Niche Marketing in a Recession - Successfully

Niche marketing successfully? It that possible to do in this tightening economy? I can hear that question running through your mind as you read the title of this message.

That statement rings even harder to believe if you watch the news reports everyday.

Many experts believe niche marketing is not effective now. Some have even said it's time has passed. But I disagree. Let me explain.

Niche marketing has been the rage for the last ten years. It's was on everyone's lips and mind when money was plentiful and credit came easily. But now that money and credit has dried up, the subject of niches has taken on a whole new importance.

This is especially true if you're in a business with stiff competition, or in an industry that's vulnerable to this recession. For example, construction, real estate or banking, as well as others.

Niche marketing in a recession has a more focused set of rules than it does when money, profits and credit flows easily.

Now you will have to zero in on these rules to survive selling your niche product or service to a more demanding consumer.

Here's 3 Powerful Ways to Niche Market Successfully In a Recession.

1. Find Out Who's Buying - Now.

Contrary to most peoples belief, especially if you are sucked in by media headlines and lead stories. The know one is buying mind-set is often a self-fulfilling prophecy, if you allow it.

The people who are not buying is a small percentage of the whole. Even in a recession most people are buying. Your job is to find out who they are and how you can supply them.

So, the first rule in niche marketing in a recession is to find out whose buying now.

Years ago you would normally have to hire a marketing agency. But now thanks to Google and other online search companies, you can do in a few hours what used to take days.

You also have the option of hiring an agency to do the research for you, for a fraction of what it would cost a year ago.

2. Find Out What They're Buying - Now.

This may seem like an obvious point, but it would surprise you how many businesses miss it.

Many businesses invest millions of dollars and months of time in a business or product. And what happens? They later discover know one is buying any more. Ouch!

Many businesses who experience this usually fail to form a niche strategy in the beginning.

When a recession hits, people's buying choices and buying habits change.

The businesses who miss, overlook or neglect their customers changing buying habits will often miss the boat and the profits.

If you don't believe me ask General Motors, Ford and Chrysler. These American auto giants can tell you first hand the huge cost for not noticing their customers changing buying habits in time.

3. Find Out How to Cross Promote or Up-Sell Them.

Once you've gone through the expense of securing the customer and convincing them to buy your product or service, what now?

If you're a business worth your salt and prepared to survive a recession, you'll have a complementary product or service to offer them as an up-sell.

You have their attention. Now while they have their wallet out, show them something else they may like to enhance their original purchase.

Research has proven, if they like their original purchase, there's a 20% chance they'll like another product or service similar to it.

Seed Newsvine

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