How are you defining your niche market?
All business owners know that narrowing their target market is the first step in all marketing, advertising and public relations campaigns. However, most companies don’t take the extra step of defining their niche market. Why is this important? Niche and target markets are often confused for the same thing, but they’re not. And knowing the difference can help you make the most out of your marketing efforts.
Target market vs. niche market. Knowing the difference between these two is crucial. Your target market can be easily described as those the business is marketing to. Whether it’s moms or auto mechanics, the target market is usually a broader answer. Niche market tailors to more specific demographics, like moms of twins or auto-mechanics specializing in foreign sports cars, for example. Try answering these three questions: What problem is the business solving? Who has this problem? Who would benefit the most from your solution?
Why go the extra mile? All small business owners want to be seen everywhere, but unfortunately that is not a realistic goal. Marketing strategies, especially online, take time and attention. Not being certain of your niche market can result in wasted time. Consider the following benefits of a niche market.
- More cost-efficient: Tailoring marketing and public relations strategies will help make the most of your time and money by targeting specific marketing outlets rather than spending resources in areas that will not yield results.
- Improves social media efficiency: Being present in every social media site is nearly impossible. Avoid spreading yourself too thin by trying to be everywhere at once. Knowing your niche market can help establish your business in the right social media platforms.
- Improves SEO: By doing this preliminary research you can customize your website with certain keywords that are directly related to your business, making it easier for potential customers to find you through search engine optimization.
The Apples and Nikes of the business world didn’t start out as major corporations. Fining your target market is only the beginning and defining your niche can propel your business to the next level. What other steps are you taking in defining your niche market?
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