Some mistakes and bad strategies to avoid – Part 2

Big Mistake N° 1

There is something I’m going to talk about it can seem strange to you, but it’s true. Trying to market your products or services to everyone even when you think everyone needs them is not a good idea. I’m not telling you that you can’t be successful doing this. The problem is, if you try to market to everyone even if all people need what you are selling you are limiting your potential trying to cover everyone and not focusing on small groups of personas and/or businesses.  Such small groups are known as ‘niches’. To connect at a higher level it’s better to focus on one or more niches (not to all of them) and this way improve your business.

Although many people could need what you are promoting not all of them will connect with you but some people will do it, some people will understand your business, this is what happens when you choose to market to these small groups of people. Take it into account.

Some groups of people even businesses need your products or services more than others do, this is not a secret. Now the point is you have to focus on the groups that not only need your product or service but can afford them. It doesn’t make sense targeting people who want or even need your products or services if they can’t afford to pay for them.

Some people think if they limit their market, they will lose doing business with more and more persons what it’s really a reasonable point. However it’s proven that to succeed in this competitive world wide market place, you need to focus your marketing on a smaller number of well chosen groups or segments, let’s say niches, where you can put all your efforts, strategies and resources.  Let’s not forget that a niche market is a specific group of people or businesses that want and need our product or service and can afford to pay for them. As you reduce your market to smaller groups, you’ll use the same investment and effort to spread across on a smaller number, and this way you have more to spend on each potential customer than you could do if you target a bigger market. This way you can be more successful in your business.  All this means that an ideal niche market is represented by a segment of your choice where you can get a high profit from your marketing efforts.

With this strategy you are not getting that huge market out there but you are increasing and strengthening the niche of market from which you make your profits. You do this by meeting some specifically needs of a small group (your niche) and you can give them a special attention because you know their needs and you also know how to solve them. Doing this your niche (the small group) will become loyal to your business.

If you can place a link between you and your niche market (the smaller group) I can assure your business will grow to very high levels. This is how niche marketing works. Focusing on small groups, you can get high profits in that particular niche because people will be close to you as they feel your business satisfy their needs the best way with special attention. That’s your market your business belongs to them and they belong to your business. Your product or service is designed to fill a small group needs and not all people needs. Targeting the whole market and not just one or more niches is a big mistake. Take your opportunity and work with your niche. 

Felix Miranda
CEO Global Success For All