FINDING A NICHE
As a small business owner marketing can seem daunting. Google AdWords, Facebook ads, local newspapers, radio time, PR companies, blogging, sponsored tweets, networking – the options (and expense!) seems limitless.
Before you start to get bogged down in the detail, first ask yourself who you are trying to sell to. Have a good think about who your ideal customer is. If your answer is very broad (e.g. I’m selling to humans, or, I’m selling to small-medium sized businesses) you might want to narrow down your target market to a specific niche.
Lacking focus can result in a ‘spray and pray’ approach to your marketing spend, whereas having a target niche market means you can be more certain that your marketing material will get into the hands, eyes, ears, and faces of those customers most likely to purchase your product and help ensure that you get the most bang for your marketing buck. Have a think about where your target market congregates both online and offline.
For example, if your target market is advertising executives you’ll probably find that, yes, they read the Herald, but so do loads of other people you don’t want to pay to reach. So perhaps advertising in industry-specific publications/websites would not only be a cheaper option, but more effective as you’ve got a captive audience consisting mostly of your target market.
Of course, one caveat to the niche approach is to do the research first to ensure that the target market is large enough to support your business. Targeting elderly death metal fans from Hobart might be too niche a market!
Fun tip: You can pronounce ‘niche’ two ways, you can say it as either neesh as we do here in Australia, or nitch as Mark Cuban does in the land of Mark Cuban.
If you’ve got issues in your business you don’t seem to be able to get on top of, why not get in touch? Not only do we provide a full suite of bookkeeping and tax services here at Generate, but we’re also able to help with business coaching, strategy workshops, business plans and much more. You name the problem and I’m sure we can help.