Book Your FREE Profit Boost Call
5 Quick Tricks To Find A Niche Market That Will Quickly Increase Sales
It is impossible to target your products or services to everyone and that’s why it’s so important that you have a well-defined target market to increase sales. There a 5 quick tricks that you can do right now that will properly pinpoint your ideal target market.
Many businesses make the mistake of trying to be “all things to all people”. You’re better off choosing the markets you want to target and then focus exclusively on serving these segments better than anyone else.
It is important to specialize and not generalize. By choosing niche markets that are both easily identifiable and accessible is the key to success.
You need to carefully examine the results you’ve achieved up to this point in your business. Chances are the 80/20 rule, also known as the Pareto Principle comes into play here. This concept states that 80% of your business comes from just 20% of your customers. Run the numbers and see if this idea is accurate in your experience. In most cases, it is.
The next obvious step is to review those 20% of customers who account for 80% of your business. Do they fit into a particular niche that’s identifiable and accessible?
Perhaps the top 20% of your customers live in the same neighborhood, a characteristic not shared by the other 80%. Or, it could be that the top 20% fit into specific occupational or special- interest groups.
When you select a single target audience all your communication will relate to that one single person.
You need to truly understand where your customer is coming from. This is not just knowing the needs and wants of your ideal customer, but understanding who they are, how they live, who they associate with, what their general attitude to life is – AND, more importantly, what are the underlying emotional conditions driving the actions they take.
Look at what others are doing and do something different. Avoid the niches that most companies in your field cater to. Go after the markets that others consider “too small” or “too insignificant” to worry about.
Just make sure that it’s a large enough market to make your efforts profitable.
Your flexibility and adaptability are what enables you to expand and grow with a changing and constantly evolving marketplace.
When seeking target niches, here are 5 simple tricks you need to follow to increase sales.
You need to look for niche markets that:
1. Share common problems and have similar “wants” so that you can, in effect, “package” solutions that serve many, rather than customizing solutions to individual, specific requirements.
2. You can reach easily and affordably.
3. Are easily identifiable by those who are under-served by others in the market.
4. Can easily pay for your products or services.
5. Show a past history of buying related products or services in the recent past, where the dollar volume of each purchase is close to or more than the cost of your product.
By seeking target niches that you can reach easily and affordably will help you determine the most lucrative and productive areas in which to concentrate your marketing efforts.
If you are new to our channel or enjoyed this video, give it a like. If you would like additional marketing strategies to increase sales and boost profits, subscribe to our channel.
If you need help in defining your niche market that will quickly increase sales, go to www.growthadvisorondemand.com.
You can book your FREE Profit Boost Call so you can see how we can identify additional ways to help you increase sales and boost profits.
No obligation. No sales pitch. We help businesses boost profits on a pay after results basis.
Copyright © 2020. Growth Advisor On Demand. All Rights Reserved.