Once you have conducted your research and have formulated your competitive intelligence, you are ready to take the first step forward to a successful niche marketing. Dominating your niche market is a process, and the worst thing you can do is get “comfortable” with your marketing. It must be consistent to be effective.
There are seven important steps in the process of dominating your niche and your marketing efforts. Follow these steps, and you will increase your chances of prospering. Ignore or skip a step, and it could affect your total niche marketing plan.
1. Create your celebrity.
Reputation means everything in Internet marketing. Establish yourself as an authority, offer free advice and brand your name. Take advantage of Web 2.0 to create brand recognition. Blog, post videos to YouTube and do interviews to enhance your reputation. Web 2.0 is your key to creating visibility.
2. Build a community with your target market.
Blog, create a forum or use a social network like MySpace or Facebook to reach out to your niche market. Use these avenues to increase your visibility and to connect with individual customers. Give back freely and keep your customers informed about upcoming products or services.
3. Focus on increasing the perceived value of your product.
Improve your existing product or add bonus features that make your product appear more attractive. Ironically, increasing the price of your product can often result in more sales. People assume that expensive products are more valuable than cheaper alternatives.
4. Create loyalty incentives.
It is cheaper to keep an existing customer than it is to gain a new one, so develop incentive programs that keep customers coming back for more. You can offer discounted prices for repeat customers or give rewards for customers who refer other buyers to your program.
5. Perform continual competitive analysis.
Competitive analysis must be an ongoing process. Don’t abandon it after you start getting a little success. Study your competition. Know what part of your niche marketing is working. Keep on top of what your competitors are doing so you can modify your marketing strategy as needed.
6. Profit with product launches.
You will want to build anticipation for your product or service by blogging about it, announcing it in niche-related forums and keeping your social network informed about it. Get prospects excited about what is to come and offer buyers a reduced price for a limited time. Scarcity is an effective motivator in buyer behavior.
7. Capitalize on joint ventures.
Form partnerships with your competitors – particularly the ones at the top of your target market – to add steam to your marketing campaign. By combining brand recognition, you will increase your customer base and reach out to prospects who may never have considered buying your product before. Combine your strengths and resources, and you can increase brand recognition and take your business to the next level.
If you want to dominate your niche, niche marketing is a combination of competitive analysis, focus and a winning strategy. You will need a multi-step approach to make it to the top. Once you have discovered how to get to the top of your niche market, you can build upon the same strategies to stay there.
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