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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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WPSD Local 6

Small business owners argue for Sunday alcohol sales
WPSD Local 6
TRIGG COUNTY, KY – If you want to buy alcohol on Sundays, there are certain places you can and can't go. Counties have different ordinances that dictate who can sell alcohol and when. Some Trigg County business owners have pointed out that within the ...


Forbes

Microsoft Unveils A $399 Surface Tablet...And Other Small Business Tech News This Week
Forbes
Here are five things in technology that happened this past week and how they affect your business. Did you miss them? 1 — Microsoft unveils lighter $399 Surface Go tablet to take on iPads and Chromebooks. Microsoft has unveiled its $399 Surface Go, ...
Don't expect Microsoft's Andromeda this year... or maybe everZDNet
The Andromeda Journey ContinuesThurrott.com

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KXII-TV

Sulphur entrepreneur recognized for small business
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SULPHUR, Okla. (KXII) - "This is a problem that everybody has and it's so amazing because it's like a secret that no one ever talks about," Gina Foster said. Meet Gina Foster, the owner and founder of the business named POCKETS. "We make mattress ...


CBS Boston

Keller @ Large: What The 'Grand Bargain' Means For Small Businesses
CBS Boston
He continued, “What we were doing was just trying to mitigate the high costs for small businesses of that $15 minimum wage, highest in the country, that paid family leave, the most generous and costly and red tape-laden in the entire country. We at ...


Small Business Trends

Small Business Optimism Remains Historically High
The Missourian
The Small Business Optimism Index posted its sixth-highest reading in survey history for the month of June, at 107.2, down 0.6 from May. Since December 2016, the Index has averaged an unprecedented 105.4, well above the 45-year average of 98 and ...
Halfway Through 2018 Small Business Optimism Remains at Record Levels, NFIB ReportsSmall Business Trends

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Minneapolis Star Tribune

Small business calendar
Minneapolis Star Tribune
SMALL BUSINESS SERIES: TWIN CITIES: Presented by U.S. Chamber of Commerce and the Minnesota Chamber of Commerce. tinyurl.com/smallbiz2018. 8 a.m.-2 p.m. $25-$50. Minneapolis Event Centers, 212 2nd St. SE., Mpls. WEDNESDAY, JULY 25.


The Hill

Reversing net neutrality is a tax on small businesses
The Hill
Anyone wondering how to fight the Federal Communications Commission's ruinous decision should pay attention to that fact and to the organizing principle it suggests: To reinstate net neutrality, we need to listen to small businesses across America.


The Killeen Daily Herald

Small business owners get help at governor's forum in Killeen
The Killeen Daily Herald
Politicians love to say “Small businesses are the backbone of our economy,” but it can be hard to start and grow a small business. Staff problems and low visibility can often lead to a business's closing, so most owners are always on the lookout for ...


Rep. Curtis introduces bipartisan bill to help small businesses grow
Utah Policy
Congressman John Curtis introduced the bipartisan Small Business Access to Capital and Efficiency Act, also known as the Small Business ACE Act. As a member of the Small Business Committee and a former small business owner, Congressman Curtis ...


Bloomberg

If You Love Capitalism, Worry About Small Business
Bloomberg
But tech makes up only a minor share of small businesses, so most of the decline must come from a drop in non-tech business formation. This also can be seen in the aging of the small business-owner population — from 2007 to 2012, the share of small ...

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