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July 13, 2010 / jasonpinto

Scratching that Niche

It sure is nice to have a solution for the entire world, right?

If you are marketing a product or service that could potentially provide benefits for people from nearly all industries, would you go after everyone?

Well, we all want to have cash-flow. That desire might directly affect the quality and quantity of people that we populate our marketing database with. It might also cause us to generalize the marketing message that we put out on our website, emails, and other collateral.

However, as we all look for ways to grow our business, we may do well to consider marketing to select a group of verticals.

I talked with a service provider today that has made it their mission to go after one specific industry. This has done a number of positive things for their business.

  • They are now exhibiting and speaking at trade shows where they are pretty much the only business that provides what they do.
  • They are targeting a specific group of companies. Thus, the number of records in their marketing/CRM database may be smaller than their competitors, but they know they’re reaching out to the exact type of company that they want as customers.
  • They have been able to tailor their marketing message to primarily appeal to people in that industry. When someone reads the tag line on their website or on their business cards, they know exactly what this company can offer.

Now, there certainly can be drawbacks to going after a handful of specific industries. For example, what if that industry starts to hit a downward spiral as a whole?

However, if we do research and due diligence ahead of time, and stay committed to keeping up-to-date with what happens in that industry, we may find that focusing on a niche market or two may help us grow our business faster than our competitors.

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