by Ken Sethney, Kitsap SCORE
Marketing a niche product means that you’re not selling to everyone. You are focused on a group of people who are most likely to buy your products or services.
Having a narrow pool of potential customers comes with challenges and ultimately means more work on your part to find those people who fall within your niche. However, marketing a niche product also has advantages once you identify your customers.
Successfully marketing a niche product starts with an in-depth understanding of your potential customer’s wants and needs.
When you are targeting a small group of buyers, you need to understand who is most likely to buy your product and how your product can provide solutions to their needs.
Start with a bit of market research. Google can help you find lots of useful information. You can also visit the Kitsap Regional Library and speak to an adult services librarian. The library website can give you access to valuable information.
You can access a database with lots of helpful information for free. All you need is a library card and a bit of help from these extraordinary people…
Here’s an introduction to the Centennials…
Infographic created by The Futures Company — Designed by Jaclyn Salem – www.thefuturescompany.com
by Kelly Deis of SoundPoint Consulting
The odds are that there are a lot of other businesses in your market providing similar products or services. After all, the world cannot survive on just one pizza joint, accounting firm, beverage wholesaler or equipment manufacturer. So what is compelling about your firm that sets you apart from your competition and entices potential customers to buy from you?
Many business owners will answer with the “soft” differentiators, such as reputation, good service and high quality. These are all great characteristics (and absolutely necessary!), but do they really and truly set you apart? I’ll bet that if you ask your competition what sets them apart, you will get similar answers.
The fact is that highly differentiated firms are generally more profitable than their counterparts. Yes, their overall market may be smaller than a firm with a broader strategy, but they have more of it (the proverbial big fish in little pond). And, they most likely charge more and spend less on advertising and marketing. Continue reading
These are the slides I use to present the marketing section of the Business Plan workshop at Seattle SCORE. Feel free to take a look then reach out to Kitsap SCORE, Seattle SCORE or SCORE.org for help putting your ideas on paper, then putting them to work.
— Ken Sethney
I often work with SCORE clients who want to create a successful marketing strategy so they can find customers for their products and services. During our conversation, I introduce the Bullet Point Marketing Plan and share a copy of the six-question worksheet.
After they identify their “Class A Prospects” and think about where they might be “hiding,” I ask how they intend to reach them. This can be a bit of a struggle, so I tell a story about some friends who delivered hand-addressed 9×12 inch envelopes to the offices where their Class A prospects were “hiding” and well protected by “gatekeepers.” The envelopes contained a business card, a personally addressed and hand-signed letter, plus a reel-to-reel audio tape containing samples of their work.
This was in the 1970s. They were selling their services as writers, arrangers and recording engineers for radio commercials in Los Angeles. Their target audience consisted of creative directors for advertising agencies who had never heard of these Seattle guys who had just moved to L.A. The “lumpy envelopes” were opened and my friends got lots of calls. The calls turned into lots of business for their new production studio. Continue reading
You’ve worked hard to develop your business plan and refine your products or services. Now it’s time to connect with the people your business was designed to help.
But marketing your company can quickly become expensive. If you’re operating on a shoestring budget, you may feel discouraged that you can’t do enough to promote your hard work.
Even if money is tight, you can still make marketing work for your new business. Here are a few reminders to keep in mind when you’re marketing on a tight budget.
Solving the Pricing Puzzle
Setting prices for products and services should be simple, shouldn’t it? Cover your costs, make a profit, and appeal to customers. But there are more variables to the pricing formula than many new small business owners may realize.
“When you’re starting out, you may not have a good handle on all the costs you’ll incur,” observes Janet Attard, founder and owner BusinessKnowhow.com. “Unless you have previous experience estimating jobs in the same industry, you may have difficulty making accurate estimates of the time and/or materials needed to complete jobs. You also may not account for non-billable hours—the time you spend marketing and promoting the business.”
Other costs of doing business may also be overlooked—until you have to pay them. These include payroll and self-employment taxes, fees for accepting credit cards, health insurance and other benefits, and a variety of overhead expenses. Continue reading
A bullet-point marketing plan will help you focus your attention and your resources on generating the best possible results. Get your very own Bullet Point Marketing Plan worksheet.