Posts Tagged ‘marketing strategy’
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 Failure could also be predicted based on how many principles were not applied and how many outdated rules they kept doing.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.
Buying a franchise can be a good alternative to open a business, gives us the opportunity to start a business that has proven successful, and has a brand that is recognized by the public.
It also gives us the possibility to have procedures manuals for its early establishment and development, and to have the training and technical assistance from the franchisor company (franchisor).
However, buying a franchise also has some disadvantages, which is mainly the lack of ability to implement new ideas, limiting the creativity that every entrepreneur should develop.
Let’s look at what the main advantages and disadvantages of buying a franchise:
Advantages of buying a franchise
* Lower risk than starting a business from scratch, and even, to acquire an existing one, this mainly because when you open a franchise, starting a business that has proven successful, and has a recognized brand.
* The manual count procedures provided by the firm granting the franchise, which allow you to create and grow the business quickly.
* Having the training and technical assistance from the franchisor company.
* To start and run a franchise does not require much expertise in certain areas of business, for example, in the creation and design of a new brand.
* Not having to spend time and money to design and develop a new business.
* Not having to spend time and money in designing marketing strategies, and conducting the promotion and advertising.
* Ongoing support of a company or large organization with experience.
Disadvantages of buying a franchise
* High acquisition cost.
* Having to pay a monthly percentage of sales (royalties or royalty) permanently.
* Limited to implement new ideas, because of the rules established by the franchisor company, including policies and procedures that cannot be violated.
* The possibility that the reputation of the business may be affected by the reputation of other businesses that is under the same franchise.
* The inability to transfer title or sell the franchise, or in any case, the need to require the approval of the franchisor company even make it.
* Having to undergo a permanent and constant control of the franchisor company.
* The lack of absolute control of the business.
The electronic newsletter or e-newsletter is proprietary tool of e-mail marketing is a publication distributed regularly via email to people who previously have subscribed to it.
The publication of a newsletter, usually focuses on a topic of interest to the subscriber, and often takes the form of an article (for example, an article on tips for something), news (for example, opening of new premises or the approximation of an event), novelty (e.g., launching a new product or promotion), or a promotion (e.g. coupons that can be printed and redeemed later.)
Usually, the choice of subscribing to a newsletter, is presented on the website of a business (whether this is based on the Internet or in the case of a physical business), and also, the newsletter often has the alternative of that the subscriber may cancel your subscription at any time.
The newsletter is considered an effective marketing strategy because it allows us to maintain contact with people who have subscribed to the newsletter and thus create interest in them by our business, product or service, promote our brand, products or services , or provide for their loyalty (if that has already been our guests).
Other advantages of using electronic newsletter are the possibility of reaching a large number of people in an immediate and low cost as well as the possibility of measuring the outcomes of different decisions or actions that we perform, for example, conducting ad campaign.
Therefore, the electronic newsletter is a strategy that we must always consider whether our Internet-based business or a business case purely physical.
Here are some considerations to keep in mind if we decide to use the strategy of the newsletter:
* The publication of the bulletin should be regular, if we are not able to do this, it is preferable not to offer it.
* In the frequency of publication, we should not post so often (since we can overwhelm the subscriber and may be considered as spam are doing), but we should not miss much time from one to another publication (since the subscriber can complete forgetting us.) It is recommended to publish more than once a week, and at least once a month.
* Case and the owner of the bulletin should be clear and attractive.
* The content must be based in clear and understandable to the reader.
* We should not abuse the advertising-based publications.
* To avoid being seen as spam, subscribers should always have the option to unsubscribe at any time, in an easy and fast. This option must be clearly specified in each issue of the newsletter.
* If we try we can customize our newsletter, for example, putting the name of the person to be sent and even try not to send the same promotions to all, but promotions that are tailored to each client, according to their tastes or preferences.
Email marketing is a way of doing Internet marketing is to make use of email or e-mail as a means of communication to promote a product or service, or to maintain contact with consumers and create interest in it by a business, or ensure their loyalty.
Simply send an email to a person in order to promote a product or service and can be considered as email marketing, but is usually related to email marketing with the use of the electronic newsletter or e-newsletter, by sending emails mails to customers in order to maintain contact with them, or sending mass emails to a list of people to promote a product or service.
The electronic newsletter e-newsletter
The electronic newsletter or e-newsletter is a publication distributed regularly via email to people who have previously signed it.
In general, the publication of a newsletter about a topic of interest to the subscriber, which may consist of articles, news, news, promotions, information about new products or promotions, etc..
As a marketing strategy, the electronic newsletter is a tool that should not be missed (or that our business is Internet-based business or physical), it allows us to maintain contact with people who have subscribed to the newsletter (either customers or no), and thus promote our products or services, creating in them an interest in our business, or provide for their loyalty (if already have been our customers).
Other advantages of using electronic newsletter are the possibility of reaching a large number of people in an immediate and low cost as well as the possibility of measuring the outcomes of different decisions or actions that we perform, for example, conducting ad campaign.
Sending emails to customers
Another common way to use email marketing involves sending emails to our customers, i.e. people who already have purchased or made us use our services (and that by doing this we have requested their email addresses) in order to maintain contact with them, and to achieve loyalty.
Usually, these emails are composed of letters of thanks (for example, the purchase made), or by notes of greetings (for example, birthday or holiday parties), but also, as in the case of newsletters can be comprised of news (e.g., a next event), promotions of interest to the customer, new product launches, etc.
Like the newsletter, this way of doing email marketing is a good strategy for the promotion and loyalty, which allows us to reach our customers quickly and with minimal cost.
But unlike the electronic newsletter, we must avoid sending emails is so prevalent, as in this case is that emails have not been requested by the client (although it will have provided us by e-mail address ), so that misuse of this strategy may be frowned upon by customers and may even be considered spam.
Mass emails sent
This way of using email marketing involves sending bulk emails to an extensive list of persons, in order to promote a product or service.
Generally, addresses the e-mail of people to send them emails, have been achieved without their consent, or have been offered by these people, but not knowing the use to which they give.
This way of doing email marketing has been mentioned in this article to understand the concept of email marketing, but it is an activity to be avoided, it is considered spam, and it is possible that by making use of it, we may receive a penalty by authorities.
The best way to have your business known is to brand it. Indeed, branding is a marketing strategy that gets you the profits every time. It is the most cost-effective and the best means to market yourself to your target clients and get the results you expect from your activities.
As every business’ goal is to become known by its target clients, it is imperative therefore for any business to have a recognizable brand as part of its marketing strategy. The brand that you will create for your business would then be applied to your marketing tools such as your brochure printing or your print business cards.
So what does it mean to have a “brand”? A brand is your identity – your business, your service, values, ethics, ideas, and your style. It is more than your corporate logo or even your design in your brochure printing or website. It is the one thing that can identify you and your business, as well as your message to your target market. It is about who you are, what you do, the products and services you offer, the quality of service you deliver, the customer experience that you can provide, as well as your unique selling proposition that makes you different and above your competition.
Why do you need to have a brand? For one thing, a brand helps you to establish your business as a unique service in the market where there are other available providers who offer the same product or service as you. Your brand can significantly differentiate yourself from the rest of your competition that prospective clients would be hard put to resist what you are offering them.
Second, a brand makes it easier to market your business. Even before you have that very first close encounter with your target clients, your brand can already communicate your message to them. With less effort, you already have at least 50% to 90% of your marketing done; and closing the sale is much faster and easier after that.
Third, your brand works for you 24/7. So even while you sleep, your marketing activity continues to work even if you’re busy with the other activities to run your business. Your brand works in your logo and message that as long as it’s out there, you’ll never worry that you haven’t been marketing enough to generate leads for your business.
Truly, your brand works to keep your business in the black. It is what makes your business successful and helps you to achieve the maximum results for little cost and effort. So continue to market with your brand. Your business will reap the rewards even for a long period of time.