Niche Marketing Ideas: Beware – 3 Niche Marketing Mistakes That Quietly Kill Your Business

Niche marketing mistakes

Could give you a headache,

But if you follow these tips

You’ll be equipped

To make your own breaks.

Few experts would deny the power of niche business opportunities. As competition gets tougher, prospects more skeptical, and sales messages more similar – having a strong niche (unique advantage) is vital.

Unfortunately, most small business owner’s still ignore learning and applying niche-marketing techniques to their business. This helps contribute to the high failure rate of many small businesses.

Like any business discipline, whether it’s accounting, distribution or customer service, etc. Niche marketing, if used correctly, can help your business grow, weather marketing slumps, and handle stiff competition.

But if used incorrectly (or ignored) the results could hinder or even destroy a business. That’s why I say most small businesses don’t have a sales problem – they have a niche-marketing problem.

Many will blame the economy, the government, even the customers! And in some cases the reasons may ring true to a small degree. But the core problem can always stem back to improper use or failing to use a niche marketing principle.

Whatever business you’re in, it all comes down to sales. And a strong niche marketing strategy helps fuel sales.

Here’s the top 3 niche marketing mistakes I see destroying more businesses everyday. Are you guilty of any?

Mistake # 1… Not Researching Your Target Market Enough!

This is the area where many small businesses drop the ball. Research is the foundation and the bedrock of any successful business venture.

A rookie mistake I see many new businesses make is “thinking” their product or service is for everyone. That usually means you’ll have a harder time selling it to anyone. Plus, you’ll likely spend too much for ads, promotions and marketing. Why? Because you’re not focused enough.

The key to successful niche marketing is “focus”. For example, focus on a specific group. Next, focus on a specific unmet need of that group. And finally, focus on a specific plan to market to that group.

Your target audience must feel you’re addressing them individually- and not as part of a group. That’s why your research must be accurate in order for your marketing and sales message to be accurate and engaging. An effective way to start is to create a written prototype of your target customer. For example, how would you describe them to me. What’s their age, gender, income level, education, problems or concerns, irritations, etc? The more detailed the better.

You should be able to tell me at least 20 things about your target customer. If you can’t name at least 20 things, you don’t know enough. Of course, most businesses don’t do this, which is a reason why most businesses fail.

Mistake # 2… Not Digging Deep Enough To Find Your Niche!

In a competitive market, success doesn’t normally exist in the first level niches. The sub-niches or secondary niches (or lower) is where you’ll find more of the untapped profits.

As more people look for and fill the obvious niche businesses, it becomes necessary to dig deeper. You must look for a more targeted market now than you had to do in the past. The number one problem I notice from many businesses is they try to compete in a niche that’s too crowded. Usually, all they have to do is focus deeper on a narrower niche. For example, marketing apps for smart phones is a hot niche now. However, it’s a niche that’s extremely crowded and competitive.

So, instead of starting a businesses marketing apps, narrow your focus. For instance, market apps for auto buffs, for discount shoes, for gossip lovers, for football fans, etc. Also, instead of thinking product… think product line!

The possibilities are endless. Just make sure the sub-niche is popular.

Mistake # 3… Not Keeping Your Niche Strong

This is an easy mistake to fall into. It usually happens to people who’ve enjoyed a successful niche product or service in the past.

When that happens, it’s easy to fall into the trap of complacency. Result? A once strong niche that turns into a weak niche when faced with stronger competition, changing marketing conditions, or changing customer needs. After you’ve found your niche – keeping it strong requires keeping your fingers on the pulse of your target market. You must pay close attention to their “current” needs, challenges and problems.

For example, what satisfies your customers today could be too slow, inconvenient or just irritating to them tomorrow. Many businesses never find out those issues until their core customers take their business elsewhere. By then it’s often too late. Others make the mistake of thinking no news is good news. If they’re customers aren’t complaining they assume all must be O.K. Right? Wrong! They could just be tolerating you until they find someone better.

To keep your niche strong, relevant and profitable requires you to be proactive. It requires making tough choices by cutting dead or non-productive weight, policies, or even people. Plus, it requires making quick changes and adjustments when your market demands.

If you can avoid these deadly mistakes, you’ll go a long way in equipping your business to survive and thrive for years to come.

The Simple Mind Shift Needed To Turn Yourself From A ‘Doer’ of Your Business To A Marketer

If you take a bunch of people from various businesses, throw them into a room and ask them the following question, you’ll be shaken by the commonality of their answers.

WHAT BUSINESS ARE YOU IN?

“I’m a dentist”, I’m an accountant”, I’m a mail order entrepreneur”, “I’m a copywriter”, I’m an online business coach”…

Be honest now, would you have answered in similar vein when it comes to describing what you do?

Well, listen, I don’t think that it’s your fault at all. It’s probable that you’ve heard a lot of people describe what they do, in that way, so, why shouldn’t you also!

Though, what you’ll come to realise is when the majority are doing something in unison, it’s time for you to do exactly the opposite.

And that means… You ought to describe yourself as being a ‘marketer’ of what you do, rather than the ‘doer’ of what you do.There’s a huge difference in the two, and, the results in perception, positioning and profits… is STARTLING!

Let’s see how this all applies to the professions described above.”I market dentist services to those in the North London area”, I market accounting services to small business start ups’, “I market my copywriting services to Business owners who are scared of being ripped off by high priced ad agencies”, “I market information products through the mail”, I market online coaching services to those in the health sector”.

Can you see the immediate positioning here that’s going on in the minds of your clients and prospects?

No longer will they see you as a ‘me too’ operator. They’ll automatically assume that as you’ve represented yourself in a different way, you must also have a different way of doing things when it comes to servicing your clientele.

Also, this shift in moving from a ‘doer’, to a ‘marketer’ allows you, the business owner, to be constantly reminded that you’re absolutely in the customer and marketing business.

And that means you’ll be constantly figuring out ways to market what you do, better.That alone will leap you far ahead of your competitors as they’re mostly concerned with image, status, what others think about them.In fact, most business owners, mail order, home business start ups, as well as established ones, are timid in their approach when it comes to all things marketing.

For some, the very word – marketing – has extreme negative connotations. So, what these people do is to go with the flow of things instead of creating, assembling and developing marketing that works.

It’s true.The funny thing is, when you ask these people would they like a lot more customers, sell more of their products and services, get more credibility in the market place, there’s a unanimous… YES!

But… They’d rather do what they’re doing, hoping, praying, wishing that everything will happily, fall into place!

Did you know that most start-up businesses won’t be around for their first birthday? And what do you think is the number one reason for the demise?

Yep, poor sales.

Now let’s see. Effective marketing leads to sales. Sales leads to profits. Profits leads to happy, smiling business owners, their employees, and family members.On the other hand…

Scared and timid business owners who leave their sales to luck and chance, end up with panic based thinking, low morale, jittery futures and a life fraught with indecision.

And all that leads to… One less competitor in the market place… YOU!

In order to get yourself out of the group who are merely ‘doers’, you need to get in with the group who are under no illusion that marketing, effective direct response marketing, is KING.