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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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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Understand the basic myths behind target markets before planning on your niche

Before, currying on your niche, you need a basic understanding on what a target market refers to since this would be the very basic of deciding on a niche market. A target market consists of customers who are willing to buy from you and having the ability to access you. When a marketer decides on target markets, he or she should consider the following four bases that remain the prime stones of building on it.

Democratic base: Here you would classify your target customers or segments based on democratic variables such as age, income, sex, occupation and so on. So your business is targeted to a specific set of customers who belong to a similar democratic category. Let’s assume you are producing a product that costs around 500 dollars and now you decide only limiting your promotional activities to those who earn above 1000 dollars per month. This is how you will decide on your target market based on democratic base.

Geographic base: Here you would target a set of people who belong to a specific geographic area. This may be a region, province, or even a nation. Nevertheless, this might be not that an effective way of targeting.

Behavioral base: This is a very sensational way of targeting and a behavioral base target market would consist a set of people belong to have similar behavioral characteristics. This includes knowledge about the product, consumer behavior, purchasing patterns and usage rate etc. However, the marketer needs investing on excellent research to study and to find the appropriate segment here.

Psychographic base: This is also another way of targeting the segments based on their psychographic requirements. This includes status and class classifications. For example, you may have to decide on whether to select an upper class segment or middle class segment for your business. However, it may drawback in the point where you need to study the variable aspects such income on finding out the psychographic segment.

So, got it? Hope you are now having a better understanding and enjoyed this piece. If so, let me know your feedback and read other articles in our blog.

Sen
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