A successful business person should be alert to the potential for new markets. Diversification is the best way to stay at the forefront of a constantly changing marketplace. By diversifying, you will be able to insulate your business from the adverse effects of these changes by adapting your business and keeping ahead of your competition. There is always the potential for a brand new market sector to generate even more dollars in sales!
You can often find new markets without delving into obscure sectors. It is possible for you to discover marketing niches within your current market palette. With a little thought it will be simple for you to develop subdivisions of your existing market into several more narrowly defined markets.
For example, an online marketer may notice that a significant number of its prospects are stay-at-home moms and retirees. They start with a few targeted advertisements directed at the appropriate people. Then they set up a couple of additional web pages focused on stay-at-home moms and retirees linked from their home page. In next to no time they will have not only customized their markets, they are likely to see a noticeable increase in sales.
You don’t have to be intimidated by clever competition and new technology, when you stay on the leading edge and make changes along with it.
For any small business, it is important to determine precisely who you will be marketing your services or products to. An efficient business should not waste time or money trying to market to everyone.
You must choose a target market that is potentially the best prospect for your business.
There are many small business owners who will resist focusing on one primary group of clients. They feel that their business should be promoted to everyone. They are convinced that in order to grow their business, they need to market to more people.
In fact the opposite is true. By narrowing the focus to a specific group of customers, it is possible to become an expert in solving their specific problems. Familiarity with their needs allows development of additional products and services to serve them better.
You can decide who to market to by following these 5 tips:
1) Think about the type of people who can MOST benefit from what you have to offer.
2) Think about who you would most enjoy helping, or working with.
3) Think about the type of people who will be easiest to reach, AND who will be most receptive to what you are selling. These will be people who KNOW they have THE problem you can solve and are LOOKING for a solution.
4) Know that just because you select a particular group of people to focus your marketing on, does NOT mean you can’t help others who may come to you. It only means you’re going to focus your proactive marketing efforts on the target group you select.
5) Don’t over-think it. Pick a group you feel you can really help and proceed with the development of your marketing plan. Marketing is a fluid process. The important thing is to start. You can always refine your audience and your plan later as you learn more.