings for the people who prefer wearing sustainable clothing.

Try maximizing your quality to the utmost level and now you have the chance of bargaining for a very high profit from your niche. (Always evidence your quality with ISO certifications)

Constantly show some changes in terms of your business improvements and this is the best way to sustain your existing niche. Once you get the feeling that you are successfully maintaining a good deal with your existing niche, and then try capturing new ones with very similar requirements. Nevertheless, you should remember that new niches only differ slightly in their requirements and can cover them with your current strategies.

Also, try to coordinate or make relationships among the niches’ requirements. The brilliant example: years back, Baby soap companies in India observed a fall-down in the population of Babies whom they were targeting. Years later, they came up with a concept of ‘skin-soft mums’ and the logic behind if a baby soap is good for babies, then they should be good for their mums as well.

The above-mentioned tactics would help you to identify a profitable niche. However, if you really want to make money with them, you now need to design brilliant positioning strategies.

Senthan

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Why small businesses should turn to niche marketing: the real concerns behind niche marketing

Why should a small business stick to a much-significant niche? If doing so, wouldn’t they lose other customers and the gains stimulated by them? This is one of the obligatorily asked questions by everyone who run a small business and in process of finding their actual customers. Let us try to understand the sense behind niche marketing. The ultimate challenge of any business owner in this world is to find their target markets unless their products are such ‘must be used at each home’ and thus there is no need to hunt on who their actual customers are. However when we say ‘target markets’, it seems making a much broader view. If you want to learn the basics about target markets, please read our article on The basic myths behind target markets.

Let’s say you are running a small jewelry shop and producing all kinds of jewels. Now you are targeting everyone who wears jewels and you do not really worry about whether they like gold, or platinum or silver or whatever. Now you decide to focus only on designing gold and right now, you know customers who love wearing gold will only come to you. Later you decide limiting your business with ‘gold wedding rings’ and your shop is also renamed as a gold wedding ring house. So that, only people who are about to marry and love gold will come to your shop. What do you think whether you are losing or gaining? I would say you are gaining and here I have listed the reasons behind.

Think about the cost: earlier, you were focusing at all. Thus, obviously you would have had a greater material cost than you have right now. Also from your material suppliers (gold, silver, and platinum), you would have bought in small quantities. Now you have only one supplier and purchasing from him in a huge quantity. So that, you have better chances of creating better ‘supplier relationship’ and gaining a portion of saving in your purchases.

Think about the varieties: earlier, you would have produced huge variety of rings or whatever jewels. Now you are only focusing on ‘gold wedding rings’ and having an opportunity to produce wide varieties of wedding rings. So that, you can become a specialist in this field.

Customer behavior: Assume yourself as a customer who needs to purchase a wedding ring and what would you do? Will you prefer going for a normal jewel shop or for a wedding ring shop?

Do you now agree that you have better chances with a concentrated niche rather than just targeting everyone in your market coverage area? However, it is not to say a niche will be profitable for all categories of businesses.


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