One key to building a better, stronger and more profitable business is Niche Marketing. It is a stepping stone to small business success. With Niche Marketing, you identify and serve a particular group of people in the market place.
To clarify your niche or target market, ask yourself these questions:
1. Who is your business aimed at?
2. Who is it created to serve?
3. Whose wants is it created to meet?
4. Whose pains has it been set up to alleviate?
5. Whose problems has it been created to solve?
2. Who is it created to serve?
3. Whose wants is it created to meet?
4. Whose pains has it been set up to alleviate?
5. Whose problems has it been created to solve?
Identifying your niche market fuels your confidence in your business and helps you to achieve your home business goals much faster.
You probably have heard the saying, "The power of a laser is in its focus," we could probably say the same about niche marketing too. Without a clear marketing focus, your business' potential for success is diffused. So if you want to have business success, find a profitable niche market to focus your efforts on.
Clarity simply brings success. This is true in business as it is in any other area of life. If you aim at nothing, you simply hit noting. The more clarity you have about a target, and the more focused you become, the easier it is for you to channel your resources in the right direction giving you greater your chances of achieving success.
Your business will begin to attract more customers and generate more profits as you become clearer in defining who you are targeting in the marketplace, so it's worth putting in the effort to get this job done.
Niche Market Profitability Test
Once you find a niche market, you still need to measure its profitability. Since business is about profits, you would need to ask yourself the question if it would it make good business sense to enter into that market.
1. Will doing business in this niche enable you to meet your business financial targets?
2. Is the market big enough to support your financial goals in the long term?
3. What does it cost to reach the niche market and engage with them?
4. Have they got purchasing power?
5. Is the problem you are choosing to solve for the target market one that is profitable and one that they are willing to pay for?
2. Is the market big enough to support your financial goals in the long term?
3. What does it cost to reach the niche market and engage with them?
4. Have they got purchasing power?
5. Is the problem you are choosing to solve for the target market one that is profitable and one that they are willing to pay for?
Well, these are a few of the questions that you need to be able to have answers for if you desire to build a profitable business.
Davida Yemi-Akanle is a The Small Business Coach [http://kingdom-wealth-creation.com/] and an advocate for women who loves empowering women through enterprise. She helps Women Entrepreneurs build 6-Figure businesses.
Davida helps Experts such as: coaches, trainers, mentors, consultants, speakers, authors, etc. build their businesses strategically, helping them to get more clients and make more profits.
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