Why Niche Marketing –Find Your Niche and Then . . . Drive Them Crazy

Why Niche Marketing?

 One of the biggest problems small business owners of all kinds have is that they believe that everyone in the world can use their products and/or services. 

If you sell water which would result in the largest percentage of people responding?

  • Whole World — Let’s say that you offer water to everyone you meet.
  • Find a niche — Identify a crowd  of very thirsty construction people working in a remote area that have no other resource for their water while on the job.

When trying to sell to everyone you meet, you might find that only 1 in 10 are even thirsty at all, and probably far fewer that even would buy from you. You’ll work pretty hard going from person to person for very little return.

When it comes to the law of supply and demand, your product is not in very big demand, and therefore your sales will be low volume, and you may even have to find an almost give-away price.

But in that niche that you’ve found of very hot, thirsty construction workers . . .  just about everyone would almost kill to get the water you have. 

And, on top of that, now that you’ve found them, you probably can supply them every hour or so, and probably as long as they are out on a project. In fact, find out where their next job will be, it’s very likely you’ll keep seeling water to them.

Think, how different it is to attempt to “sell everyone in the world” as opposed to finding someone that really needs what you have, and then be there for them. They’ll line up if they perceive that what you have is what they desparately need. In this last case, almost everyone you meet desparately wants what you have, and would fight for their place in line.

And, back to the law of supply and demand, it’s in such demand, that people will almost chase you, and it’s very likely you can charge more, lots more for the same thing you would sell “to everyone you meet.”

Get the idea of niche marketing? Marketing and selling to that niche becomes easy as opposed to working your butt off to sell to the whole world.

I realize that there is a mistaken belief among most new business owners that even a small segment of a very large market should result in the biggest opportunity. But as you can see in the example above  . . .  finding the niche market will actually result in easier sales, more sales, and more dollars.

Now let’s look at some key points how you can increase those sales even further.

Once you understand who your target market is, you MUST understand what they want, what they’d almost kill to get from someone.

Important Point #1 — It’s not what you sell that’s important, it’s what they want, or even desparately need.

If you spend your time talking about the liquid you have for sale you probably wouldn’t get much of a response even from this crowd. But, if you focus on what they want the most . . . cold, very satisfying ice water, you might get hurt if you tantilized them and didn’t give it to them. They would seriously chase after you to get it.

Now, imagine how you would find that market that desparately needs what you sell, and, from their perspective, how would you help them get excited about it.

Important Point #2 — Explore with your prospect what is the most important thing to them at this point.

Important Point #3 — There are two parts of any business interaction, what they get and how they are getting it. The product and how they can get it.

Important Point #4 — Value they receive, and the values they expect of you.

Have you found and declared your niche?

Once you’ve defined your niche . . . one where they desparately need you, and have defined what their problems and needs you, you can define what kind of problems they struggle with and what kind of measurable result your deliver. In fact, when you can define a VALUE that drives them crazy, and “the WHY” they should hire you.

 Without knowing WHY anyone should hire you or the value they will receive from hiring you, there are two of you who don’t know why they should hire you, both you and them.

3 Responses to Why Niche Marketing –Find Your Niche and Then . . . Drive Them Crazy

  • Zero says:

    Thanks a lot for sharing. You have done a brilliant job. Your article is truly relevant to my study at this moment, and I am really happy I discovered your website.

  • Henry Ford failed to understand niche markets when you could have any color of car as long as it was black. It has taken over 100 years for Ford to almost return to being the #1 domestic vehicle manufacturer. Understanding your niche is about value from your customers’ decision making process (psychographics)

  • It is important to set clear expectations and measurable goals before you can start coaching and mentoring. How can your coaching and mentoring be effective when you have not established any expectations and goals?

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