Knowing your company’s marketing niche is very important if you wish to successfully compete with other companies for a share of the limited market that exists in today’s economy. There are many ways to find your niche in the current market. From surveys to market studies the options are almost limitless but there is a very simple way to find and fine-tune your niche. By asking yourself a few simple questions you can find your marketing niche. The more detailed your answers to these questions are the better understanding you will have of your niche.
First of all lets ask, “What am I selling?” Know your product inside and out. The more knowledge of your product you have the better you will be able to answer the second question. Next ask yourself, “Who would want to buy my product?” When answering this question be VERY detailed. Be sure you take in to account all the variables of your target customer: age, race, sex, economic status, education level, even religion can be a factor. Third ask yourself, “What makes my product better than my competitor’s?” To answer this question you need to do a little research. Look closely at several things about not only your product but also that of your competitor. Compare product quality, quantity, price points, even packaging can make a difference. If your target customer is of the upper economic level then your packaging needs to reflect that. After all you would not expect a millionaire to buy your product if it were sold in a brown paper bag. These three questions will allow you to identify your companies market niche and by doing so be more successful.
Contact me for a discovery meeting to explore what is your niche today.
Don Stevens
585-694-8108
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