A niche serves the critical function of distinguishing your products and services from your competitors. A niche market is a narrow but specialized market. For example, if you have a law firm that gets about 80% of the clientele that are immigrants needing law assistance, you may want to create a niche within your business to serve immigration cases.
Focusing on a niche can be effective and profitable especially for a small business who often is more successful to develop a specialty in an area that is not currently being served by other businesses. Small businesses are primed to fill this role because creating a niche strategy involves catering to a very broad audience. Some large companies look at this to be too difficult and costly. When a small business focuses in on a niche market using cost effective marketing strategies, that can business profit more than if they were to copy what their competitors are doing. What makes niche marketing appealing to small businesses is that you provide products or services that are customized to a group of consumers or potential customers in need of those products and services.
The benefits of Niche Marketing
- There is less competition vying for those customers
- Your business can easily match your products and services to those customers needs
- Personalize your businesses' communications to those consumers and potential customers therefore appealing directly to your targeted audience
- Become the expert within that need
- Learn more about your customers and improve how your business can meet their needs
So how do you create a niche for yourself within a direct sales business? The best way to do this is to master the tips and techniques already given to you by the business you have invested in. Most direct sales businesses equip you with the best strategies to get the word out about your products and services so that there is no mystery involved with making sales. However, it can be overwhelming at times when you are trying to compete with fellow team members. A niche marketing strategy can help you create multiple streams of income by listening first to your current customers needs. I am sure if you were to put pen to paper and write down some commonalities between your current customers, you’d find a common need that has yet been met. Once you have pinpointed that common need, pair up your products and services with marketing tactics.
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