how to define your marketing niche

Whether you’re a large business or a small business just getting started from your home office, you have one thing in common in today’s competitive marketplace…you both need a niche!

 

A “niche” is something perceived as special, unique, one-of-a-kind. Identify what makes your business or service special so price won’t need to be the factor when consumers buy from you. Position your company to offer something unique which will drive a clientele to your business.

 

A niche focuses your energies on a small segment of a market instead of the whole market. This small segment of the market must:

1. be unserved or underserved

2. have a need for what you are selling

3. be large enough to be considered a market segment

4. be geographically workable for you

5. be easy to reach through marketing and advertising

 

You cannot afford to create a demand for what you are selling…it’s too costly! Niche Strategies include…

1. Customer type strategies…such as big and tall men, or petite sized women, or people who work from home.

2. Service strategies…where you offer a service that is not available from any other company

3. Geographic strategies…where you sell or do business in either a specific market or to a specific locale

 

Your niche must be flexible so that you can adapt to change. Keep your eyes trained on the future! Watch for trends in the marketplace that may force you to re-tool and re-focus your niche.

 

Yes, you’re just beginning to be comfortable with your new niche and people are just beginning to hear about it, but if you let your guard down and plan to get comfortable with your niche for a long time, you may find your market share eroding. Keep asking your customers what they want. If their needs change, so must your niche.

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About the XtraMark Name

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Every company needs a unique name. And XtraMark is no different. The name XtraMark means we do marketing and “xtra stuff” to help keep your organization successful.

And yes. We misspelled “Xtra” on purpose. Here’s why:

We actually started out with a different name. And it turns out there was a conflict with another company. And we learned the hard way – It pays to do due diligence to capture a unique and compelling name.

The XtraMark tagline is designed to get people asking “what is xtra stuff?”  This generates interest and begins a conversation. Just like a good brand should.

When XtraMark creates your brand, we guarantee you’ll have a unique name, an eye-catching logo,  and a company brand both you and your customers will get excited about.