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.

Believe in yourself

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It is a fact that to meet some of your life goals, you have to believe in your ability to face the challenges that will come by. Believing in yourself is the greatest weapon to achieving your goals no doubt, but often, low self-esteem and negative thinking can make you to doubt your abilities. It is essential that you live above the fear that is stopping you from believing in yourself, because if you don’t, you can’t get other people to believe in you.  When you believe in your abilities, you can then begin to build your confidence and strengthen your skills.

Self doubt and negative thinking are the two major factors that inhibit your self belief. This is because, self-doubt continuously steals away your confidence while negative thinking suppresses your mind from seeing all your great endowments and abilities.

Do you know that when you look inwards and begin to appreciate yourself, greater discoveries of your hidden treasures will begin to manifest in their multitudes, which will open up the truth about your own special unique attributes.

Every person is different in their own way and we all have what makes us unique as people, which is why you have to believe in yourself, because you have something to offer the world, which no one else has.

Unfortunately though, as much as you try not to allow self-doubt over take your consciousness, it sometimes find its way through and penetrates your reasoning, breaking the grounds on why you are not good enough or not capable of taking that stride you’ve always dreamt of.  It is quite understandable. It’s the fear of something deep. The fear of failure and rejection.

When you constantly fear to fail, invariably, you will fail by giving fear undue power over you. Life is about ups and downs and when you decide not to move ahead because of these slopes, you will find yourself nowhere.  So, you basically need to know that to achieve your goals, you have to decide to take great strides that may sometimes see you waddling  in mud, but you know what, you will feel stronger and better that you strived.

Learning a few tips to help you believe in yourself can make the difference you crave.

Understand your fear: Know exactly what makes you jitter when you think of doing something or achieving a particular goal, because when you can figure out what scares you about something, you will then be able to find ways to tackle the problem. Ask yourself, “why have I not done so and so? “What is stopping me from doing so and so?  If you practically ask yourself questions about why you are not taking actions, the answers will begin to fill up.

Think positive: Positive thinking is a great tool to tackle fear and low self-esteem because when you are able to see the positive side of you, the tendencies are that your abilities, strengths and weaknesses will be rationally judged and thought through. This will lead to clear understanding of what to expect from yourself and may help to decide how much effort you are willing to put through a challenge. Positive thinking helps to break the barriers of low self-esteem, lack of confidence and a lack of drive.

Set realistic goals:  Setting goals are very exciting ways to define what you want in life and are very useful in confidence building. However, fear is so creepy, if granted, will never allow you to set any goals at all.  Using goal setting tools to challenge yourself to action can prove really productive if you set goals that are realistic. Realistic goals are just goals that are attainable and not overtly idealistic. If you aim to build your business empire in as little as two months and hope to make enough profit by the third or fourth month to build 8 more branches around the world, altogether in six months, may be quite whimsy. At the same time, realistic goals are not about how easy you can achieve a goal, but how well the goal has helped you improve in your well-being, personal development, experience, abilities, knowledge, skills, relationship, etc, because if you set a goal that is so easy to achieve, you get anywhere in terms of achieving your overall life goals.

Be assertive–   assertiveness shows that you are able to speak for yourself and stand by your beliefs. Contrary to some opinions, being assertive is not about being rude to others or suppressive. It simply shows that you are confident and clear about what you are saying, doing or the point you are trying to prove. Being assertive rather that passive, will help you make better choices in life, as you will be able to live on your own terms, instead of seeking approval from others about how you want to feel, think or live.

Feed your mind: It is good to know that what you serve to your mind in terms of your thoughts, knowledge, perception of things, life and ways of doing things, all come together to prove your essence and substance. It is good to feed your mind with great knowledge, have wider outlook of issues and things around you, and fill your inner self with esteem and meditation so that you will blossom outwardly.

6 ways to make your home business successful

biz imageStarting a home business can be a great way for you to choose to live the lifestyle you want, or, it may completely get you doomed. On the other hand, not starting your own business may mean that you will permanently run your life on the terms of other people and remain entrenched in your quiet comfy corner, even though it burns in you to get up and do something! Whichever way you look at it, becoming successful in a home business solely depends on you, the entrepreneur.   Whether you are buying a franchise, investing in a networking business, opening an online store, working as a virtual assistant, delivering training, consultations, coaching services,  or any other form of home business,  you must have a positive mindset and start out with an outlined structure for your business. When you fail to align your business operations and take the venture for granted, ultimately the business may fail or never grow. As a home business owner, you should take nothing for granted and there must be strategic planning for the success of your business. Some home businesses fail because the owners assume that they have all it takes to run their business successfully, merely with their knowledge and experience or perhaps that their business can succeed without implementing the necessary fragments that all businesses need to survive.

If you haven’t considered any of these 6 proven steps to make your home business a success, it’s never too late to begin!

  1. Define your business model:  A business model is a structure for the successful implementation of your business operation, identifying your target market, sources of revenue, determining the value you want to deliver and how you intend to deliver it,   the intended customer base, partners you want to work with, resources you need, details of financing your business, etc. Your business model should answer at least, these basic questions.

a. Who are your primary customers?

b. What problem or challenge do you solve for your customers?

c. What value do you deliver to your customers?

d. How will you get in touch with, grow and retain customers?

e. How will you deliver the value you offer to your customers?

f. What resources/assets/facilities will make your business more efficient?

g. How will you generate revenue?

h. Define your cost structure?

i. How do you outline your profit margin?

2. Implement your business model: Once your business model has been designed, you need to begin implementing your systems strategically. You are now expected to take action to ensure that the model you designed is actualised. If you are entirely a new business and needs customers, or source for start-up funds, take concrete steps to get things done. Start the communication, advertisements, and interactions, or connect to social media sites, seek help where necessary, test your market, etc.

3. Business networking – There is no limit to the benefits you can derive from connecting with people of like-minds. There are several opportunities that can open up to your business when you find a formidable business clique to join and nowadays, business networking groups are all over, where you can share ideas, promote your business, learn about new technologies,  build new business relationships and generate business opportunities.

4. Marketing – This is the big thing for all business owners; whether small medium or big, marketing is simply irreplaceable within the tenets of good business practices. Forms of marketing may differ, but highly essential is the fact that every business entrepreneur must see marketing in the right light. As a home business owner, there are so many ways to market your business without having to pay through your nose. There are so many free ways to market your business effectively; all you need is determination, commitment and consistency.

5. Quality- It is important to always find ways to get better at what you do. In business, quality matters a lot. It can determine the success or failure of any business and especially when you are struggling to build a brand, you must be wary of the quality of whatever your business delivers. Do not close your mind to the evolving world around you and always remain flexible in the way you apply your systems and operations. This allows you to expand your scope within your industry and broadens your knowledge in ways that will make your business flourish beyond limits.

6. Brand Positioning- How do you position your brand?  What positioning concepts have you utilized to sell the benefits of your products or services to your potential buyer? How have you demonstrated and showcased your product’s uniqueness?  What impressions do your customers have about your product? Where do you belong? Try answering these
questions to see whether the positioning and packaging of your home business needs restructuring.

To a successful home business!

My secret idea generator

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As a business owner, you must train your mind to wander and evolve with ideas or ways of keeping your business atop. It is important to be adaptive, creative and flexible enough to make progressive changes when needed. Aside from the tools you can find all over the internet to make your business and life easier to manage, you must be in constant touch with your inner idea generating mind, to tap into your skills in order to carve out great ideas to move your business forward. There are different ways to generate ideas to keep your business flourishing and gaining new customers or even just business friends.
With your unique human strength, instinct and talent, you can achieve much more if truly dig deep and these ideas could be transformed into great money-making resources, having them modified for further use, using tools online.
For example, if you were thinking how to improve your financial situation, you could explore your ideas blogging or create your online store and then develop ideas to make your primary goal a success.
Think about what you want to blog about, blog title that appeals to readers
How best to serve your readers
How could you generate income with your blog-etc
If you were thinking of creating a web store/website
You need to think of a domain name that will serve your utmost purpose
What best suit you and your sore and all other related business planning matters.
The whole point here is that you must take advantage of your skills and instincts to be able to generate great ideas that will work for you.
For me, I have noticed that I get the best of my ideas when I am alone in my kitchen doing chores-sounds funny? Each time no one is there with me or no kids distracting my attention, my mind suddenly flickers through any of the ideas I have previously been trying to work on and then a great idea strikes me and then I quickly scribble it in my pad; this could be in form of blog post title, the next tool to try, a great step to take, story ideas, new product type, etc and most of the time have turned out to be great when I work on them.
What I’m sharing here, is a personal experience which could help you begin growing your business with your own unique original ideas, fetched from inside you, but first, you must be able to define what works for you, what inspires your imagination and when and how does your creativity get optimum feeds; is it during yoga, while reading, driving alone, listening to music, when you read or listen to other people’s success stories, when in the private area, etc-the list is endless. Figure out where your hot spot lies and work on it. I t could be a really great resources in building your very own strong and successful business empire.