Rich Marketer Poor Marketer by Marketing Mastery - HTML preview

Building a Unique Niche Approach to Business

If you are already in business, you may already have a reasonable idea of what your unique niche already is. Most people enter into business, whatever  its  size,  because they have an interest  in the  product  or service they are selling.  Perhaps you have qualifications within the industry your business operates or you have previously sold products and gained experience with the produce you are now selling yourself.

Your niche is the primary product you are selling and the secondary products are those products that support the primary product. If you do not have a primary product, then your primary product should be the  product  you  are  currently  ranking  as  your  bestseller  with customers.

If you are reading this eBook with the intention of starting your own business then consider the products or services that already have your personal  interest.  Investigate  which  of  these  are  already  in  high demand with prospective customers. If you remain undecided about your  business  focus,  choosing  the  product  or  service  already  in demand, will provide you with a potential niche focus.

Knowing which product or service to sell is at least in the early stages of developing a business, the easy stage. The important point is not to grow your  niche too big too quickly  without  having identified the niche group to market it too. Most businesses fail by trying to expand too quickly and without the customer or client base to support  the expansion.

When determining how to market  the niche,  it  is tempting to take advantage of all the Internet marketing tools and develop strategies more focused on optimizing a website for search engines in the hope of  attracting new customers.  This temptation may attract  traffic to your website, but it is not necessarily going to mean those visitors will become customers who will remain loyal to your business. 

When we remember,  the role  that  developing relationships play in building wealth potential, it is easy to understand why statistics show that the best way to increase business is to develop relationships with your  existing  customers.  This  approach  to  customer  service, contributes to customer loyalty to your products and services. Their word of  mouth recommendation of  your products and services will attract its own traffic. 

Building  a  niche  focus  group  does  not  mean  not  implementing optimization techniques to build a broader customer base, but rather encourages the resources and financial assets be directed towards an already interested market base. This enables the business to reward customer  loyalty  and  build  on  existing  relationships,  rather  than constantly needing to build new ones to maintain sales and profits.

Robert  Kiyosaki  has  described  the  importance  of  this  service relationship approach to creating a customer niche.  He highlights the principle  that  “wealth  is  a  reward  for  services  rendered!”  As businesses  provide  products  services  to  their  customers,  and customers recognize that they and what they want and need are the business focus and not just profit, they will return continuously and will bring other customers with them.

How Big Should Your Niche Be?

This is an important question that needs to be answered before you can plan anything concrete about your business.  All  your business related  activities—planning  strategies,  creating  a  plan  for  your business promotion, hiring people to work for it—will depend on the size of  your niche.  If  your niche is very narrow,  you will  probably require only a few resources to bring it to fruition, but if your niche is huge,  then you will  probably  need a large number  of  resources  to make it happen.

That is the reason why you have to think about the size of your niche. Maybe you could begin by making a fair assessment of  the kind of resources  that  you have at  your  disposal.  What  is  the  budget  you have?  How  many  people  are  working  with  you?  What  is  their expertise?  What  are  your  qualifications?  What  eligibilities  do you have?  And,  most  importantly,  what  are  the  visions  that  you have about your business?

These are the questions that  you should ask yourself  and get  good answers to when you are planning on the size of your niche. You need to make sure that you select a size that works for you—a size in which you can fulfill your business’s goals and ambitions.

Moreover, there is one very important thing. Whatever business you start with, one day you will need to expand it. At that time, you will want to widen your niche.  That is why,  even if  you are choosing a small niche now, make sure that there is scope for growth. Your niche should be able to grow when you are ready for it. Will you be able to implement techniques that will help you find more people to add to your niche, and hence aid you in growing your business?

The preliminary planning that  you make for your business is what dictates its future. At the same time, I should tell you not to be too reserved and restrained in your thinking—there is a lot you can do if you visualize and plan hard. So, let yourself loose!

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