The biggest mistake that business owners usually make is trying to market their products to a large market instead of focusing on a small niche market. They think that if they limit business to a small market, they will get fewer sales. They never realize that it takes a lot of money to market a business locally and internationally.
If you ask successful business owners of today for an advice they can give to those who plan to start a business, they will almost always say to start in a small market. This is true especially if you have a small budget and want to survive in the business world. If you market right away on a large general market before succeeding in at least one niche market, it is guaranteed that you will go broke and be out or business sooner than you think. However, if you focus the market of your business on a small niche, highly increase the odds of your businesses success with lesser risk.
What is a niche market in the first place? Well, niche market is a group of clients or consumers that has a very distinct want or need. Like when you say you want to sell fancy dog cages. Your niche market must consist of people who are planning to get a dog and people who own dogs as well. Your goal is to earn an income large enough that your consumers can afford to purchase.
However, if you market your fancy dog cages to everyone in the country who owns a dog or two, requires a lot of money just for marketing alone. It will only go to wasted because not all of the people that sees your marketing will buy or have an interest in purchasing a fancy dog cage. By ignoring the niche marketing, your money will only go down the drain.
If you want to start a business where you want it to succeed, you must first start with a small niche. The key is to find a market group where your product is most needed, with a price that people can afford. For example, you want to market a newly invented chair that is comfortable to use and helps lessen lower back pains. A niche market that you can possibly consider for this product is to market it in centers for the elderly or to the hospitals. There are a lot of small markets to consider. Determine which who needs your product the most and then focus your marketing on that small niche market.
If you want your business to prosper, use the niche marketing strategy. Start small and then little by little, your business will grow bigger and bigger.