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Use Niche Market Segments to Improve Your Bottom Line

In most cases, entrepreneurs are very clear on the primary target market for their product. They have a set idea of the type of person who will want and need the product, and likely have a decent idea of how to reach them. However, a single-minded focus on the major market can blind many business owners from huge opportunities in niche marketing.

Researching the target market is an important factor in planning a startup. Knowing who is most likely to be interested in your product, where they go, and what they do is the foundation of an effective marketing plan. Most products have a clear primary target -- a set of similarly situated individuals who are most likely to be interested in the product. In many cases, the research begins and ends with this group of people. But for most types of products there exist minor markets ready and waiting to be exploited. Finding them can be tricky, but the payoff can be significant. Any business owner would be remiss to ignore these potential markets.

A perfect example of broadening the market base for a product is the cellular phone. When they were first launched, the assumption was that only travelling salesmen would have a need for a car phone, thus most marketing was targeted in that direction. It was not until they began researching other markets that the necessity for disconnecting it from the car and making it more accessible to everyone else became clear. Now, that primary market of business folk is boosted by the niche markets of, well, everyone else. But the commercials on air make it clear who is being targeted -- adventurers in one ad, teens in another, busy moms in yet another.

Looking for the right niche market to pursue requires thoughtful, strategic assessment of your product. It is likely that you believe everyone should have what you offer, but the most successful niche marketing results from considered options and careful planning. Weigh the features and benefits of your product against others that are offered. Look into the marketing efforts of your competition. Use your networking skills to pick up ideas from your friends and peers. The right niche is out there, it is just a matter of putting in the time and effort to find them!

Marketing to a smaller group is cheaper and often more effective than broad marketing. As long as you know exactly who you are after and have a convincing message to send them, it is easy to find marketing opportunities limited to specific niches. Be realistic about who could benefit from your product, run test groups or surveys, and track the results of any niche marketing you conduct. You may very well find that your cost per customer is much lower with niche marketing, and the boost to your bottom line is always a good thing.

You likely know who your primary target market is, but you need to know minor markets as well. Exploiting the niches available to you is the best way to grow your business. Take care of your primary market, but don't let other opportunities slip away!

About the Author

LaunchX.com is dedicated to training entrepreneurs to turn their good ideas into great companies. The LaunchX System provides step-by-step education in the mindset and skill set entrepreneurs need to succeed. Our program includes intensive seminar training, key business software, and specialized workbooks that teach you the fundamental skills you need to achieve your financial and worklife goals through entrepreneurship. Register today for our introductory course and see what LaunchX can do for you!