“A Niche marketing rule
Can be like a fine jewel,
But they can be over rated
When they become out-dated
And make your marketing look like a fool.”
Niche marketing has always been a discipline of rules and principles. In fact, the success or failure of a niche marketing strategy can be predicted based on fundamental principles. Failure could also be predicted based on how many principles were not applied and how many outdated rules they kept doing.
But unlike principles or laws, rules are subject to change. For example, rules often change in sports, politics as well as marketing. Better rules are created to adapt to changing times, technologies and circumstances. As the saying goes, “man was not made to serve rules, but rules were made to serve man.” This also applies to niche marketing.
A fundamental under-the-radar shift in niche marketing has happened. The changing economy has also changed the way successful businesses market to consumers. Social networks, mobile marketing and computer software has changed the game forever.
Keep in mind, the principles of niche marketing hasn’t changed but the rules have. As with any rules, the ones who master them first will win the biggest share of the market. The last ones to apply the new rules often finish last or not at all.
Here’s 3 niche marketing rules you should avoid in 2011.
1. The More Unique The Better:
Many niche marketing books have stressed the importance of uniqueness in a product or service. However, this is a major risk, especially in a slow economy.
The secret now is to offer what people are already buying with a slight uniqueness or twist. Because of technology finding out what people are buying is now easier to do than ever before. Experience proves risk can be reduced by following this new rule and avoiding the temptation to reinvent the wheel so-to-speak.
People are creatures of habit, we have a tendency to make similar purchases at similar prices and at similar times. By remembering this and avoiding the risk of trying to be too unique can increase the chance of success.
2. The Less Competition The Better:
One of the hallmark rules of niche marketing was to find a section or area of the market that had little or no competition. Now the key is finding markets with competition, the more the better. Why? Because this always signals a vibrant market with people who are spending money. Having an exclusive market does little good if no one is spending money.
The key to finding a market where people are currently spending money is to look for competition. Why? Because 9 times out of 10 people are spending money. After the vibrant market is discovered next apply solid niche marketing principles that separate your business, product or yourself from the competition.
3. Narrow Target As Much As Possible:
Excessive targeting can result in running out of prospects quicker, especially in a slow economy. That’s why good judgment must come into play when deciding how narrow to target prospects.
It’s better to cast a big net and narrow it down as time and sales increase, as opposed to narrowing target prospects too much and too soon. The key here is moderation. Beware of going to the other extreme and not targeting prospects enough. This can give worse results than over targeting.
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