Lots of information has been published about niche marketing, and with all the help freely available, it should be possible to quickly and easily identify yours. The problem is, in niche marketing, how do you find your way through tough competition?
20th century history is full of the most amazing examples of niche builders and how they made them work. For example, in the 1920s, Walt Disney founded the beginnings of a huge empire on the unknown art of child-like sketches – later known as cartoons. This was to find it’s way through the toughest competition: the Wall Street Crash, Great Depression and World War 2. Who would have thought a business as silly as cartoons would have the ability to survive some of the worst crises of recent history?
Finding your way through tough competition in your niche market involves taking a few simple steps:
1) Identify unique needs. Are you offering a product or service that is new or exactly the right thing for now? Have you narrowed the market down to a potential niche that you can tailor make your product to – something that is relevant to the 2010 market? An idea to re-market the Biro pen, for example, is not going to have the same appeal to today’s generation of button-pushing computer geeks!
2) Test the market. Check out the competition to see what you are up against. What are their ads, websites and brochures like? If you are heading for a popular niche, it doesn’t necessarily mean you should not go ahead with your launch. It just means you need to fine tune it a bit more. Be careful if you don’t actually find any competition – tough or otherwise. It may just mean there is a high failure rate for your particular niche. Testing will enable you to try and work out why.
3) Use Personal Branding. In today’s internet, finding your way through tough competition will involve getting up close and personal with your target audience. You will have to ‘own’ your product in a completely different way to the sterile atmosphere of yesteryear. For example, you may need to learn how to set up a blog and use social networking to give your product and name higher visibility. That may even entail learning a new (techno) language!
Although there is a lot of information freely available on the internet, it is highly likely you will need expert help in learning how to successfully harness the power of the world wide web. Knowing the bare bones will not always be sufficient to crack the code of niche marketing enough to know how to find your way through tough competition and make it successfully work for you. Many an entrepreneur has boldly gone before and the wealth of information they have can really help get you right where you need to be.