In Part 2 we will be looking at the following issues:-
How many people share this problem?
Before you find your specific product or service you must be sure that the market is big enough to support your business – is it shared by a large enough number of people?
To explain the process, although they market to a person in San Diego because that “person is interested in buying a car” the chances of that person coming from there to say New York to purchase that car is very unlikely. They would have wasted valuable time and money and unlikely see any return on either. But with their niche market narrowing down to someone interested in buying a car within a 50 mile radius would really make good sense. They know where to spend their time and money to market and their vision is clear. They are now well ahead of other car dealers located 20 miles away who are marketing to “anyone interested in buying a car.”
When you are planning your internet marketing strategy to achieve marketing success online, there is even greater importance in having a well-defined niche market. People think that having an online business will make them wealthy but the reality is that they have to find their niche market, offer a product or service that is in demand and get them to come to you in order reach a level of financial success via the internet.
Is your research accurate? – defining your niche market:-
- Do you have the ability to maximize your marketing budget by targeting your defined niche market ie do you know where to advertise; look to find blogs and related sites that are applicable to your market – a great starting place?
- Your website can then be optimized for search engines so that your niche market can identify you easily
- Can you allign your website to your niche market, develop your website to guide your visitors and help them to find solutions or products that you could offer that relate to the problems that your niche market encounters?
- A defined niche market helps a lot to develop ideas for new products or services that inherently appeal to your specific niche
- You then have the authority to establish yourself as a leader in your industry.
Inaccurate information can be very costly – that is why it is very important to speak to people and ascertain whether your information is correct – ask questions, conduct surveys and talk to people online:-
- the challenge – how large is that for them?
- are they willing to pay for a solution to it?
- the solution – how much is it worth to them?
- is anyone offering a solution
- how much are they charging?
Do customers want a product or service?
Too many products in this niche – is there a gap in the market for a service?
1) for example there may be a need to teach people how to use various products
2) compare the benefits of the products that are available
3) there may already be software solutions for problems that are not user-friendly — perhaps a ‘how-to’ guide would help?
4) look at the price range of other products or services in your area of interest
5) get an overall view of prices and you may be able to offer a price advantage
6) Watch out for competition with price — if there is too much competition with price drops and sales etc — your competitors are obviously struggling!
In Part 3 we will consider:-
- Who are your potential customers?
- What motivates them to buy?
- Check the competition
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