TC: NICHE YOUR MARKET!
Find a Segment That’s Craving Your Service
Your challenge today is to take a narrow look at your target market. By narrow, I mean that you should identify a segment within your broad target market that is thirsty for your product or service.
The real challenge is to be able to define what your niche market both needs and wants. It’s not what you think your market needs and wants, but what they tell you that they need and want.
For example, I may want the biggest and most high tech large screen TV on the market, but what I need may be a new software program to better systematize my business.
Second guessing your target market’s needs, will not work. Designing a business, product or service, without documented input from your target market is one way of increasing your chances for failure.
To continue your challenge you will have to reach out and ask your broad target market what their needs and wants are, their wish list that is in the general area of your product/service. This can be accomplished by using some or all of the following:
- Make a cold call, in person and ask several carefully crafted questions.
- Do the same with phone calls.
- Select several hundred prospects and:
Send them a “snail” mail questionnaire with a stamped returned envelope. The outside of your mailing piece has to be dynamic enough to get your market to open the envelope and then respond.
Do an e-mail survey. The content of your e-mail has to be compelling enough to get people to respond.
Do focus groups of 10 to 15 people. This is an invitation to a morning coffee to discuss issues that are of concern to their industry. A carefully worded invitation appealing to their hot-button should enable you to get a decent response.
Go to your target market trade association and help them set up several focus groups for you.
Select a strategic partner that has a product or service that serves your target market. Ask them to help create a focus group.
Post an invitation to attend a focus group on social media. The first 20 that respond are invited to attend.
The Tuesday challenge, as always, is something that you should consider and yes, it will require a lot of hard work and effort. It’s better to find your what your niche market wants before you start marketing to the whole world.
“It’s how we RISE to a challenge that defines us.”
Tips & Advice by Nick Petra – CFP, Mentor, and Founder of StrategicDuck and BizQuack.
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