Niche Marketing : A Mini Tutorial on Starting a Business

The role of marketing in business may surprise you. Many books and seminars on marketing begin on how to develop the Marketing Plan. I believe this to be a mistake.

You shouldn't begin thinking how you are going to market something until you first determine if you have something to market. You also need to have the ability to develop and service your product; will it work the way you say it will work; are there no adverse legal ramifications? Finally, can you sell of offer it for a profit?

Finding your Niche Market

To begin, you need to find a product that people need. Think back in your life. Was there any problem that you felt was not resolved completely? Was a solution presented to you that could have been more complete? Still no ideas?

Then seriously contemplate and record the following:

  1. What kind of things are you interested in? Tennis, Books, Music.....
  2. Do these interest border on Passion? Football, Writing, Collecting.....
  3. Where is your Knowledge base? Is there any subject or topic that you know a lot about?
  4. Are you the person people come to for answers - asking your advice or opinion?

Answer the above questions. Consider each point carefully; don't be afraid to consult with friends, family and colleagues. And be completely honest. When you pursue a business that you are passionate about, something you really like to do, your chances of success in business increases dramatically.

Finding the Hurt

The product or service you wish to develop should be related to something you are interested in. By promoting your interests, it will feel less like work, and more like fun. After all, wouldn't you rather "work" at what is fun?

Many people make the mistake of developing a product first, then trying to find a market. That is backwards. You must first find the demand, and then fill it. This will guarantee the success of your product, as people are already looking for what you are about to develop. By filling this need, you can actively focus your energies on marketing to the audiences that will provide the highest sales profit.

I. Finding the Right Markets:

Examine your list. You now must research and find markets that relate to your list of interests. Brainstorm a list of general, potential markets for each of your interests. Do not be concerned if your markets seem too broad or general. Utilize friends, family and the Internet