“If you would sell what your customer buys, you must see it through your customer’s eyes.”
Know your niche and know what you are selling.
Domino’s built its business selling convenience. The company started in a college town. There were many pizza places catering to students. None delivered product to the customer.
Rolex sells jewelry. If I need to know the time I can look at my smartphone. If I want a watch Timex is fairly accurate. Timex is probably within seconds of Rolex accuracy. However, a Rolex watch is a statement of status and wealth.
Take time to look at where Domino’s and Rolex advertise. Each uses a sophisticated approach to reach its target audience. You won’t see a flyer with discount coupons for Rolex in your mailbox. However, Domino’s may be #1 in that form of advertising.
Click on this link to read my post on finding a niche.
What are you selling? And why?
Are you solving a problem? When I first started marketing for technology companies when PCs hit the marketplace engineers were king. They developed lots of gizmos that could do cool things in the digital world. Few of them actually solved immediate customer problems.
One of the top-selling niches is weight loss. Obesity is a national problem. Slightly overweight is a problem for most Americans. It seems everyone wants to lose weight. And regain that youthful body they had once upon a time.
Offer a solution for that weight loss problem and get rich. I mean a real solution. The weight loss industry generates more than $71 billion in sales annually. Yet once popular Jenniw Craig weight loss company has gone bankrupt.
Jennie Craig is closing the brick-and-mortar operation. And transitioning to a digital platform for sales. The Covid-19 pandemic caused many such businesses to fail. And online sales are easier than maintaining traditional storefronts.
Weight loss is a real problem. And those making money in that niche offer real solutions.
Who are your customers? And how do you reach them?
There’s a large market for military memorabilia. Much of that market is online. It is a niche that generates quite a bit of money. Recently a historical pistol sold for $2.5 million. When I was a boy WWII gear was cheap and abundant. Today that same gear is hard to find and costs quite a bit.
Military gear flea markets are very popular. Many websites offer authentic military gear. Including vehicles. Of course, veteran apparel sells well. There is a good number of websites selling to the veteran community.
If you choose the military niche how do you source products and find customers? That’s the heart of an online business no matter what niche you choose.
Be true to your list
Always satisfy the customer’s wants or needs.
A maxim of selling online is, “The money is in the list.” If you decide to sell into more than one niche don’t bombard a good customer list with stuff they don’t want. I believe that’s spamming :).
My point is to start with one product and develop your customer list for that product or niche. When you expand into another niche develop a new list for those products. Use a list management system like aWeber. Set up a free account and create lists for each niche you sell into.
If you’re selling into a segment of the freshwater tropical fish market don’t spam that list with products for the saltwater tropical fish market. There may be some items common to both markets. Make sure you are offering only that which a niche requires to solve a problem.
Click here for list-building information.
Find a need and fill it
I read that many years ago. The author promoted successful ventures. And this advice was key to his success. What caused someone to invent the wheel? Or improve candle making before electricity? lOr develop any of the conveniences we enjoy today?
Some entrepreneurs create the need. When Jeff Bezos started Amazon it was an online bookstore. Amazon only sold books. Brick-and-mortar bookstores were everywhere. But Bezos pioneered selling online. He created a need to buy from home.
Now every top store brand sells online. And they offer free pickup of the item sold. That adds to bottom-line revenue. Studies show people who buy online and pick up at the store buy up to 4 additional items during pick up.
Your job is to satisfy an existing market. Whatever niche you choose it is your job to find the needs and wants. And promote the products to that eager buying public.
That requires you to study the market. Find the customers. Determine what they need. Understand the problem. And source the solution.
Use this link and get a great niche marketing book.
# # #
Thank you for reading this post.
Please share it with your family and friends.
Follow me on leading social media.