Can you be successful serving a small niche market?
There are so many myths around niche marketing and the opportunities that it presents for your business.
Although many people have questioned the possibilities for success with a niche market or a smaller segment of a larger group, it can and will be good for your business, if you do it right.There are people who will tell you that narrowing down your niche is a mistake. They're wrong. Click To Tweet
If you listen to them, you’re making a huge blunder in your business and very well could be leaving money on the table.
So how do you separate fact from fiction when it comes to niche marketing and how do you do it right?
Take a quick four minutes to watch this video and learn how I dispel three common myths about niche marketing.
Myth #1, Small markets equal small profits.
No way! A small market does not dictate a small profit.
Let’s look at one example.
The example of multi-million dollar homes.
Now that’s a small segment of a market.
Most of us probably aren’t in the market to buy that type of a home but there’s plenty of people who are.
And, the realtors who sell to them do anything but make a small profit.
So keep in mind just because you’re focusing on a smaller segment of a larger market, it doesn’t mean that your profits are going to be small.
It just means you’re more laser focused on your target market.Worried about niching down your target market? Don't be. Click To Tweet
Myth #2, You must expand your offerings.
Are you familiar with the phrase less is more?
Well, it’s a phrase that carries on in its infinite wisdom for a reason and it’s especially true for niche marketing.
You’ll never hear of a carpenter who manufactures handmade rocking chairs start to make leather sofas.
Why? Because he has a specialty.
He knows who his market is and he sells his product to them.
Just the same, you’ll never hear of a fast food restaurant starting to serve four course meals.
They know what their market wants, and they’re out to serve them.
You can do the same in your niche.
Remember, you can’t sell everything to everyone.
You need to focus your efforts and continually work to perfect them.
This is how you’ll set yourself apart and earn the trust and respect of your customers.
Myth #3, If people don’t need it, they won’t buy it.
If you’ve ever stepped foot in a store, that’s right, any store, you know that this myth is not true.
How many times have you stopped in the grocery store for a gallon of milk but when you get to the checkout lane, you’ve got a gallon of milk, a dozen eggs, a candy bar, and a bottle of water?
Or how many times have you walked into a shoe store to get one pair of shoes only to walk out with two because they were buy one, get one half off.
Or how many times have you stocked up on your favorite perfume or cologne because it was being discontinued.
We’re consumers and we live in a consumer driven world.
People don’t just buy what they need, they buy what they want.
I hope you’re providing them with both.
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