- by Rory Ramsden
Imagine for a moment that your market is an archery target. When you fire your arrow, you aim it at the bulls eye because you know that will give you the best chance of hitting the target. You should do the same when preparing your product launch. The #1 mistake marketers make is to not tightly focus their product marketing strategy on their core audience.
We live in an age of specialization. The more sophisticated the market, the more niche markets there are, the more specialized you have to become.
For examples you don’t have to look far… Take at the law, medicine or accountancy. All of these professions include a myriad of specific areas of expertise
Being seen as an expert in one particular area means that people will instantly assume that you are more likely to be a knowledgeable authority. It is therefore crucial that you position your product launch so that it focuses on delivery benefits to a core group with money suffering excruciating pain.
As the knowledgeable authority offering a specialized product or service, you can charge more for your expertise too
OK… given a choice which niche should you choose?
There is 2 part acid test to use to make that decision…
#1. The Risk/Returns Ratio
You want to talk to people who will instantly ‘get’ the value of your offer. They will calculate that the risk of failure is far outweighed by the benefits they will enjoy and consider the price as a secondary issue. They have money and are prepared to spend it on a premium priced product. Polarizing your audience into 2 groups… those that love you and those that hate you is a powerful marketing strategy. It will get you talked about.
Just Look at Apple. They have raving fans who would walk through fire to buy a new iproduct. And then there are their sworn enemies. The ones who would buy anything else…
#2. The Competition Analysis
Choosing which specialized niche to attack first has a lot to do with your SWAT analysis of your competitors businesses too. You don’t need me to tell you that if you’re a midget, taking on a giant is ill advised… unless, of course, you have got a massive competitive advantage. Your goal is to strike at their weakest point whilst leveraging your own competitive advantages to the max.
David was quick on his feet and skilled with a sling so he could move quickly and shoot accurately. Goliath was big and strong but moved slowly. The raw power of big brands can be used against them in the same way.
That’s the beauty of doing business on the web. Being a small nimble entrepreneur you can out-manoeuvre established names if you nail your market research before you pounce.
If you find that your product appeals to several niche markets, tackle them one at a time with a series of product launches in each. Doing this will allow you to custom build your launch story and your offer to each segment.
The #1 mistake you could make is to do one product launch that attempted to address all of them together. Trying to be all things to all men inevitably means that you will succeed in being nothing to anybody.
Don’t be afraid to narrow your niche. As long as it is a valid niche, zero in on that segment and ignore everyone else. Speak to them only. If you try to tip toe down the tight rope of trying to please everyone, you will fail to get your message across; fail to engage your audience; fail to on make an emotional connection with them AND your sales will be disappointing because of it…