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5 Proven Ways to Create a Successful Niche Business

Too many business owners fish in the widest and deepest pools’ trying to be all things to all people. Offering a broad range of products and services to a broad audience and never really create the waves that lead to tremendous profits. By positioning yourself at the top of a smaller, well defined pool (or niche) you will set your business apart from the competition and create a profitable business.

Here are five proven ways to create a profitable niche business.

1. Define Your Market

Research the needs and challenges of your target audience and capitalize on those needs. Understand the community and develop solutions that appeal to a specific group. For example – Understanding Social media in Small Business is a need of the small business community, a niche market would be to develop a product or service that teach small business owners how to use social media in their business.

2. Create Your Product or Service

Based upon the needs of your target audience, you want to create a product or offer a service that addresses those needs. Many start with developing their products first without researching if there is a market for it. First define your audience and establish there is a demand for a new product and then develop it.

3. Create Your Brand Promise

The brand promise is a statement of what your customers can expect every time they engage with your company and is the center of your business. When a brand stands out with a strong promise that deliver value consistently, the value of your offering increases and customers will be willing to whip out their wallets and pay for your products.

4. Become the Expert

Position yourself as an expert in your niche and become the “go to guy” for this product of service. Showcase your knowledge and expertise by writing articles, participating in forums and providing tips, techniques and strategies in short, succinct messages via popular social networking sites.

5. Create specific messages direct to your niche

Business is conducted on an emotional level. Now that you have identified your market, built a community around your offering, you must communicate with your target market frequently. Develop specific messages targeted towards your niche market appealing to their emotions and demonstrating your benefits. It takes 7 times before somebody is comfortable enough with you and your expertise to buy from you so be specific, be credible and offer extraordinary value.

No matter if you are a retailer, service professional, internet marketer or mom and pop shop, you stand for something. There is a reason that you went into business and a reason why you want your business run a certain way. Building a brand starts with defining what is your core purpose and the inherent promise you are making to your customers and delivering value every time. Isolating your niche in your area of expertise and bringing solutions to a targeted group will keep the cash registers ringing every time.

Source: Nicebusinesssecretsrevealed.com

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The Marketing Mix – The Official 5 P’s of Marketing

The major marketing management decisions can be classified in one of the following five categories:

The Marketing Mix – The 5 P’s

  • Product
  • Price
  • Place (distribution)
  • Promotion
  • People

The Marketing Mix


Product 
 
People

Place 
 

Target
Market
– The Consumer  

Price 
 

Promotion 
 

These variables are known as the marketing mix or the 5 P’s of marketing. They are the variables that marketing managers can control in order to best satisfy customers in the target market. The firm attempts to generate a positive response in the target market by blending these five marketing mix variables in an optimal manner.

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Product

The product is the physical product or service offered to the consumer. In the case of physical products, it also refers to any services or conveniences that are part of the offering. Product decisions include aspects such as function, appearance, packaging, service, warranty, etc.

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Price

Pricing decisions should take into account profit margins and the probable pricing response of competitors. Pricing includes not only the list price, but also discounts, financing, and other options such as leasing.

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Promotion

Promotion decisions are those related to communicating and selling to potential consumers. Since these costs can be large in proportion to the product price, a break-even analysis should be performed when making promotion decisions. It is useful to know the value of a customer in order to determine whether additional customers are worth the cost of acquiring them. Promotion decisions involve advertising, public relations, media types, etc.

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People

People decisions are those related to customer service.  How do you want your workers to appear to your customers?  There are a range of service profiles from service with a smile – McDonald’s, to classier Nordstroms, to plain rude – Ed Debevic’s.  The function of people to present an appearance,  an attitude, etc.

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Place

Place (or placement) decisions are those associated with channels of distribution that serve as the means for getting the product to the target customers. The distribution system performs transactional, logistical, and facilitating functions. Distribution decisions include market coverage, channel member selection, logistics, and levels of service.

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A Summary Table of the Marketing Mix

The following table summarizes the marketing mix decisions, including a list of some of the aspects of each of the 4Ps.

Summary of Marketing Mix Decisions

Product People Price Place Promotion
FunctionalityAppearance

Quality

Packaging

Brand

Warranty

Service/Support

Service

AppearanceUniforms

Attitude

List priceDiscounts

Allowances

Financing

Leasing options

Channel membersChannel motivation

Market coverage

Locations

Logistics

Service levels

AdvertisingPersonal selling

Public relations

Message

Media

Budget

Source: facweb.eths.k12.il.us

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