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Small Business Marketing Series ? Choosing a Niche Market > NetSparsh - Viral Content you Love & Share

Small Business Marketing Series ? Choosing a Niche Market

Many smaller businesses choose niche markets for various reasons and these niche markets can be very lucrative. This article will look at ways to identify and assess whether they are right for your business?

For many smaller businesses it is important to have a focused strategy which enables them to operate in a small part of a chosen market with great success. This has a further advantage of giving the smaller business a way to compete with larger organizations and achieve a level of protection against competition.

How is it Relevant to You as Owner?

As the owner of the business, you decide on the business strategy and make informed choices as to where the business will be going. Being clear on possible niche markets or a niche focus of your business can be crucial to the ultimate success and sustainable growth of your business.

The advantage of operating in a niche is that you can specialize in a small market and hence become a leading supplier of that specific product or service.

Niche marketing can be extremely cost-effective. For instance, imagine you offer a product or service that's just right for a select demographic or population group in your area, such as South Africans or students. You could advertise in newspapers or websites that focus on them, which have considerably lower rates than stations that program for broader audiences. So your marketing budget would go a lot further, allowing you to advertise with greater frequency or to use a more comprehensive media mix. Taking on a new niche can be a low-risk way to grow your business, as long as you keep in mind several important rules:

Here are a 4 steps to consider when choosing a niche market.

Step 1

In The News:

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USA TODAY

Working together: 3 ways small businesses can be stronger
USA TODAY
If you're a small business owner or manager, your resources pale in comparison to those of large competitors. You probably can't fill the airwaves with commercials touting your company, and you don't have a brand that automatically tells anyone walking ...


Forbes

A Decade After The Market Crash, Small Business Lending Is Strong
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This month marks ten years since the market crash of 2008, and times have changed dramatically for small business lending. The ensuing credit crunch made it difficult for entrepreneurs to secure financing. In fact, big banks approved less than one-in ...


'PR outreach': Amazon's new small-businesses play is panned as pandering
Digiday
Amazon, which has gotten its share of flak from small businesses, rolled out a new initiative for small businesses called Amazon Storefronts to give some sellers — and Amazon — a marketing lift by showcasing them in ads and on a dedicated Amazon ...
Amazon launches small business shopWTHR

all 32 news articles »

Mashable

Amazon's Storefronts is too little, too late for small businesses
Mashable
Nice try, Amazon. Trying to make us think you're here to support small businesses. We see you with your glossy new "Storefronts" webpage on Amazon.com. In case you weren't aware, Amazon has put a ton of pressure on brick-and-mortar businesses by ...
Amazon Has a New Plan to Be the World's Biggest Small BusinessFortune
Amazon wants to take over every aspect of shopping. Next up? Small businesses.Vox
Amazon Launches New Online Store for Small BusinessesInc.com
TechCrunch -USA TODAY -USA TODAY -Amazon.com
all 262 news articles »

Cincinnati Business Courier

4 ways cloud printing can supercharge your small business
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4-minute read. Small business stats speak for themselves: Running a small business isn't for the faint of heart. Most of the businesses in the United States are small, but only half of small and midsize businesses (SMBs) make it to five years. SMBs ...


Recode

Amazon's new small-business product 'feels like a trap,' says Shopify's CEO
Recode
Lütke drew a comparison between his business, which he said prizes merchants, and Amazon's. “Amazon's worldview is that merchants don't matter. Factories and consumers matter,” he said. “Everything in between is Jeff's opportunity,” referring to Amazon ...

and more »

Philly.com

At the Merchants Fund, a mom to hundreds of small businesses walks away
Philly.com
She said the decision to refocus on small businesses in need of capital — not a preferred customer base among banks — was met with skepticism from potential recipients and referral agencies who couldn't believe the $10,000 grants didn't have to be ...


Motley Fool

3 Lessons Small-Business Owners Can Learn From "Shark Tank"
Motley Fool
Shark Tank takes the usually secretive venture-capital process and brings it to television. On the show, the panel of "sharks" -- wealthy entrepreneurs -- hear pitches from business owners who are requesting the sharks invest their own money in their ...


MSSU small-business center slates workshops
Joplin Globe
The Small Business Technology and Development Center at Missouri Southern State University has announced a slate of workshops and seminars this fall. Topics will range from basics such as crafting a business plan and financial management to more ...

and more »

Forbes

Three Tips For Choosing The Right Third-Party Administrator For Your Small Business 401(k) Plan
Forbes
When a small business owner decides that they wish to establish a 401(k) qualified retirement plan for themselves and their employees, one of the first questions that arises is: "Who will take care of the plan's recordkeeping and administration ...

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