Renée Warren's Blog

Million $ Market Niche

June 17, 2008 at 3:49 pm Leave a comment

…what entrepreneurs need to know to succeed

Before creating a brochure, before developing a brand, before designing a website…a small business owner must know who they are creating, developing and designing for. Entrepreneurs must know their target market.

Instinctively, a small business owner should have a good sense of their market. But there’s danger new owners must address. Too narrow a market focus and the business may not meet its sales projections. And too broad a focus and the business risks losing impact on its customer base.

When defining a target market, a new small business owner must identify the niche they can supply better than anybody else, know exactly who their potential clients are, and pursue only those customers offering the greatest profitability.

To identify a niche, a business owner must start by knowing what they do well and who will pay them for it. Defining the customer group can be easy by collecting data such as age, gender, purchasing habits, and group associations. Make sure the proposed new target market is worth the while. Does the proposed niche have money to spend? Can they pay the price?

“New small business owners simply do not have the time, money, or resources to try to sell to everybody. Marketing becomes so much easier once entrepreneurs know exactly who they are trying to reach,” comments Roger Pierce, Small Business Expert and BizLaunch Co-founder. “Business owners will have an easier time talking to them, understanding their desires, and fulfilling their needs if they have a full understanding of their ideal customer”.

Know your niche and know it well, than prepare for increased sales.

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