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Niche Marketing : A Mini Tutorial on Starting a Business

The role of marketing in business may are not being used effectively by your
surprise you. Many books and seminars on competition. This competitive analysis
marketing begin on how to develop the will expose untapped needs and help you
Marketing Plan. I believe this to be a avoid marketing to heavily saturated
mistake.You shouldn't begin thinking how markets.RULE: When competing in a
you are going to market something until saturated market, define and maintain a
you first determine if you have something tightly focused niche market for your
to market. You also need to have the business.If you find there are many web
ability to develop and service your sites marketing a similar product and not
product; will it work the way you say it enough people are actually buying to make
will work; are there no adverse legal your product idea profitable, it is
ramifications? Finally, can you sell of better to find out before you launch your
offer it for a profit?Finding your Niche Marketing Campaign.2. Newsgroups,
MarketTo begin, you need to find a Discussion Boards,Chat RoomsBe still, and
product that people need. Think back in listen. People will TELL you what they
your life. Was there any problem that you like and don't like; what they're looking
felt was not resolved completely? Was a for. These forums are frequently visited
solution presented to you that could have by people seeking advice. By monitoring
been more complete? Still no ideas?Then these discussions you will discover the
seriously contemplate and record the "hurts" that need to be filled.This is a
following: great way to find potential products or
service ideas. If the same question is
What kind of things are you interested repeated, there are probably hundreds
in? Tennis, Books, Music..... and, perhaps, thousands of people
Do these interest border on Passion? wondering the same thing. Some good
Football, Writing, Collecting..... places to start:
Where is your Knowledge base? Is there ThreadWatch
any subject or topic that you know a lot Webmaster World
about? CashKeywords
Are you the person people come to for Google Groups
answers - asking your advice or opinion? A search in any of the major search
Answer the above questions. Consider engines will provide several good boards
each point carefully; don't be afraid to and chat rooms.3. Customer UseIf you
consult with friends, family and already have an established customer
colleagues. And be completely honest. base, send out an email survey. 80% of
When you pursue a business that you are your continual sales come from 20% of
passionate about, something you really your client base. Statistics have shown
like to do, your chances of success in that up to 36% of your current client
business increases dramatically.Finding base will purchase form you again if you
the Hurt The product or service you wish have something similar to offer.4. The
to develop should be related to something Reviews Are InThese sites are used by
you are interested in. By promoting your people to either rave or complain. This
interests, it will feel less like work, makes it a gold-mine of information of
and more like fun. After all, wouldn't how the public perceives the competition.
you rather "work" at what is fun?Many Cunsumer Review
people make the mistake of developing a Consumer Search
product first, then trying to find a Epinions
market. That is backwards. You must first 5. Competitive AnalysisWhat exactly is
find the demand, and then fill it. This your competition offering? What solutions
will guarantee the success of your are they offering? Where are they
product, as people are already looking vulnerable? To beat the competition, you
for what you are about to develop. By need to understand the competition.The
filling this need, you can actively focus purpose of Competitive Analysis is t to
your energies on marketing to the determine which business strengths are
audiences that will provide the highest needed to be competitive in the market.
sales profit.I. Finding the Right You also need to determine how the
Markets: Examine your list. You now must competition will react to your strategies
research and find markets that relate to BEFORE you implement them.Your
your list of interests. Brainstorm a list competitors could be your greatest source
of general, potential markets for each of of inspiration. Once you have chosen your
your interests. Do not be concerned if area of interest - start a thorough
your markets seem too broad or general. market research.To analyze the
Utilize friends, family and the Internet competition, gather information on:
- searching keywords related to your Their Competitive Market Share
interests.II. Research the Their Current Strategies
Competition:Now that you have your list Future Goals
of specific markets, it's time to examine Where they are vulnerable
the competition -both online and off. What will provoke retaliation
Research businesses that cater to the copies of all their marketing materials
specific markets on your list.For The more you find out, the better you'll
Example: Artists might be segmented into be able to find a weakness, and then
oil painters, watercolor artists, develop a strong Unique Selling
sculptors, advertising. Examine how Proposition. Make your product better,
existing businesses cater to these faster, easier, safer, and more
markets. What approach do they take to cost-effective. Do whatever it takes to
the ceramic artist? Are they offering entice customers to buy your product or
fr*e advice, selling it, providing service over your competitions.IV.
products?Finally, take a look at how well Customer Analysis : : How Accurate Is
these businesses are marketing themselves Your Research?At this point, determine if
to the market segment. How organized and your research is accurate? Talk to
professional looking are their sites?Two members of the market and confirm it.
great tools to compare companies is Alexa How big of a problem is it for them?
and Marketleap. Alexa is comparatively Is it a minor nuisance, or is it
accurate, and can give you details for a something they would pay to obtain a
site including: solution for?
Traffic Ranking How much is that solution worth to them?
Related Links
Link Saturation 1. Validate your information; get on the
Contact Information phone, run surveys, chat in newsgroups.
Site, User Reviews Do research to see if anyone else is
While most of the information is currently offering a solution to this
accurate, it can be abused. I have found problem. If they are, what are they
several Reviews coming from competitors charging and how good is the service?2.
with less than flattering remarks. The Customer Interest: Find out if customers
comments were unfounded and only used to are interested in the product or service.
try and reduce the credibility of the It may be that there is already enough
actual site. I also found Contact products in that niche, but it lacks in
Information slow to be updated. On the services to help use the products.3.
whole it is a great tool and worth Determine the general price range. Can
utilizing.Marketleap will help you you offer a price advantage? Determine
compare sites showing Link Popularity, the price-sensitivity of your future,
Search Engine Saturation and Keyword potential customers. If the competition
Verification. Their Link popularity check is constantly cutting costs to gain new
is one of the best ways to quantifiably customers, this is a warning flag.4. What
and independently measure a website's gender is your potential market? What is
online awareness and overall visibility. their income level? What level of
Simply put, link popularity refers to the education do they have? Their geographic
total number of links or "votes" that a location? These are important factors in
search engine has found for that order to determine how lucrative your
website.Search Engine Saturation simply market will be, as well as how to best
refers to the number of pages a given approach and advertise.5. Most
search engine has in its index for a importantly, What motivates the market to
website domain. Not all search engines buy? Do they react to a price drop? When
report this information but enough of you understand your audiences'
them do to create some meaningful motivation, you'll be able to appeal to
benchmarks for search engine marketing what motivates them to
campaigns.The Keyword Verification Tool buy.Conclusion:Remember to find the
checks to see if a site is in the top problem before you try to develop a
three pages of a search engine result for solution. It is much more lucrative to
a specific keyword.III. Meet the Market find out what your potential market is
Demand: Now it's time to find the searching for and then filling that need.
greatest need. There are several ways to Choose a niche market from your
research this:1. Research Keywords To interests
narrow down your niche market utilize Research keywords to find what the
tools such as: market is already searching for
WordTracker Research existing niches and improve on
Overture Term Suggestion - gives a list existing products
of related searches and how many times Survey current customers for potential
those terms were searched in Overture products
during the previous month. Your business success hinges directly on
Search for terms that are frequently choosing a product that the public
searched for by your target market - but already wants and then providing it.




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