Tag Archives: Niche

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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Finding a Niche: Make your Business Plans Stand Out

Trying to tackle a wide market is usually too broad of a scope for any but the largest companies to handle. As a smaller business, it’s often a better strategy to try to divide potential demand for offerings into manageable market niches. Small operations can then offer specialized goods and services that are attractive to a specific group of prospective buyers.

Trying to tackle a wide market is usually too broad of a scope for any but the largest companies to handle. As a smaller business, it’s often a better strategy to try to divide potential demand for offerings into manageable market niches. Small operations can then offer specialized goods and services that are attractive to a specific group of prospective buyers.

 

There are undoubtedly some particular products or services that you will be especially suited to provide. Study the market carefully and you will find opportunities. For example, surgical instruments used to be sold in bulk to both small medical practices and large hospitals. One firm realized that the smaller practices often disposed of instruments because they could not afford to sterilize them after each use like hospitals did. The firm’s sales representatives talked to surgeons and hospital workers to learn what would be more suitable for them. Based on this information, the company developed disposable instruments which could be sold in larger quantities at a lower cost. Another firm capitalized on the fact that hospital operating rooms must carefully count the instruments used before and after surgery. This firm met that particular need by packaging their instruments in pre-counted, customized sets for different forms of surgery.

To research your own company’s niche, consider conducting a market survey with potential customers to uncover untapped needs. During your research process, also identify the areas in which your competitors are already firmly situated. Put this information into a table or a graph to illustrate where an opening might exist for your product or service. Your goal should be to try to find the right configuration of products, services, quality, and price that will ensure the least direct competition. Unfortunately, there is no universal method for making these comparisons effectively. Not only will the desired attributes vary from industry to industry, but there is also an element of creativity that is needed. For example, only someone who had already thought of developing pre-packaged surgical instruments could use a survey to determine whether or not a market actually existed for them.

If you do find a new niche market, make sure that this niche doesn’t conflict with your overall business plan. For example, a small bakery that makes cookies by hand cannot go after a market for inexpensive, mass-produced cookies, regardless of the demand.

Source: SBA.gov

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How to Become Fashion Designer ( Part 5 ) – Fulfilling Your Vision

Becoming Your Own Fashion Designer

I know some of you may have been disappointed by the realities we exposed in our “How to Become a Fashion Designer” article series. Our apologies, but we had to destroy the bliss of naivety to spare you from many rude awakenings when you start your fashion career! That being said, I’m sure there are also some of you who are determined to become that ideal vision of a fashion designer: create your own label, design your own fashion lines, runway fashion show and the whole nine. We commend your ambitiousness and of course, we are here to help! Here’s our suggested approach to become your own fashion designer.

Learn the Fashion Biz

First thing’s first, and we’ve all heard it a million times: Fashion is first and foremost a business. Yes it’s true – you could have the best apparel collection in the world, but if you don’t have the business savvy to manage your fashion design operations or market yourself; you’re in for a rough and disappointing journey in the fashion industry. Countless talented fashion designers try creating an apparel line without the proper business foundation to support them. Issac Mizrahi, and Narciso Rodriguez are just a few well-known fashion designers whose fashion careers were almost destroyed by their lack of business knowledge.

We highly recommend educating yourself and taking business courses- either in school or on your own. Really get to know the fashion industry. However, if for some reason you prefer not to, you should at the very least seek a knowledgeable (and trustworthy) business partner to handle that end for you.

Finding a Niche

Concerning the actual apparel designs, if you want to make your mark and get noticed in the fashion industry, you have to make sure your apparel designs stand out amongst the swarm of pretty outfits already crowding the runways. If your vision for your collection is just to design “pretty” clothes, the chances of your work getting noticed are like finding a needle in a haystack! The cliché word of advice is to design for a niche market. But what does that mean?

A Cause for Design

Here’s our take on finding a niche: find a cause, and design for that cause. Choose something that you’re passionate about, or pick a theme and design for that theme. Create a trademark that you will become known for. Betsey Johnson is known for her funky, outrageous, one-of-a-kind garments that reflect her quirky personality. Diesel created their highly functional, hardware driven signature style from the construction worker lifestyle. When apparel designs are consistently focused around a specific element or concept, they will receive more attention and that concept will become your design signature. Once your fashion line is established and well known, you can always expand. And whatever you decide on, make sure it’s something you believe in; something you are passionate about. When your fashion designs come from the heart, it shows, and you’re inspiration will be endless.

Get Your Name Out There!

So once you’ve selected your cause and designed an extraordinary apparel collection around it, how do you make sure your fashion designs get publicity? Fortunately, modern technology makes promoting yourself a much easier task. There are tons of venues that showcase emerging fashion designers such as nolcha.com and haute.net (See the Independent and Underground Fashion at our Resource Center for more links). There you will find underground designer showcases that give beginner designers their own venue space. You bring the designs – they bring in the crowds.

In the past few years, an underground fashion revolution has emerged, creating a shift in the apparel industry. Consumers are tired of apparel fashion clothing that is dictated by an elite few fashion designers, and have begun searching for more unique, down to earth sources for their apparel & fashion needs. New waves of fashion designers are discovered in unconventional places and recognized for their individual fashion design styles. Educating yourself, knowing the business, designing for a cause you love, and promoting yourself through new avenues are all steps in the right direction towards having the fashion design career you’ve always envisioned!

Source: Designernexus.com

 

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Choosing the Best Internet Marketing Tactics

With so many new Internet marketing tactics appearing regularly, options in online marketing can seem endless. That can be problematic when running an Internet marketing campaign with limited resources, because there isn’t time to dabble in everything. Instead, the best Internet marketing tactics have to be chosen, which will provide the best return on investment (ROI).

Internet marketing is a very general term, which encompasses many types of niche marketing, all which can be used effectively online. The following are examples of types of Internet marketing:

1. Search Engine Optimization (SEO) – Natural Search Engine Rankings through link-building, keyword density, and more.
2. Search Engine Marketing (SEM) – A specialty form of online advertising, where ads are purchased on search engine results pages (SERPs) for certain keywords.

3. Email Marketing – Sending ezines, newsletters, or other email correspondence, with a marketing message, special offer, or inciting a certain action.
4. Online Advertising – Purchasing banner ads, text links, sponsorships, or other forms of paid advertising online.
5. Online PR – Using press releases, blogs, and other tools to convey company news and build an image online.
6. Affiliate Marketing – Bringing in third parties to sell for the company, for a share of each sale.
7. Viral Marketing – Using tools such as viral videos, file sharing, or tell-a-friend links to take advantage of word-of-mouth marketing on the Web.

To choose the most effective Internet marketing tactics for a website or online business, follow these five steps:

1. Choose an industry or niche that has a real demand or need to be satisfied.
2. Identify members of the target market, what their needs are, and how you’ll fill them.
3. Figure out what has the most influence over members of that target market.
4. Look at what the competition is doing, and see how you can do it better.
5. Decide on your Internet marketing budget, and build an Internet marketing plan around it.

While designing your Internet marketing plan, it can help to list every Internet marketing tactic within your budget that comes to mind, as long as it can reach the target market. That list can then be narrowed down by running each Internet marketing tactic through this checklist to find the best Internet marketing tactics for your needs:

__ The Internet marketing tactic has the potential to reach the target market.
__ The Internet marketing tactic has the potential to influence the target market.
__ This general tactic has been used successfully to reach this target market’s demographic group (in this industry or a complementary one) in the past.
__ The Internet marketing tactic will help to differentiate the business from competitors.
__ The Internet marketing tactic can be implemented effectively without exceeding the marketing budget.

Source: Marketingnova.com

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