Archive for March, 2012


U.S. Embassy Ottawa, Canada – U.S. Embassy Ottawa, Canada Podcasts
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Profitable Niche Marketing

Defining your main target market is the key to understanding how your business can deliver the greatest value to your customers and prospects. You will serve your customers much better if you can group them together by specific needs and wants.

The best way to do this is to define your single primary target market. Then, depending on your business, you may need to define one or two secondary and/or niche markets.

Definition of Markets & Niches
You’ll find a lot of marketing books talking about defining your “niche.” This can cause confusion as the terms “target market,” “niche market,” and “niche” are sometimes used interchangeably. For purposes of this module, I’d like to define these terms in order to avoid confusion.

Target Market: Your target market is simply your main subset of customers that have a similar set of wants and needs. Even if you haven’t fully defined these needs, you most likely have a very good idea of your main target market. Your main target market may be large or small. The size is not important, but your ability to define the needs of the customers within the market is critical.

Secondary Market: A secondary market is a market that is related to your primary target market, but is not your main source of business revenue. A good example of this would be a roofing company that has the primary target market of commercial roof replacements. This company may also have a secondary market in residential roof repairs. However, because their primary revenue growth comes from commercial buildings, the residential work they do is considered secondary. It may not be as profitable as commercial work, but it’s profitable enough to be considered a secondary market.

Niche Market: A niche market is a group of potential customers that have a definable need that no one else is providing. Uncovering a niche market can be difficult. But, once you do, it can be very profitable. As an example, a cleaning service might uncover a niche opportunity in cleaning blinds. A graphic designer may decide there is a niche opportunity in creating just ebook covers. A niche market tends to be a small and definable need within an overall target market.

Niche: A niche is simply the service or product you specialize in providing your target and niche markets. Your niche can be offered to your target market as well as any definable niche or secondary markets.

The easiest way to begin defining your primary, secondary and any possible niche markets is to look at your past clients. Create a spreadsheet of past customers by creating column headings. You can start with customer name, business name, industry type, services and/or products purchased, and total amount spent over a particular time period.

If you’re a business that mainly sells to other businesses, then your spreadsheet can also contain columns related to industry, # of employees, revenue, business type and possibly geographic location.

Look for Common Patterns
As you go through your data, look for common customer patterns that will allow you to start creating definable data on your main target market as well as any secondary markets or niche areas.

Maybe you uncover a group of customers that tend to purchase low-cost impulse-type products. Maybe there is a certain niche segment where the buying process is long because all purchases must go through an approval committee.

Looking for patterns like this will allow you to start grouping customers by different attributes. There is no right or wrong way to do this. Just work to uncover any patterns in the types of customers that buy from you.

Check Out Your Competition
Another good way to help define your primary and any secondary target markets is to check out your competitor’s website and brochures to see what customer groups they may be targeting. This can also help define niche market segments that would most benefit from your company’s offerings.

Ask yourself the following questions to really determine if you have a potential definable target market.

1. Does this group of customers have a problem that my product or service solves?
2. Am I able to differentiate my products and services from the competition in order to provide unique value to this group?
3. Will this group be willing to pay full price for my products and/or services?

Define Your Target Markets
Remember, a niche market is a just narrowly defined group of customers. Don’t overcomplicate the process. It’s simply a way to partition your overall market into definable sub-markets.

By looking at your customer data, you will want to write down and define the following three areas:

1. Main Target Market – You most likely already have a good idea of your main or primary target market. Use your customer data to reinforce and further define this main category of customers. Remember, size of your main market is not important. What is important is that all the customers defined in this group must have similar wants and needs.

2. Secondary Markets – As you look at your past customers, you may find you can group some into their own areas. For example, a roofing company that targets commercial buildings may find they have a secondary market in residential roof repairs. Don’t force this however. It’s fine to have a single narrowly-focused target market with no definable secondary markets. If you try to attack your primary market as well as several secondary markets simultaneously, you may find you’re spreading your marketing efforts over too wide an area.

3. Niche Markets – This can be a difficult one to define. A niche market is a small segment of customers that have a set of needs no one else is currently providing. As with secondary markets, don’t force the creation of a niche area if nothing comes up in reviewing your customers. However, always be on the lookout for niche market opportunities. As you learn more about your customers, you may very well discover some great niche opportunities.

Once you have defined your various markets, take a closer look and make sure they are aligned with your business. If you can determine that a particular target segment has low profit potential, then you’re better off dropping it as a definable market. It’s better to focus on two or three market areas that have a good profit potential than 5-6 with poor or mediocre potential.

As your business grows and you add products and services to your portfolio, you will most likely define additional secondary and niche markets. As long as they are focused around a similar set of customers with similar needs, add them to your overall list of target markets.

Here’s an example of how a roofing business might define their target and niche markets.

Primary Target Market: Industrial & Commercial Buildings
Secondary Target Markets: Residential Repair, Real Estate Managers
Niche Markets: Hospitals, Elementary Schools

Defining your niche markets allows you to understand the very specific wants and needs of your various customers. Developing relevant and compelling solutions to these needs is the key to growing your small business.

Corte Swearingen has been a marketing professional for 20 years and is the creator of a website devoted to Small Business Marketing. For more information on niche markets, see Finding a Market Niche.

Article Source: EzineArticles.com@@AMAZON_GEN_WIDGET@@.

How To Find A Profitable Niche

How To Find A Profitable Niche

To be a successful Internet Marketer you need to know what people are searching
for – and fulfill their need. Follow the Two Golden Rules in this ebook How To Find A Profitable NicheTo be a successful Internet Marketer you need to know what people are searching
for – and fulfill their need. Follow the Two Golden Rules in this ebook How To Find A Profitable Niche

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Retirement Living World 2011

Retirement Living World 2011
Event on 2012-03-31 00:00:00
Event: Retirement Living World 2011
Date:24-27 May 2011 | Beijing, China
Website: http://www.imapac.com/index.php?page=retirementlivingworldchina2011

Facilitate silver industry partnerships among developers, investors, regulators and other stakeholders to improve retirement living.

Retirement Living World is China's ONLY and most influential retirement living industry gathering in 2011. Retirement Living China is specially tailored for developers, operators and investors to explore China’s burgeoning retirement market opportunities, determine new revenue streams, identify new strategies, and form new partnerships for development of future retirement villages in China.

Retirement Living World China 2011, will be attended by 150+ retirement villages, developers, financiers, operators and aged care professionals from China and globally. It's your one stop solution to reach out to China's retirement living industry!

To ensure your target audience in China gets to hear your product philosophy and successful case studies at the conference, it's important to discuss with us about your potential involvement early! Get involved by taking your first step, contact David Lee at david.lee@imapac.com.

at Beijing, China
not defined yet
Beijing, China

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Handling Concentrated Antivenom Stored in a Stockroom at the Butantan Institute


Handling Concentrated Antivenom Stored in a Stockroom at the Butantan Institute – Photographic Print
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The 2011 Import and Export Market for Concentrated or Sweetened Milk and Cream in Cameroon
On the demand side, exporters and strategic planners focusing on concentrated or sweetened milk and cream in Cameroon face a numbe…

The 2009-2014 Outlook for Concentrated Liquid Laundry Detergents in the United States
This econometric study covers the latent demand outlook for concentrated liquid laundry detergents across the states and cities of…

The 2011 Import and Export Market for Concentrated or Sweetened Milk and Cream in South Korea
On the demand side, exporters and strategic planners focusing on concentrated or sweetened milk and cream in South Korea face a nu…

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Profitable Niche Marketing

A niche market is a focused targetable portion (subset) of a market sector.

By definition, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. A niche market may be thought of as a narrowly defined group of potential customers.

A distinct niche market usually evolves when a potential demand for a product or service is not met by any traditional supply form, or when a new demand arises due to changes in society, technology, or the general environment.

Niche market ventures may become profitable even though they are by nature small in comparison to the mainstream marketplace, due to the benefits of specialization and focus on small identifiable market segments; even without the benefit of economy of scale. Niche markets may be ignored or discounted by large businesses due to what they consider to be small potential. This small potential can translate into larger profits for a savvy niche marketer. This in part is the basic concept that makes the niche markets available to smaller businesses. The key to capitalizing on a niche market is to find or develop a market niche that has customers who are accessible, that is growing fast enough, and that is not owned by an established vendor.

Etymology

The term “niche” was first used by ecologists to describe a species’ position and use of resources within its environment. When used in business the term implies a situation or an activity perfectly suited to a person or a given type of personality. This concept has been extended from persons to products within a market segment. Whereas a niche in the strict sense can be a working position or an area suited to a person who occupies it, the market niche is perfectly suited for a product of human labor. Marketing in and for niche markets

Niche marketing is the process of finding and serving profitable market segments and designing custom-made products or services for them. As mentioned earlier, for big companies, those market segments are often too small in order to serve them profitably as they often lack economies of scale. Niche marketers are often reliant on the loyalty business model to maintain a profitable volume of sales.

Online Niche Marketing

Online niche marketing is often used by affiliate marketers. By seeking out smaller segments of larger markets, a website can be developed and promoted quickly to uniquely serve a targeted and usually loyal customer base, giving the affiliate a small but regular income stream. This technique is then repeated across several other niche websites until a desired income level is achieved.

Niche blogging is the act of creating a blog with the intent of using it to market to a particular niche market. While it could be argued that all blogs are, in some form, a niche blog, the term as it applies to marketing refers to a particular kind of blog.

Neither blogging nor niche marketing is a new concept. However, only in recent years has the concept of a niche blog come into being.

Usually, niche blogs will contain advertisements of some sort (pay-per-click or products or both). In some cases, the purpose of the niche blog is to incite the reader into visiting another website which may then attempt to sell the reader a product or service.

Niche blogs are sometimes referred to as splogs, but this is a misnomer. Even though the desired end result for the niche blogger is to make money, the niche blog itself often contains valuable information. Most pay-per-click advertising is content-sensitive, so it is vital to the niche blogger to have useful content that is related to the chosen niche.

Why are niche blogs are popular?

The popularity of niche blogging among new marketers can be attributed to several factors, including cost, adaptability and traffic generation. All of which are conducive toi start up business, particularly those that originate online.

Cost

The most significant reason for the popularity of niche blogging is the cost. Using services such as Blogger and WordPress, niche bloggers can quickly and easily create a blog for free. In this way, the marketer can determine the viability of the selected niche before making a large investment of time and money.

Adaptability

Because people’s interests often change over time, it is important for a successful marketer to stay up-to-date on current trends. By using free services, the niche blogger can quickly adapt to the changing market and create a new blog marketed to that niche.

Traffic generation

In order for a website to be profitable, it must have visitors. Normal websites require search engine optimization or paid advertisement in order to gain visitors. Blog services like Blogger, on the other hand, incorporate Really Simple Syndication (RSS). Using this technology, the niche blogger can inform various online directories of the blog’s existence. They, in turn, provide links to the blog. Visitors to these directories are then exposed to the blog’s listing and may choose to visit the blog. Thus, the directories act as a marketing tool for the niche blogger.

William Lockhart is owner of CyberIncomeSolutions a web site that offers research tools and resources for those interested in creating products and services aimed at niche markets. Visit William at http://www.CyberIncomeSolutions.com

Article Source: EzineArticles.com@@ADSENSE@@.

Sr. Product Analyst Job

Sr. Product Analyst Job

Sr. Product Analyst Job ID #: 20047 Company : Hotwire Location : USA – CA – San Francisco Functional Area : Business Analytics Employment Type : Full time Regular Education Required : Bachelors Background Required : 3-five years Relocation Provided : No Position overview Sr. Product Analyst Company Overview: Hotwire.com is a leading discount travel Website with consistently lower prices on airline tickets, hotel rooms, rental cars, cruises and vacation packages. Launched in 2000 with funding from 6 major airlines, Hotwire negotiates deep discounts from its travel suppliers to help sell their excess inventory. Hotwire is a wholly owned subsidiary of Expedia, Inc. (NASDAQ: EXPE) and is based in San Francisco, CA. For more details, visit http://www.hotwire.com/ Day one. Step into the Hotwire offices. You’ll be instantly greeted by a fun, fast-paced atmosphere.

Price:

Location

94101 San Francisco, USA

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Latest Concentrated Marketing News

Fuse Science Announces Partnership With Excel Sports Management
MIAMI LAKES, Fla., March 29, 2012 /PRNewswire via COMTEX/ — Fuse Science Inc (otcqb:DROP), ( www.fusescience.com ), announced today that it has entered into an agreement with Excel Sports Management to serve as sports marketing consultant to Fuse …
Read more on MarketWatch (press release)

AM Best Downgrades Ratings of Universal Fidelity Life Insurance Company
Additionally, the company is exposed to marketing and regulatory risks as its risk business is concentrated in student accident insurance. AM Best believes Universal Fidelity Life will be challenged to achieve its short-term financial projections due …
Read more on MarketWatch (press release)

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