As an entrepreneur and/or small business owner, one of the decisions you make when starting your business is which portion of the market is going to be your niche. In order to choose your niche ask yourself, “where in the market will my products or services fit?” Has a new market been created, because of changes in technology or society, which has a potential demand that is not being met? Once you have answered these questions, you have chosen your niche.
In your niche, you will find people with shared characteristics (market segment). The factors (characteristics) that determine market segments are geographic, demographic, behavioral, and psychographic (attitudinal). Your advertising message and marketing strategy will be based on these factors.
It’s ironic how people are more alike than different. The aforementioned factors will affect how a group of people will behave. We tend to be creatures of habit, which causes us to be “sitting ducks” for advertisers and marketers. We leave clues, based on our needs, wants, and mental files, that tell where we live, how we shop, what we buy, and how we spend our leisure time. The same holds true for the market segment you choose to target with your products and/or services. They will have similar needs or wants and behave in similar ways.
In the market place, there is an area or subset where your products and/or services will fit (niche). In the market place, there is a group of clients who can use your products/or services (market segment). As an entrepreneur and/or small business owner with limited advertising and marketing budget, it is important to choose a niche, as well as a segment, in the market.
Recent Comments