During a Business Consultation where I normally spend time working on client’s Marketing Strategy I spend time
instructing and coaching clients on Niche Marketing or Market Segmentation. Unfortunately many small businesses and solo preneurs fail to spend time to work on the Market Segmentation strategy which should form a part of their overall marketing strategy. In turn this means they often spend time selling their products or services to the wrong or an inappropriate niche in the market place.
So what does Market Segmentation entail ? To get to grips with Market Segmentation consider various ways we can segment the population i.e. by :-
- Earning Capacity
- Living Location
- Marital Status
… and so the list can go on. Do you get the idea ? the point is that the segment of the market that you decide to sell your product or service into will determine your pricing, delivery, packaging and related strategies.
As we live in a diverse world with a global market place market segmentation or niche marketing plays a critical role in our efforts as business people and will continue to do so. In order to take your business forward keep market segmentation in your thoughts and consider this as you discuss where you plan to take your existing or new product. This will help you to make more money and to achieve the success that you have in mind for your business venture.
If you need help with your Market Segmentation or Niche Marketing strategies, get in touch and let me have your comments. You also wish to take a look at http://www.BusinessmansEncyclopaedia.com/ which is a resource I put together to help business people wherever they may be in the world.
Stephen C Campbell