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Define Your Niche Market

You have come to the section on your business plan template where you need to define your niche market.  Do you really need to specialize?  Why not just get business wherever you can?

In the beginning, marketing money is usually tight.  You want to make sure you are spending wisely and not stretching yourself too thin.  By knowing who your niche market is you will be able to target your advertising to that group.  Why waste money advertising to people who will never use your services.  Do your research and know who your target client is.  Find out what they like, what other stores they frequent, what magazines they read, and how they will use a product such as yours.

In order to be more effective in targeting to a specific group, it is best if you are the expert for your product or service.  By being the expert, you will become the go-to guy/gal for your client.  Know your product.  Keep yourself updated and educated on it’s developments.  Make sure when your client calls you have the latest and greatest for them.  They will remember that and keep coming back for more.

When you need to define your niche market, your ideal client, your service offerings or products, be specific. Having your niche market written down keeps you focused and helps you stay on track.  You want your marketing dollars to be spent attracting your target market, so do your research and find out what is needed.  Make sure your ideal client knows who you are and what they can expect.  By becoming an expert in your niche you will have a more consistent base of clients who want to work with you, who will refer you to their friends and who you will enjoy working with.

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