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Your EnterQuest Bulletin - Issue 252
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| Thought for the week: "I am easily satisfied with the very best." Winston Churchill |
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In this week's issue:
Tips for finding a market niche
In previous issues of EnterQuest we've stressed the importance of narrowing your market focus to a specific niche to help make your products or services more desirable. This week we're going to explore some of the different types of niche you can exploit (this is an abstract from Chapter 12 of the UK Small Business Marketing Bible).
Basically there are four general types of niche: occupations, demographics, geographics and psychographics (or 'subcultures').
1. Occupations - this niche is one that is made up of people that are employed in the same occupation (for example, firemen, carpet cleaners). The assumption is that people in the same job worry about the same things and tackle the same problems. This makes them good candidates for products and services that are created to solve those specific, occupation-related problems. For example, a carpet layer probably suffers from lower back problems, while a customer service representative usually deals with high levels of stress.
2. Demographics - this niche consists of people who share one or more of the same characteristics, such as weight, height, ethnic origin, income, gender and so on. It would stand to reason that mature homeowners face similar issues associated with retirement.
3. Geographics - this niche includes people who live in the same:
1) Neighbourhood
2) Housing estate
3) District
4) Voting constituency
5) County
6) City
7) Metropolitan area
8) Region
9) Country
These people often share the same problems associated with living in that area. For instance, people who live in Northern England might deal with snowy weather in winter, while people in the south east sometimes face summer water shortages.
4. Psychographics or subcultures is the study of how people think and what they like. People with similar psychographic profiles often share the same passions, hobbies and even dislikes. This is probably the biggest and most lucrative of all the niches because people spend a large majority of their discretionary income on items that they are passionate about.
Examples of psychographic niches or subcultures include people who:
The list is endless, and the thing to remember is that each of the people in these love-hate categories will spend money either to get what they love or to avoid what they hate.
Do you know your USP?
To sell effectively to the right market you need to define what you do best. You must stand out from the crowd by differentiating yourself. In other words, you need to find your unique selling point or USP. Your USP is what makes your business special and you should promote it to potential customers.
Of course, you might find that your USP isn't so unique after all. Other businesses might already offer the same service. Equally, however, your research might reveal ways in which you can adapt your USP to make it more relevant to your target market.
There are key elements to consider when establishing your USP. Each time a product or service is bought into, the buying decision will involve one or more of the following key elements:
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Value/price. Are your customers motivated by price? This is usually obvious from verbal feedback.
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Product/service quality. Customers are willing to pay more for high quality products or services bought for performance, reputation, reliability, customer support or retained value.
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Innovation/technology/fashion. Customers are loyal to certain brands but in some sectors, things are bought just because they're the latest fad or trend.
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Marketing communications. Many of us keep buying from the same business because we like the brand and we are buying into the lifestyle that comes with it.
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Convenience. People often make purchases for convenience's sake, as opposed to seeking out a better option.
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Added value. The add-ons that you get with certain products/services can make a difference. For example, if you offer a free DVD player to new customers, it will influence their decision and provide them with an added incentive.
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Each week we provide you with summaries of some popular or emerging business ideas in the UK and elsewhere around the world.
- Upmarket smoothie bars. Dessert's Bar is a smoothie bar in Malaysia that serves smoothies, sorbets and other fruit-based food and drinks. The difference is that the drinks are served in cocktail glasses, offering a sophisticated twist to health-conscious customers.
Online marketing tactics (as voted by users of TopRankBlog)
This poll ran in the first couple of weeks of February on the TopRankBlog website. It features the top ten online marketing tactics as voted by members. It offers some tips and guidance at the end for small business owners thinking about venturing into the world of online marketing.
1) Blogging (27%)
2) Email marketing (16%)
3) Search engine optimisation (14%)
4) Pay per click (9%)
5) Social networks (Facebook, LinkedIn) (5%)
6) Blogger relations (4%)
7) Online public relations (3%)
8) Viral marketing (3%)
9) Free content (white papers) (3%)
10) Corporate web site (3%)
TopRankBlog provides information and guidance on all aspects of online marketing, but says it specialises in the top three of this top ten.
Regularly improving your vocabulary is not just about learning a new word and its meaning. It will improve your general knowledge and make you feel and act smarter in all sorts of personal and business situations.
Do you know the meaning of the word 'obfuscate'?
a) make something hard to understand
b) flush with money
c) energetic
d) exude confidence
Answer at the end of the Bulletin.
The following topical business issues have been recently reported in the media. Did your radar pick them up?
1) The team at Google have said that 3 million malicious pages are logged on its search engine, trying to infect its visitors - that's the equivalent of one in every 1,000 web pages. What name do experts give to the malicious pages lurking in search engines?
a) mal-loads
b) drive-by downloads
c) search lurkers
d) engine viruses
2) Research from accountancy software firm KashFlow has revealed that almost two-thirds of small businesses would reject offers made by entrepreneurs from the BBC's Dragons' Den. What was the main reason they gave for (hypothetically) turning down the dragons?
a) the offers were too good to be true
b) the dragons couldn't offer enough commitment
c) the offers didn't represent value for money
d) the dragons were too personal in their feedback
3) The Federation of Small Businesses (FSB) last week called on peers in the House of Lords to back the Retail Development Bill, which aims to create fairer trading conditions for small retailers. The FSB claims the UK loses how many small shops each year from its high streets?
a) 100
b) 500
c) 1000
d) 2000
Answers at the end of the Bulletin.
World Clock meeting planner
If you deal with international customers and business contacts, this handy website will enable you to plan a telephone or video conference at a time convenient for everyone involved. Use the drop-down boxes to fill in the day, month and year of the meeting and also the place your contact is located. Click on 'show timetable' and wait for the colour-coded results to help you decide the best time to schedule the meeting.
Online brainstorming tool
Bubbl.us is a free online brainstorming tool that enables you to create mind maps and is useful for collaborative idea-sharing. You can save or print out your mind maps or share them with customers and colleagues.
FSB Budget Submission
The FSB's Budget Submission makes useful reading for small business owners. At 28 pages, it's lengthy, but not too wordy, and it's presented in an easy-to-read format. It tackles major issues such as environmental responsibility, employment law, transport networks, tax and survival of small retailers.
Free website builder
Microsoft Office Live is a set of services and tools designed to help you get your business online as quickly and easily as possible. The basic package (Microsoft Office Live Basics) is totally free to use - there are no hidden costs - and Microsoft even provides free support.
This book will appeal to anyone trying to market products and services geared towards men. The book uses the modern male's weekday as a template to help you understand how to brand products and services that will appeal to men. Check out:
Just one word answer
The answer is a).
Obfuscate means to make something hard to understand.
The entrepreneur drew criticism from the panel as he used arguments which obfuscated his ideas. |
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Good luck
The EnterQuest Team
This information is meant as a starting point only. Whilst all reasonable efforts have been made, the publisher makes no warranties that the information is accurate and up-to-date and will not be responsible for any errors or omissions in the information nor any consequences of any errors or omissions. Professional advice should be sought where appropriate. |
