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Archive for the ‘Know Your Niche’ Category

Tips for Reaching Your Target

Monday, April 18th, 2011

Congratulations my powerful entreprenesses- you have climbed over that 20-foot wall and defined your niche. You know who you want to work with but might be asking yourself, now what do I do?

You have the answer to the who, and now comes the “what”. What do you say to your target market to warm their buying temperature and turn prospects into clients? Ladies, it is time to climb the 10-foot wall of communicating with your target market.

Targeting all of your Communication

Now that you know your target, it becomes a lot easier to communicate with them using the features and benefits that are most important to “them”. Whether communicating verbally or in writing, you can address the issues that are most important and pressing to your target market. You want to put your business in the position of having the solutions to their issues.

Here are a few tips to ensure that your communication to your target market is speaking “to them” and “warming their buying temperature”.

Tip #1

Know the answer to this question: What are your client’s most urgent needs? (What do they want or need most?)

If you don’t know this yet, you can find it by doing online research, conducting a survey or holding a focus group. It doesn’t have to be anything elaborate – people are almost always happy to share their opinion.

Here is an example of what I mean by urgent need: The urgent need that may have you reading the CRAVE blog on a regular basis is a need for information that will help you strengthen and grow your business. Or maybe your need is for business support and information from female entrepreneurs who have done it, are doing it and are doing it well.

Find out what your target market’s burning needs are and be their problem solver.

Tip#2

Know the answer to this question: What are your client’s desires?

(Where do they want to be, want do they want to do better, what do they no longer want to do, how do they want to feel?)

When you develop your communication you want to include how your service or product will help them fulfill these desires.

Analyze yourself for examples of potential desires. Your desire may be to have a thriving business that allows you to work 4 days a week or to have more financial freedom.

Tip#3

Know the answer to this question: What are the full-fledged benefits your clients will receive as a result of your services or products?

When answering this question, gloating is allowed. This is not the time to be reserved.

Use your list of benefits in your communication to your target market. Always ensure that you taking about benefits for them, not you. Also double check that each benefit is helping to fulfill their desire and/or give them the solution to their needs or wants.

With the responses from the series of questions above you, will be able to target all of your communication to your target market. Always remember when connecting with your target market that the aim is to position your business in a manner which takes away the “cold sales” like nature and allows your target market to view your business as the “go to business,” because you know their pains and can help to alleviate them.

Karen Donaldson is a Motivational Speaker, Public Speaking and Presentation skills coach and Founder of Karen Donaldson Inc and Panache Life Inc. She has helped numerous executives, entrepreneurs and sales professionals become panic free presenters, communicate with confidence and clarity, command attention whenever they speak and deliver presentations that close the sale.

Visit Karen at www.karendonaldsoninc.com for free resources, one-on-one coaching and upcoming events.

Zoom In, Zoom Out, Repeat

Monday, April 11th, 2011

As the owner of a public relations and marketing firm, one of my first questions for prospective clients is usually, “Who is your target audience?” There are always an overzealous few who say, “Everyone! Our products/services are so great, so we target EVERYONE!!”

We’ve all heard variations on the phrase: “If your target market is everyone, you’re targeting no one.” Even so, the impulse reaction is to strive for as many customers as possible and if one could get “everyone” to buy…well, the whole wide world as a target market may seem ideal. Ideal, but not realistic. The woman who reads Vogue, isn’t usually the same woman who reads Woman’s Day. Or the woman who seeks commentary from Donna Brazile may say, “Snooki who?”.

When we hear the “everyone” response, we encourage those individuals/companies to truly explore who they want to reach. Asking yourself questions periodically during your business cycle can also help you to adapt to changes and the needs of your customers. You can then provide new solutions and update where you should focus your efforts.

A quick way to do this is to remember these three steps: zoom in, zoom out, repeat.

Zoom In On Your Target
If you could clone your favorite customers, what do they look like and how do they behave? Where do they shop? Who do they trust and where do they go for information? Are they faithful newspaper lovers or social media devotees?

Be very, very specific. Zooming in on your target will allow you to become familiar with a definite set. Yes, we’re all unique (just like everybody else), but in the general sense we can share some similarities as it relates to services and products. Zooming in will allow you to form focus groups, interview and interact with this niche crowd to find out how your business is hitting the mark or missing the mark. Everyone will always have opinions, and in business you can move in so many different directions if you listen to all of the noise around you. If you zoom in on one set, watch this group, listen, observe and gather their feedback, you’ll have a more focused approach on reaching your goals and continually growing your business.

Now…Zoom Out
Once you’ve identified who your ideal customer is (or who they are, as you may have a few select individuals who can identify with your business services and offerings), look at the broader picture of where these individuals fit.

Zooming out allows you to identify gaps that can help you develop or create new products or services. This may result in acquiring more customers who are in your target or creating a new market to focus on.

As you go and grow through business, you’ll go back and forth between zooming in, zooming out, and then repeating these steps.

Example:

Your concierge company is targeting the Boomer generation. Specifically Sandy. A working woman who is 50+, is married to a spouse who travels for work frequently, has two kids (one in high school and one in middle school, both with their own full social schedules), and she is active in her community through civic, volunteer and networking organizations. (Variables in the example may be that she is not in a relationship, the number and ages of the kids, groups she is part of, etc.)

Your concierge service makes the lives of women like Sandy easier, offering services ranging from picking up their dry cleaning to making sure that they’re aware of their high school kid’s soccer game. Sandy’s life is changing though. With the kids headed to college soon, she’s going to stay in the workforce a little longer and one of the major changes is that her aging parents (on her and her spouse’s side) have become a large concern. She’s so busy that she isn’t sure where to start when it comes to researching healthcare and services for her parents.

What does this mean for you? A new opportunity. Now you start to focus your services on the other aspects of Sandy’s life (zooming in on the specifics). You can now tailor your business (and marketing efforts) to recognize the challenges that Sandy has and how your concierge service makes things easier. If Sandy has these challenges, some of your other clients are likely to have them, too. Perhaps you will research doctor’s offices within a 15-mile radius for your clients, partner with companies and groups that may assist and essentially expand your service offerings. Your concierge business may now not only target the Sandy’s, but Sandy’s parents and offering your services to that set. You’ll then need to update your marketing materials to communicate to your clients that you’ll not only handle services as it relates to their immediate families, but also their loved ones; and perhaps you’ll create specific marketing for those loved ones. You’ve expanded your niche by zooming in and out on your target. Now repeat!

Nancy Vaughn is the principal, PR & Marketing Director at White Book Agency, a public relations, marketing and special events firm providing cost-effective communication strategies for entrepreneurs and businesses across the country.

How Do YOU Pronounce Niche?

Tuesday, April 5th, 2011

In line at Voodoo Doughnuts

We’ve all heard about having a “niche” business- that sexy French word we aren’t quite sure how to pronounce.  It’s root meaning is to make a nest, cubbyhole, or nook, while in the business world it means to incubate and create something unique.  The business press talks about “niche markets” and “boutique” creative shops that focus on a specialized corner of business.

I grew up on a strawberry farm and, at 26, got into the fair concession business with strawberry shortcake.  Over the years my business wandered into many extensions of the berry product line–baking mixes, mustard, honey, cookies–but the real profit always came down to basic strawberries.  After 22 years of showing up with shortcake at local festivals, many people still tell us they come just for the shortcake.  It’s a great focused niche that (knock on wood) I feel I “own.”

On the other hand, I wonder who opened the first shop that “reinvented” the cupcake? Nowadays, you stand in line at the gourmet cupcake shop in every neighborhood in town.  That was a great idea.

Speaking of lines, in a scene right out of “Portlandia,” I recently stood in an hour and a half line to buy four donuts ($8!) at Voodoo Donuts in Portland.  The donuts are great, but it was more about the “experience” of hanging in line and finally making it to the front.  This place is the niche-marketing poster child.  It’s so literally weird and funky you could never cut and paste its DNA somewhere else.

My current love-child niche is our CRAVE guides, featuring over 100 entreprenesses in multiple cities.   I wanted to celebrate women-owned businesses and encourage local communities to support them.  We have a very specific guideline when we curate our book and we stick with that.  Our goal is to be the go-to resource for each local community, to find and be inspired by the rock star women we feature.  A great joy is when someone reads our book and starts their own business because of the role models in their community.   We are not a guide for everyone, but in our niche we strive to make a difference.

Not trying to be something for everyone is something I think about a lot.  Honing down. Having a tightly focused target.  A 10% potential market is huge.  And it’s not about reinventing the wheel:  really good niches exist in the tried and true–Biringer shortcake, or in reinventing the tried and true–those cupcakes, donuts, or cups of coffee we stand in line for at Starbucks.

Take a look at some great examples of a niche business:
bellacupcakecouture.com
blowoutgirl.com
talksportytome.com
shishiputter.com
annesylvain.com
gothamorganizers.com
citytreehouse.com

Would love to hear what your niche is…

- Melody