Why niche marketing is important

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What is niche marketing and why is it important?  Niche marketing is the conscious effort of defining the specifics of your target market in order to tailor your services towards them. In other words, it is simply your ability to identify and outline who your main customers will be and target your marketing efforts and products/services towards that group.

It is interesting that a lot of people go into business without a clear knowledge of whom their products/services will serve once they start their business, which accounts for why so many businesses fail to thrive. When you lack the sound knowledge of who you want to sell to and what you want to sell, how do you know who to approach in other to introduce, advertise or market what you do or what you have?

Knowing your target market has to be a deliberate thing that you will do to come to terms with your potential customers. Hence, you have to carefully craft your specific services, strategically, so that you don’t wear yourself out. Hence, you need to map out ‘your own people’ out of the entire global population as well as know the specifics and limits of what you will be selling them. In doing this, you have to consider what type of business you do, what products or services you want to deliver, whose problem will your product solve? Who will be paying for your products/services? What part of what region do they live in? What age range, why will these people want to pay for your product/services, etc.

Another common mistake in defining your niche is drawing out customers who are vague and rather too large. For example, if you sell women’s lingerie and because every woman definitely has to wear one, if so, you then decided that your target market is ‘women ages 16-60’.  This target market may be too wide and you can never find a strategy to effectively market your products. To niche your market and capture your ideal customers, you need to break down the demographics of who you specifically want to sell your products to, based on the quality, styles, size range and a few other technicalities affecting your product chain. A better way to niche your market will be to say, “creating lingerie for college and university students”, or “lingerie for young executive women”.

 

Here are four important reasons you should niche your market:

You cannot afford to sell to everyone:  You will be putting too much pressure on yourself, trying to serve everyone. Instead of assuming that you can potentially sell to everyone, it will do you a great good to specialize your efforts, products /services towards a certain group which you can concentrate on and tailor your products/services towards. As you work hard mapping out your specific market, you will soon find out what is important to them, what makes them do certain things and why they are who they are.

Ability to create your identity: By defining your niche market, you will be able to create an identity for you and your business, which will help you better position your business effectively.  With your identity, you will pave way for people to understand you for what you do and what you and your business stand for.

Focus: With your specific market in mind, you will be able to focus and create solutions specifically meant to solve their problems, and as you do that, your attention grows and enhances the quality of your products/services.There will be less competition, as you provide specific services or create specific products for specific people, in a specific way. The BIG advantage of that is that it can’t be easily replicated!

 Easy and effective marketing: Niche marketing will help you target your potential customers and help you create marketing strategies that will be highly effective because you know who you are communicating to and how best to get your messages across to them. People with similar interests behave and are attracted to similar things, so it’s easier crafting your marketing mix.

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How to know when to quit

time to quit pixIt’s been three months and two weeks and right now I’m feeling utterly frustrated with a project I’ve been working on. I accepted to join my colleague on her project because I thought she will inspire me more for a similar project I will be starting soon and on the other hand she wanted my support for her project. For me, I thought I will spend a bit of my spare time helping out and expanding my knowledge and trying out something new so, I accepted. I knew the project will turn out commercially viable, but did not bother to set specific structure to work with her. Why? Because she is my colleague and I was in the project for nothing other than help out, have fun and explore. Three months into the project, I realized I had invested more time than I had planned to do, with virtually no financial or moral reward and seriously eating up my time, that my other work suffer. At this point you may already begin to judge me but wait a minute. There was absolutely nothing stopping me from checking my inputs and making the necessary adjustments and balance that I needed and there is no maximum price for keeping a relationship, I was just uncomfortable with events as I was sabotaging my productivity with regards to my personal business and other work related issues. However, my friend was enjoying my support and I was seeing how much it meant to her to have her project completed at the right time. So, I continued to squeeze on. Near completion; as a matter of fact, completed, just the very last bit and my friend thinks the best thing to do now is to introduce her partner’s similar project into the scene and even telling me that it will be fine if we could finish her partner’s project in less time than we did hers. Brilliant idea, isn’t it? Then I knew exactly what was happening. No consideration whatsoever for me, because I failed to make my feelings known. But who’s to blame? Definitely me!
How incredible it is that some people do not consider others when they set out to fulfil their dreams or have their goals accomplished. You may have come across a similar situation but in a different way. It could be from work colleagues, friends, bosses, families, etc. Taking you for granted for the services you render out of sheer goodwill or even when your services are paid for, should have no place in your understanding, if you are looking any further to happiness and success in life. It definitely does not match the hard work you put in and worst of all, people of such attitude just think and behave as if everything is fine. It will forever haunt if you allow that situation to adversely affect any aspect of your life significantly and that’s where quitting comes to life. You always have the reason to quit whatever is not giving you the equilibrium to your emotions and physiology. I know that sometimes, we find it hard to quit something for very many reasons but at the same time, we continue to burn in the flames of our guilt and misjudgements when we fail to identify what’s best for us. In my case, a colleague who does not care for my welfare may as well not be a real one to deal with and the relationship may well have to be re-examined. When your energy is zapped unduly on anything you embark upon, this is one of the vital signs for you to know when to quit something. Think critically about what’s in it and if it doesn’t worth it, don’t force it.
Other signs to look out for when thinking of quitting include:
Regularly get frustrated:
When you are in a situation where all you feel is greater frustration than pleasure, this may mean that your time is gradually winding up and you may never make anything good of that project or situation. When you always feel that you’re no good for something or that your effort is not appreciated or just regularly taken for granted, know that it’s time to pack and go.
Whether your goal still render:
Check your goals and see if you are still on track, check your intentions and make sure nothing is being sabotaged. If you are diverting away from your goals, do a balancing test and go back where you ought to. If you find it impossible to achieve the goal you set for yourself, it’s better you quit and then restart with clearer visions because if you continue and get it wrong, you will start all over again, any way, but think of the time you may have wasted.
Are you true to yourself?
Many people got through a lot of stress for no reason good to their soul except to please others. The truth is you can actually not please anyone if you fail to please your soul. Whether you’re good or bad, people will judge you and sentiments will always sway. When you come to a point to decide whether to quit or not, listen to your heart and be true to yourself. You cannot change what people think about you no matter how hard you try, you can only change and choose how you respond to what people think about you. Accept yourself and be your best.

Stop being a perfectionist:
Do you care to be the best at everything or at least the best at all you do? Have you been hanging on a project, tweaking and adjusting things so that it comes out per-fec-to!? You may think you are putting so much effort at being success, while doing contrary because success does not need perfection. What you are indirectly going through is the fear of failure, which only probably is housed in your thoughts, beliefs and ways of doing things. Quit what is not working and allow yourself a fresh look on how to proceed in life.

When your passion wanes:
Whether it’s your job or working on a project; quitting ultimately may be your best option once your passion fades out. Without genuine passion for something, you are likely never going to be inspired enough to give it your best and when this happens, your efforts and time to continue could be as good as wasted.