WHAT’S THE RIGHT NICHE FOR YOUR COMPANY?
Many people fail at business because they try an age-old business killer called “trying to sell to everyone”. The first lesson taught in the Saafenet strategy is to find a niche that will buy whatever you are selling. Selling to a niche has the potential to earn you big money. If it is a well-defined niche hungry for whatever you’re selling, you have a greater chance of making sales. With a niche, you increase the probability you will capture the hearts, minds, and money of your target market. Trying to sell to everyone will almost always fail in a new business because the masses tend to spend their money with known companies. Few people want to gamble on an unknown company. To increase the possibility you will make money, review the five steps for developing a niche that will be drooling to buy your product:
STEPS FOR FINDING YOUR NICHE
- You must decide three things. First, whether your product is useful or not. If it is, who would get the greatest utility from its use? Second, if you’re able to answer the first question, you must decide how you will differentiate it from what’s offered by competitors. Third and finally, you must determine how you will most efficiently get the word out to your target market.
- You want to establish yourself as the go-to company for whatever it is you are selling. Many alleged business specialists suggest establishing yourself as an expert. We almost agree. But realistically, becoming an expert in a world full of them is unlikely. Your goal should be to become an expert over time. Thus, you don’t have to try to establish yourself as the leading expert. You don’t have to beat other experts, aim to join them.
- The Saafenet training manual suggests no matter what you’re doing, you have three limiters. Your objective, your budget and the most effective means of delivering your message. When you’re a new start-up, typically your budget is small. But, your objective would always remain to make the members of your niche aware you’re available. Both initially and over the long run, you would look for inexpensive or free methods to get the word out. To the extent possible attempt to get your company or your offering listed everywhere you can. Online you should both join and create groups. Offline, be certain to be an ambassador for your company along with anyone else you can get to toot your horn. When you’re starting out use flyers, brochures, and business cards. All of which can be put together for a little money. As you begin to earn profits
- Initially, you might establish business pages on social networks. No matter what you’re selling, there are probably people looking for it on Facebook. Facebook remains the king of the hill for social network marketing. But don’t overlook Twitter, Google +, Linkedin, Pinterest and any of the big social networks. When you begin to make money, you can buy paid advertising to the extent your profits exceed its cost.
- Remember, there is no perfect niche, and developing the right one for your offering may require some experimentation. Keep in mind business is conducted on an emotional level. Once you identify the first niches you plan to experiment with, ensure your communications appeal to their emotions, and the benefits they’ll derive from getting the offering from you rather than a competitor. Just keep in mind it is pointless to try to develop a second niche until you are certain about the first.
If you are comfortable that you have been able to match your offering with your niche it’s time to start on a business plan. Keep in mind that your first impression of the right niche might be wrong and require some experimentation. And, your business plan must be constantly updated to be of use. Look at advice you must observe when preparing your business plan