A niche market can be thought of as a narrowly defined group of potential customers - usually a portion of a larger target market. For example, a target market is working women, but a niche market is MBT Kisumu Sandals,working women with kids at home, or working women in executive positions, or working women in the financial sector.
As a small business owner, you usually do not have the money, resources and time to market to a larger target market. You need to focus your marketing efforts on those people most likely to buy what you offer.
Think of narrowing your niche as simply positioning yourself more closely to the people or companies who could benefit most from your services.
Many of us like to believe that the number of people who want and need our product or service has no limit. Also, most of us truly MBT Fumba,want to help as many people as possible and so therefore believe we almost have an obligation to let everyone know about what we offer.
But the truth of the matter is if a small business tries to market to everyone, they'll eventually lose money and quite possibly go out of business.
I know it seems to go against common sense that we make more money and have more success when we limit the scope of who we market to. However, MBT Panda Sandals is true and it's been proven over and over again by very successful small businesses.
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