Posts Tagged ‘laws’
Niche marketing has always been a discipline of rules and principles. In fact, the success or failure of a niche marketing strategy can be predicted based on fundamental principles. Failure could also be predicted based on how many principles were not applied and how many outdated rules they kept doing.
But unlike principles or laws, rules are subject to change. For example, rules often change in sports, politics as well as marketing. Better rules are created to adapt to changing times, technologies and circumstances. As the saying goes, “man was not made to serve rules, but rules were made to serve man.” This also applies to niche marketing.
A fundamental under-the-radar shift in niche marketing has happened. The changing economy has also changed the way successful businesses market to consumers. Social networks, mobile marketing and computer software has changed the game forever.
Keep in mind, the principles of niche marketing hasn’t changed but the rules have. As with any rules, the ones who master them first will win the biggest share of the market. The last ones to apply the new rules often finish last or not at all.
Here’s 3 niche marketing rules you should avoid in 2011.
1. The More Unique The Better:
Many niche marketing books have stressed the importance of uniqueness in a product or service. However, this is a major risk, especially in a slow economy.
The secret now is to offer what people are already buying with a slight uniqueness or twist. Because of technology finding out what people are buying is now easier to do than ever before. Experience proves risk can be reduced by following this new rule and avoiding the temptation to reinvent the wheel so-to-speak.
People are creatures of habit, we have a tendency to make similar purchases at similar prices and at similar times. By remembering this and avoiding the risk of trying to be too unique can increase the chance of success.
2. The Less Competition The Better:
One of the hallmark rules of niche marketing was to find a section or area of the market that had little or no competition. Now the key is finding markets with competition, the more the better. Why? Because this always signals a vibrant market with people who are spending money. Having an exclusive market does little good if no one is spending money.
The key to finding a market where people are currently spending money is to look for competition. Why? Because 9 times out of 10 people are spending money. After the vibrant market is discovered next apply solid niche marketing principles that separate your business, product or yourself from the competition.
3. Narrow Target As Much As Possible:
Excessive targeting can result in running out of prospects quicker, especially in a slow economy. That’s why good judgment must come into play when deciding how narrow to target prospects.
It’s better to cast a big net and narrow it down as time and sales increase, as opposed to narrowing target prospects too much and too soon. The key here is moderation. Beware of going to the other extreme and not targeting prospects enough. This can give worse results than over targeting.
When facing an insurance case, people often find it frustrating to wait for the insurance company to settle their case and ask how long it takes to process a claim. Many customers look for legal support of their anticipation, asking if there are any laws regulating the duration of insurance procedures.
Every state has its own regulations and legislation concerning insurance activities to which the insurance companies have to abide. In some states you may also find things like “Unfair Insurance Practices Act” or “Unfair Claims Settlement Practices Act”, which are more specific and targeted at insurance activities in contrast with broader laws and regulations presented in other states. The nuances and specifics of such regulations have their own peculiarities across different states, however there are certain common points that they all share in regard to insurance companies, imposing them to: a) accept your insurance claim within a specific period of time (usually 15 days);
b) conduct a prompt investigation on your claim. Make everything possible to process and settle the claim with a clear liability. Besides, the insurance company has no right to refuse your claim a payment without delivering a valid and clear reason.
In case you feel that your insurance agent or company representative did something without correspondence to state legislation, you might want to speak to the person’s supervisor first. In case the attempt wasn’t satisfactory, it’s time for you to file a report in your state’s insurance regulation department. If the department has other similar claims concerning the same company it will conduct an investigation and is likely to impose a fine or even revoke the company’s license if the case is quite severe.
In some states you are even allowed to take legal actions against an insurance company individually, if you feel to do so. In case you choose to pursue in a lawsuit against your insurer, there are certain regulations that might help you: a) broader interpretation of coverage provisions, b) limited interpretation of exclusion provisions c) favorable interpretation of any ambiguities contained in the policy. However, take into account that in certain states, in case you’re successful with your legal action you will only get the claim amount, while in other states you may also be reimbursed with court fees and punitive damages.
Here are some helpful tips you may use in order to be prepared in case of filing a home insurance claim.
Prior getting the policy:
* Write down the coverage proposals told by the agent, you may need them for reference in the future
* Road through the policy before signing it, making sure that you understand its contents
* Don’t misinterpret or change the information provided to the application
Prior to filing a claim:
* Read your current policy thoroughly
When the claim is filed:
* Review your actual home insurance policy and the notes you’ve taken when signing the policy
* Inform the insurer about your loss in a prompt manner
* Keep the claim as objective as possible
* Log your communication with the insurer (especially when speaking by phone)
* Get all the materials proving your claim (such as receipts)
* Have copies of any documents you give to the insurer no matter what
* Estimate the loss on your own
* Sign releases or checks only if you think they’re fair