In Part Six we move onto the sixth of your 9 steps to niche marketing success and cover what happens if you ignore niche marketing:
- Your efforts won’t pack a punch
- Extending into other markets is difficult
- Promotion and traffic will leak
If you choose not to use niche marketing, your business will undoubtedly suffer. There’s just no getting around it. The three most important disadvantages of ignoring niche marketing methods from your business which the Dr Nitch research center has identified are described for you below.
Your business and marketing efforts will be diluted and weak. Many customers, many markets, many competitors, little chance to stand out and be seen. Being a generalist is the death of a niche business.
When you fail to utilize niche marketing in your promotion efforts, you don’t have a target. Instead, your products are essentially thrown out to the public and you hope that a few customers will latch onto them.
And even if you’re lucky and a few people do find your product and express interest, you won’t get the sort of turnover those that use niche marketing experience.
Now, why does this happen?
When you don’t have a target market and instead offer up your products to anyone and everyone, you are doing yourself a great disservice. Even though it might seem like you’re expanding your opportunities, you’re really not. In fact, you’re limiting them.
In order to understand this phenomena, let’s break it down. Pretend you’re looking to sell sunglasses. You build a website and open for business. But you have no target market and instead target everyone that might be interested in sunglasses.
The results are fewer sales and possibly a failed business venture.
Now, let’s look at the same scenario but add niche marketing into the mix.
You’re still selling sunglasses, but instead of targeting everyone that might want a pair, you set up a niche marketing site and target specifically to fly fishermen looking for a classy, safe yet affordable pair.
They’d be working with a budget, but willing to shell out a decent amount for a pair that will last. These customers have a strong want for your product as specialist sunglasses are required for safety when fly fishing.
With this knowledge in mind, you can target more effectively to the market and make sure your efforts go toward tailoring the product and promotional materials to that market.
And the end result? More sales and a better reputation amongst customers.
So you see, when you fail to niche market, the lines are blurred. There are too many potential customers, too many markets, too many competitors and nothing about your company that stands out.
You’re just one of many in a crowded shopping mall.
So let’s say you got lucky. For some reason, your business is successful despite the fact that you don’t use niche marketing. That’s great for you now but not so great should you ever want to expand or extend your business into different markets.
Without niche marketing, you have no set customer base and customer loyalty is probably not very high. Extending would be like starting all over again, from scratch with all the costs, risks and effort that involves.
Another key issue of only having a single business is the impact any downturn or significant changes in your market might have.
For example, changes in technology, population or interests might make your existing market redundant overnight. Having a broader based niche marketing business makes it easier to absorb such shocks and focus or move into other new areas.
When you run an online business, you’ll want as many visitors as possible. The more visitors, the better.
And while this is mostly true, we need to adjust the phrasing a bit. That sentence should read: the more targeted visitors, the better. See the difference?
So when you don’t use niche marketing, much of your marketing efforts go right over the heads of customers, some who may have never even heard of your product. Without a targeted niche, too many disinterested visitors will stumble across your site causing a very low turnover rate and a generally bad business set up.
Remember: having loads of website traffic doesn’t do you any good unless those that visit are actually interested in what you have to offer and respond to what you put in front of them.
Now on to Part Seven of your Niche Marketing Course!
In Part Seven we’ll move onto the seventh of your 9 steps to niche marketing success and cover finding niche opportunities such as:
- Niche Market Gaps
- New niches
- Poorly filled niches
- Old niches re-born
- The perfect niche