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Archive for April, 2011

The Smart Marketing Strategy – Focusing On The Niche

Many businesses make the mistake of selling their products to the wrong market. A business, cannot be all things to all people. It has to be focused on a certain section, and the same rule applies to marketing too. “Niche” is the keyword here, that the businesses must build their strategies around.

As a business owner, you need to define and pinpoint your target market. You have to choose the markets you want to target and then serve these segments better than anyone else, as your top priority. Your approach has to be specialised and not generalised. And when it comes to choosing the niche markets make sure that they are both easily identifiable and accessible.

Figure Out Your Niche Audience

There is a rule that often applies to most businesses, irrespective of their type. According to the rule- 80% of business comes from 20% of the clients. If you have not noted this before, then do so now. Run your numbers and you will see that it may stand true in your business too. This is a clear indicative that the 20% of your customers is your ‘niche’. Now, this niche may be defined as the customers living in an area, belonging to a religion or in similar professions, what ever the common thread binding these 20% of your customers is, that is your niche.

The niche can further be segmented into groups, and each one may require a separate marketing approach. This special approach, crafted on the basis of their niche will seem like customized to the members of the group. You have to then understand what every target group in a niche wants from you, to focus your marketing effort on them. In other words, do not create a desire for your product. Instead, find where that desire and demand already exist, and then swoop in and present the party with your product/service in the most appealing way.

The Benefits Of Niche Marketing

If you have to summarise the advantages of niche marketing, it can be done in one way- you get large returns on sales and profits for a minimum of effort. This can be understood very easily – now, if you are targeting a specific niche, and are selling to that particular segment of the market only, then your advertising cost is reduced hugely.
Save Costs-You don’t have to spend bucket loads of funds on more wide appeal ads, and in the long-term, you raise your profits too!

Increase Income – When you have a niche audience that turn to you before going to any other vendor, then it means, that people are looking for what you offer specifically. This means that over time if you increase the price of your product, they wouldn’t mind paying for it, as you have become a specialist of sorts for them!

Stay Ahead Of The Competition – If you are settled in your niche, the customers are hooked on to your products and services, then you can hold on to the customers by declaring yourself the leader in the niche. This will reinstate their faith in you.

What Is Coaching?

There is a saying that “in the game of life, we ourselves are the coach”. However, in real life, there may arise several occasions during which people may have to seek coaching in order to excel in a particular field or to get accustomed to something that is entirely new or alien to the person. That is when the need for external guidance or coaching is felt. We cannot always see our own barriers. An expert is ready to not just share his knowledge but also able to do it in a very systematic way that the listener is able to grasp therefore, getting the maximum results out of it. When a person is hired for the job of coaching one of the things you can count on are that breakthroughs and results are delivered in a systematic way.

In order to be really successful in this era, where the competition has become so intense that it would be deemed as pathetic, people thirst for coaching endless. They want themselves to be perfectly equipped with all the skills to tackle any kind of a situation or while venturing into something; they want to have someone by their side with prior knowledge of it. Hence, getting coached is the answer. Moreover, everyone will have their own dreams, and in order to fulfill them most of them need a coach in their lives. Some mentors in life may appear in the form of their parents, relatives or teachers. However, for mentors and coaches are not the same. You hire and pay for a coach to PRODUCE RESULTS. Now we are talking about professional coaches.

When it comes to opening up one’s own business, there is lot of money at stake. Therefore, at times your relative’s or parent’s guidance or coaching may not be enough. That is when the need for a professional coach is felt, someone who can coach you and guide you through the right way. Now, this applies to every aspect in life and not just business. Therefore, the role of coaching in our life is getting only more and more important as life and business become more complex. As a person wants to perfect what he/she is doing and sustain that kind of an endeavor, he/she needs proper coaching from a professional, an expert who can show him the fastest, easiest, most result promising way.

One of the best things about coaching is that it allows the candidate who is being coached to break through barriers and be empowered. Everyone needs a push at times. It is through skillful coaching that one could get the tools necessary for him go on in whatever he is after. The intensity won’t be allowed to drop, not until he accomplishes his goals.

How Some Companies Survived The Recession?

A recent Fox News survey revealed there weren’t as many small businesses that lay off workers during the recession as many believed. In fact, some of these businesses employed less than twenty people on job – and yet they found ways to ensure pink slips weren’t handed out. So how did they do it? It’s nothing but a combination of determination and recognizing the little things can make huge differences.

Hiring a career coach on the job mission is one common denominator between many small businesses that retained its employees. Career coaches can step in and redirect energy and efforts to maximize time and manpower.

And, if the company you work for values loyalty and ethical behavior, you’re more likely to witness big efforts by the company owners to ensure no one loses their weekly paychecks during your job. While smart business owners recognize they can’t always provide the cure-all, these guys are the ones who are willing to try everything else first and often, the solution is found long before they make it down to their last option of laying off employees. Here are a few of the winning strategies that have kept employees in their current job, despite the economic outlook:

• Do an honest assessment of the money drains within the office. Leaking faucets, lights left on and even light bulbs can slowly chip away at the bottom line. Have maintenance install a thirty cent washer, go for the better bulbs that will keep electrical costs down (not to mention they’re better for the environment) and keep lights out in unused offices and conference rooms.

• Tap into your employees’ talents. Your administrative assistant might be a whiz with numbers – if so; this can become a solution for both of you. You won’t have to hire a new bookkeeper, but instead, a raise for your administrative assistant might be enough for her take on both tasks.

• Reduce travel time by incorporating video teleconferencing or Skype for meetings. This keeps flight, hotel and other expenses to a minimum.

• Consider allowing some employees, provided their job allow for it, the opportunity to work from home a few times a week. This keeps their fuel costs down, which is beneficial when the raises aren’t happening.

These are just a few of the many ways employers can delay or even eliminate those tough lay-offs. Remember, too, when times are good, it’s always wise to keep in mind the difficulties many are still feeling today and recognizing this likely not the last recession your business will survive. Proactive efforts such as saving when times are good are always better than those reactive measures that result in small business owners having to make incredibly difficult decisions.