The Best Way to Market
Niche marketing is the most prominent means of reaching customer segments today. It will remain prominent going forward.
Niche marketing is a form of target marketing (TM). And, TM has historically been the most productive form of marketing.
Target marketing is a method of marketing to customer segments based on such factors as,
- Geographic location,
- Education, and
A market niche is a subset of a general market category such as the following.
- High performance car buyers are a subset of automobile buyers.
- Cruise ship travelers are a subset of travel.
- Organic food buyers area subset of food buyers.
- Carpenters are a subset of the building trades.
- Certified public accountants are a subset of financial services.
When the wants and needs of specific purchasing segments of the population are being met by mainstream providers people actively look for suppliers that can give them what they want. The operative phrase here is actively look for. They seek out providers to meet their wants and needs, they don't just wait for them to present themselves.
Some of the characteristics of buyer segmentation are,
- Members of a group subset have common interests.
- They communicate with each other on a regular basis.
- They network with each other.
- They meet on a regular basis at trade shows, conferences, parties, etc.
Market segmentation is being powered by the Internet. People of common interests can communicate with each other with speed and convenience like never before.
Social networking websites are driving niche marketing today. And, women are the major portion of this trend. You may have heard the statistic that women speak around 20,000 words per day where as men only speak about 7,000 words per day. Needless to say women are ferocious communicators.
Relationship building is also a major dynamic of buyer segmentation. Women don't think in terms of "dominating" a market, or "penetrating" a market. They think in terms of relationship building and empathy (understanding for one another).
Statistically, 87% of all consumer purchases in the economy are made by women. Catering to the wants and needs of this market demographic will pay huge dividends.
So, if you want to be successful with niche marketing get into social networking, especially over the Internet. Blogging on social network websites is a common means of plugging into this trend.
Fortune 500 companies are discovering the power of social networking websites. Thus, Fortune 500 companies are beginning to frame marketing campaigns based on social networking on the Internet.
Catering to specific buying segments is so effective because you cannot please everyone. So, over the thousands of years of marketing in human history people have discovered that focusing on market segments is the best way of getting productive results, and developing satisfied customers.
To make a long story short, if you want to get a major market share of any market make niche marketing your primary marketing strategy. This form of target marketing to specific market segments will get you the best results.
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