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.
-Pat
Pat - For me the take away points of your blog today were:
“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.”
Great reminders of where our focus and priorities should be.
Thanks!
Pam
Great Minds, Great Wealth: How to Raise your Return, Reduce your Risk, Cut your Cost
Pat,
Yet again, very good and useful information for those that want to build effective website businesses (like us!). My niche is fitness for working males between the ages of 35 and 60. In the future, I may work on a few sub-niches within that niche as well.
Health, Fitness, Success — Darryl Pace
A niche is so important as so many people are selling on the internet nowadays. Mark
marketingscoops
GlacierIceCream
Hi Pam, excellent advise for small business owners as they look to define their business ONLINE.
define and know your niche!
Best regards,
April Braswell
Dating Expert and Online Dating Coach
You are so right! When I was selling business insurance my niche was contruction but to minority owners, a highly underserved market. Now my product is high end vintage inspired rhinestone costume jewelry for people who want to have FUN! Believe it or not, its Boomers who are in to health/organic living/ excercise,etc…but who love to dance, vacation and cut loose once and awhile…sort of…closet DIVAS…
SunnyMarie
http://www.sunnymarie.com
http://www.sunnymarie.wordpress.com
Good advice as always, follows what Kevin has been saying about getting into that consumer’s mind.
Thanks
JC
JC
I think I have a good niche. We’ll see how well it pays off. The problem is that there aren’t many products related to this field.
Lisa McLellan, Babysitting Classes - Babysitters, Nannies, and Au-pairs
Yes a niche is vital in business for sure!!!
Expert in Medical Hypnosis, Success Thinking and Practical Parenting
David Power’s Hour
My offline niche is well defined. still working on my online niche. i love your blog it keeps things simple with good definitions.
Don Shepherd
Central Oregon Expert
Pam,
Excellent post! You keep things short and sweet!
Mitch
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