The internet is one large, competitive marketplace. In order to succeed you need to set yourself apart from the competition. Your research on your consumer, competition, industry and yourself give you the information you need to narrow your focus to a very specific target market or niche and product or service.
Your consumer isn’t everyone. You know who she is and what she wants. The product or service you offer is designed to meet her specific needs. For example, instead of selling women’s fashion online, you could sell bridal wear to upscale brides looking for designer name sophistication.
I don’t know about you but I’m on the internet regularly comparing prices between different websites as well as brick and mortar stores. So is everyone else. You don’t want to compete on price. You want to communicate benefits and value to the consumer.
The more tightly you target your product or service, the less you become like the competition. Remove price as a factor and it is easier for you to emphasize the benefits of your product and your high quality of service. In doing so, you build brand recognition and equity.
WORD OF THE DAY: Niche A niche market is a subset of a larger market. It is the focus on a specific product having features and benefits that satisfy specific market needs or consumer wishes and desires for quality and benefits.