As I've mentioned before in my previous posting about scope of marketing , it is explained that one of the scope of marketing entity is place or market.
Have you defined your market? targeted market or niche?
Some people answer not. Business owners who haven't defined their niche market said their reason that by doing this, it can decrease their sales.Why? Because it will decrease the amount of target audiences. Therefore they conclude that by targeting niche market, it will affect to the sales.
Is the reason true? The truth is, a niche market can be defined as a component that gives our business power because it allows us to define who we are marketing to. Why is it so powerful? Because when we know who are we are marketing to, it is easy to determine where our marketing energy and money should be spent.
I'll give you an example, T-shirt seller. When he ask a guidance to develop his marketing strategy, I usually ask him first, "who is your target customer?". Seller who hasn't known about niche market frequently answer, "my target customer is everyone". It seem he want to market to anyone interested in buying a T-shirt. He thinks that having a lot of target can result more sales.
Based on his conventional consideration, he spend a lot of money, because he distribute his brochure to all people whether they young, old, man, woman, etc. In addition, he has wasted time and money through doing this.
I suggest him you should narrow your market by segmenting customer by their age or social status or gender. Finally, He decide to confine the targeted customer to teenager. It makes really good sense. After implement this, he has power and focus. He has known where to spend money and time. He succeed to clarify his vision. He has ability to maximize his marketing budget by targeting his defined niche market.
Now, we get insight that having a niche market is important. Have you identify your niche? Are you difficult finding who your niche market is? If the answer is "yes". You should answer below question:
- What is the extra that I bring to the market?
- What is my special skill to serve my product or service?
- What is different about service or product that I offer?
- what is it which my current costumer have in common?
Please answer these question. Once you have completed these, it will be easy to identify your niche market.
See the next article which explain niche market more detail.
Some people answer not. Business owners who haven't defined their niche market said their reason that by doing this, it can decrease their sales.Why? Because it will decrease the amount of target audiences. Therefore they conclude that by targeting niche market, it will affect to the sales.
Is the reason true? The truth is, a niche market can be defined as a component that gives our business power because it allows us to define who we are marketing to. Why is it so powerful? Because when we know who are we are marketing to, it is easy to determine where our marketing energy and money should be spent.
I'll give you an example, T-shirt seller. When he ask a guidance to develop his marketing strategy, I usually ask him first, "who is your target customer?". Seller who hasn't known about niche market frequently answer, "my target customer is everyone". It seem he want to market to anyone interested in buying a T-shirt. He thinks that having a lot of target can result more sales.
Based on his conventional consideration, he spend a lot of money, because he distribute his brochure to all people whether they young, old, man, woman, etc. In addition, he has wasted time and money through doing this.
I suggest him you should narrow your market by segmenting customer by their age or social status or gender. Finally, He decide to confine the targeted customer to teenager. It makes really good sense. After implement this, he has power and focus. He has known where to spend money and time. He succeed to clarify his vision. He has ability to maximize his marketing budget by targeting his defined niche market.
Now, we get insight that having a niche market is important. Have you identify your niche? Are you difficult finding who your niche market is? If the answer is "yes". You should answer below question:
- What is the extra that I bring to the market?
- What is my special skill to serve my product or service?
- What is different about service or product that I offer?
- what is it which my current costumer have in common?
Please answer these question. Once you have completed these, it will be easy to identify your niche market.
See the next article which explain niche market more detail.
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