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When you become experienced with niche marketing, you quickly learn that there is one extremely important factor that plays the most important role in determining whether your business will be successful or not.
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Copyright 2006 Mark Nenadic
When you become experienced with niche marketing, you quickly learn that there is one extremely important factor that plays the most important role in determining whether your business will be successful or not. This factor is the original concept of the business itself. It begins with the product that you have selected, as well as your target market niche, and then your unique selling proposition (USP) – as well as the implementation of these elements. If your business idea – primarily, your product – is a good one, and you have applied your techniques properly for the development of your business, then you will be much more likely to be successful in your venture. It’s all a matter of getting off on the right foot.
But just because you know this doesn’t mean that the process will be easy. After all, anybody can recognize that they need a good product in order to build a company to be successful, however, not everybody knows what a good product or business idea really looks like. Let’s look a little bit closer at what a business idea is, and how to recognize if it is a good one.
Naturally, the word “product” is rather self explanatory – it’s either the goods or the services that you will be selling. Equally, the term “target market niche” is becoming more familiar in the business world, referring to the little corner of the marketplace where a particular business places its focus. However, not as well known is the term “USP”, which stands for unique selling proposition. This last term, which is essentially your individual marketing strategy, is what is often lacking in businesses that fail.
The product itself is what you’re attempting to sell. It can consist either of something tangible, such as computers, construction equipment, paper, or shampoo, or something electronic, such as downloadable software, an e-book or e-newsletter, or anything else that can be downloaded or sent over the internet. Even websites can be considered intangible products. Or, your product can be something you provide, such as a membership, a professional service, or anything else that you can do for a customer that you can charge money for. All of these are considered a product, even though they are vastly different. The most defining feature of them all is their value in order to make them sellable. Value is given to a product when it can solve a customers problems, fulfill their desires, or simply make them happier in some way or another.
Your target market niche consists of the people who will potentially become customers and buy your product. When defining your target market niche, you need to make sure that you are working with a size that you can manage, but will still bring in enough income that you will be profitable. For example, if you are running a small business, you need to select a niche that fits your size, and doesn’t put you up against large corporations in competition. Your target market niche also needs to be a group of people that is easily accessible to you. This may be though specialized websites, mailing lists, online forums, or other straight-forward and achievable marketing strategies.
Finally, your USP – unique selling proposition – is the element of your business that connects your product with your target market niche audience. This is the very core of your business concept. To make sure that you’re applying it properly, you need to define it, either in your marketing strategy or your business mission. It is the USP that brings your product out to the people who may potentially buy it, illustrating it as not just an item, but a solution to a problem, or a way to be happier in life. Your USP needs to make your product stand out beyond the rest of the similar products out there, persuading potential customers that your product is the only one that will provide the solution that they’re looking for.
By working all of these three main parts into your business strategy, then you will dramatically increase your chances of having a successful business. So start brainstorming today for the product that you will be able to use on all three of these levels, and you’ll be ready for your successes tomorrow.