So you want to market a product but are unsure of where to begin. The first step is to decide if you want to take on a general marketing approach or a niche marketing approach.
Niche marketing is where you would market your product to a smaller group of people specifically looking for, or in the market for, your particular product. General marketing is the opposite. You would market your product to the general population. When it comes to making a decision, you should go over some of the advantages of niche marketing that make this a viable way to go with your business.
Limited Competition: One of the biggest advantages is that you generally find a much more limited competition when you focus solely on a smaller group of people. If you have a target audience in mind then the chances of another business targeting the same audience is small. You will also find that products that are targeted to smaller audiences are generally widely available. For example you may find several versions of a type of software but there is only one of your version and guess who has it?
More Stable Customer Base: Often you will find that the customers you acquire from marketing to a specific niche, are loyal in their devotion to their suppliers. This not only affects your income today, but it also provides you a solid foundation of customers should you have a somewhat related product to market at a later time.
Higher Profit Margin: This is the one that marketers like the most. Because you have cornered a small market with a commodity that is rare, you have the ability to make more money off of your product. This allows you a larger profit margin than if you were marketing to the general public.
Decreased Cost in Marketing: You are targeting a smaller audience and this decreases your marketing costs. Rather than try to attract anyone from the general public through large ads and commercials, you simply need to market your product in a small way to the community of potential buyers you are trying to attract. This is one of the great advantages of marketing to a niche. Businesses are always looking for ways to lower their business expenses and this is the way. Rather than paying large amounts for those ads, simply focus your time and money on letting those that will take a genuine interest in your product know that you have it.
When it comes to marketing you can go either way. But if you truly want to see the marketing pay off, it might be wise to consider targeting a specific niche.
Lowering your expenses, making a higher profit and having less competition are all some of the better advantages of niche marketing that make it worthwhile to almost every small business. If you want to market an additional item, there are no limits to how many niche markets you can tap into. Read the link below for more information about the advantages of niche marketing.