Why is it that almost seventy percent of online startup ventures are not able to make any profit, and are eventually doomed to failure?
It is due to the failure to adopt a successful and profitable niche marketing model. First of all, we need to understand what niche marketing actually is, and what is required to adopt this model in a modern business startup.
What is niche marketing?
Any business marketing model, which is designed to target a specific category of people, or a specific product or service, can be identified as niche marketing.
Why do so many business startups result in failure?
The most common mistake is that many of the new online businesses ventures try to promote too many differing products or services in an attempt to capture what they think will be more sales and therefore profit by giving their audience more choices.
This may have worked in the early days of internet marketing but online buyers have become increasingly more targeted about what they require and more and more are searching for very specific items or services to satisfy their requirements. And it is the job of the niche marketer to research and develop a plan to capture this target audience to a very specific product or service in order to be successful.
The need to fully understand your audiences’ requirements is vital so that you don’t waste your time, energy or more importantly your resources promoting your offer to the wrong people. Remember, niche marketing is not about selling a product or a service.
It’s all about solving someone’s problem or need!
To become a successful niche marketer there are a number of points that your business model needs to contain.
1. Authority. You absolutely want your audience to believe that you know what you are talking about. Wherever possible you must choose a niche that you are familiar with and one that you can write about with authority. It could be a hobby that you are passionate about, something that you have been doing for a long time (experience) or at least a product or service or information that you have researched thoroughly.
A biography of your achievements in your particular niche and testimonials from satisfied clients will give your audience confidence and once you get that your marketing will become a lot easier.
2. Meet or exceed your customers’ needs. Make sure your benefits have special appeal to your market niche. Provide new and compelling information or product to your audience. Tailor your product or service to exactly meet or exceed your customers’ needs. Variations can be offered but it’s important to give your audience your honest opinion to which is the most suitable for their particular needs. This again will demonstrate authority on your part.
3. Test Your Market Opposition. Conduct an analysis of your opposition by checking out their websites, find out how they differ from yours, like their unique selling proposition, price etc. See if you can modify your offer to better that of your opposition. Once on their website, right click on it and choose “view page source”. You will get the full coding for their site and if you’re lucky you will find all the keywords that they are using for their searches. Any advantage that you can gain will be priceless!
Now hit your niche market with confidence!