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Article Title:
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How to Determine Whether You've Chosen a Good Niche
Article Description:
====================
Choosing a niche--a small, focused target market--for your
services can be very beneficial to your business. It will help
your clients to focus on and identify the services that you
offer, and it will help you to develop deep expertise in a single
area--and "niching" will help you to raise your rates and
create a successful business.
Additional Article Information:
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635 Words; formatted to 65 Characters per Line
Distribution Date and Time: 2006-07-12 11:00:00
Written By: Erin Ferree
Copyright: 2006, All Rights Reserved
Contact Email: mailto:elf@elf-design.com
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How to Determine Whether You've Chosen a Good Niche
Copyright � 2006 elf design, All Rights Reserved
Written by: Erin Ferree
Elf Design
http://www.elf-design.com/
Choosing a niche--a small, focused target market--for your
services can be very beneficial to your business. It will help
your clients to focus on and identify the services that you
offer, and it will help you to develop deep expertise in a single
area--and "niching" will help you to raise your rates and
create a successful business.
But to maximize the benefits you'll get, you want to make sure
that you choose a good niche. To niche well, there are several
questions to consider:
1. Can potential customers in your target market afford your
services? If you're offering a high-ticket item to a target
audience that doesn't have much money, then you can run into
trouble. Or if your target audience doesn't control the buying
decision or isn't authorized to meet the cost of your product or
service, that can also lead to trouble. In these cases, you might
explore packaging your services in a more affordable way,
creating payment options, or choosing a new targeted niche market
that will be easier to sell to.
2. Do they put value on your services, and will they be willing
to buy? Do they think that they your services? Even if your
target audience is able to afford your services, they have to
also feel that your services have value to them and that they
need those services. If they think that your services would not
improve their lives or businesses, then they're unlikely to make
the purchase. Likewise, if your customers think that they can do
it themselves, or that they don't have a need that your services
will fill, then they won't make a purchase.
3. Do they understand your services? If your target audience
doesn't understand what you do � if it's too technical or
esoteric for them to even understand what you're selling or why
they might want or need it - then you'll have a very tough time
making any sales at all. Make sure that your target audience can
at least be taught to understand your products or services and
the benefits they provide.
4. How hard is it to find the people who are in your target
market? If you can't find the people who will make up your
target audience, then they likely cannot find you and your
offering. For example, the easier it is to find networking groups
or mailing lists that have large populations of people in your
target market, the easier it will be to market to them by
speaking at events and sending out direct mails.
5. Are there a lot of other competing providers in your niche? If
so, is there enough market for you? If the target you're
marketing to is served by many other providers, then it might be
difficult to capture enough market share to sustain your
business.
6. Is this niche within your abilities to deliver, and are you
credible in it? Do you have experience serving this niche...or
can you get that initial experience easily? Some ways to do this
include through pro-bono work, discounts, or aligning with a
professional organization to offer discounts to its members. You
might also be able to read about the industry you're planning to
market to, to learn more about the specific problems and
challenges they face.
7. Is the niche big enough to sustain your business? Are there
enough potential customer companies or enough need in that
industry that you plan to serve? If you choose a very specific
niche, you might find that there are just a few companies that
you could serve. If that's the case, you might want to widen
your niche.
If your niche fits these criteria, then it's likely that you've
created a great niche, one in which you will make more sales and
grow your business.
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Erin Ferree, Founder and Lead Designer of elf design, is a
brand identity and marketing design strategist who creates big
visibility for small businesses. Erin helps her clients discover
their brand differentiators, then designs logos, business cards,
and other collateral materials and websites to reflect that
differentiation, as well as to increase credibility and
memorability. To learn more about defining your difference, check
out our eBook, Stand Out, at http://www.stand-out-branding.com .
For more information about elf design, please visit: Logo design
at http://www.elf-design.com
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