Thursday, May 03, 2007
Niche marketing is a more focused form of marketing that concentrates on one specific segment of a larger market. When you select a niche, you are essentially looking at the potential customers in your field for your partiucular home business niche and narrowing your marketing efforts to target only a segment of these potential customers. There are many niche markets in the world, and with a little imagination, you can develop your own niche. Consider the following true-life examples of niche markets:
A CPA chooses to work exclusively with non-profit organizations
A furniture dealer focuses only on selling bedroom furniture
A book dealer focuses on selling only second hand books
A real estate agent works only with renters as opposed to buyers
As you can see from the examples above, there are many ways to narrow your focus into one specific niche. Once you find your new niche, you can think about what will appeal to these potential customers. What might appeal to the market as a whole may not appeal to your smaller niche market. Let's look at the example of a CPA who works exclusively with non-profit organizations. Because non-profit organizations deal with charitable contributions, the government requires these organizations to complete paperwork each tax year. This CPA can offer to complete this tax paperwork for potential clients. If he was dealing with the larger, overall market, not as many potential clients would be interested in this type of service.
When you start to write your sales letter, try to find ways to narrow your focus and introduce a product or service that has specific benefits. Instead of focusing on offering clarinet lessons to everyone, offer clarinet lessons for pensioners and list the benefits pensioners will get from taking lessons from you, and also offer a small discount if they present their pension card. Rather than introducing software that has many benefits for many potential customers, focus your sales letter on how the software will benefit medical professionals and outline all of the benefits that can be derived by these individuals. Once you develop a narrow market focus, you can develop a niche market-specific listing of features and benefits.
You may not like the idea of narrowing your focus when you first start out writing sales letters, however once you see the response rate of each individual sales letter compared to the response rate of one market-wide letter, you will be a true believer in the power of niche marketing. Use this technique wisely and you'll continue to reap the benefits in your home based business.
Tuesday, May 01, 2007
Network Marketing Strategy - Important Research
By Richard Dennis
You have heard before about the value of telling stories. The reason it’s such a powerful network marketing strategy is, it’s not perceived as a sales technique. You’re just telling a story.
And if you’ll really learn just 4 or 5 stories that bring home certain points about your products or your opportunity, then you can talk to anybody with confidence.
Why? Because you’re not selling. You’re just telling a story.
You MUST have stories about your MLM products. If you don’t have your own yet, your company or upline almost certainly offer a conference call or online format where you can hear or read great stories. If it’s a conference call format, then tape the calls, listen to them again, pick out the best stories, transcribe them, learn them, and use them.
Many MLM trainers have great stories on their websites. Do a Google search for "MLM trainers" and look at some of the websites you bring up. When you run into a story that illustrates an important point, copy it and learn to use it for your own business.
Here’s a story that illustrates a key point about the business opportunity.
Jack asks, “What do you do?”
And you say, “Have you ever heard of Mark Andriessen?”
Jack says, “No.”
“OK. Back when the Internet first got popular, you paid by the hour to be online. So everybody and their brother started businesses selling time on the internet. Right away, the whole thing was driven by beating everybody else’s price.
“But some people thought, ‘Forget that. Everybody’s doing it. There’s got to be some other way of making money with the Internet.
“Mark Andriessen was a college kid, broke, working in a college lab at minimum wage. He played around with the Internet, but he saw a big problem – people couldn’t use it easily.
“So Mark thought about that and went to work. Today, you use an internet browser every day, you take it for granted. But Andriessen actually developed the first web browser, a software called Netscape Navigator.
“Within 2 years, he went from a broke college kid to a net worth of fifty MILLION dollars. The Wall Street Journal & papers around the world featured front page articles on him.
“He was STILL a kid, but everyone else in his industry was eating his dust! He found the race car while everyone else was riding in a jalopy.”
“I read what he did and started thinking about it. I wanted a race car of my own. So I went out and found one. This is what I do.”
Then reach in your pocket and hand them some good promotional piece about your company or products. “Here. THIS is MY race car. Take a look!”
Learn stories. Tell them. They work.
Sunday, April 29, 2007
As a matter of fact, the Kelsey Group says that "70% of U.S. households now use the Internet as an information source when shopping locally for products and services."
It's become obvious that small home-based business owners who don't have an Internet presence are at a serious disadvantage, and are losing more ground every day to their competitors.
But where to start? Many small home business owners want to get online but the idea of it becomes overwhelming. One of the things many people are concerned about is the cost. Having a professional website created can be expensive, as can the online marketing needed to promote the site. Fortunately with a little work, there are some great low budget online marketing solutions for small businesses.
First, don't immediately buy web space or register your domain name with the first site that pops up in Google. Web space can be pricey or fairly cheap; it all depends on what company you go with. There are some sites that offer free hosting, but those sites usually force you to include banners or pop-up ads on your site. If you want to be taken seriously, you definitely do not want to host your business on a free hosting site.
There are places on the web that offer a good amount of storage for less than $100/yr, which is not bad. You can also find sites that will register your domain name for less than $10/year, such as the popular GoDaddy.com.
Once you have your website set up, how do you get people to visit? One of the best ways is to take advantage of social networking sites like Squidoo.com and MySpace.com. MySpace.com is a huge site designed to let people keep in touch with others. However a lot of businesses set up MySpace profiles and send out "friend" invitations to clients and prospects. Retail store owners, service providers, authors, bands, magazines and even tourism companies do MySpace marketing. Same thing with Squidoo. This form of marketing is becoming even more powerful than reciprocal linking.
Don't forget message boards, chat rooms and link exchanges either. They are great ways to get your word out. When you first began your low budget online marketing campaign, you'll probably spend anywhere from 5 to 10 hours a week promoting your site, or you can train an employee, intern or your resident teenager to do it.
The simplest way of marketing your small home business is to include your website address in your signature in emails and posts to message boards, even if they aren't related to your business. While this doesn't market directly to your targeted audience, it does make people aware of your website. Who knows, maybe they'll know someone who needs your services.
It's very easy to do low budget online marketing for small home business because so many things on the Internet are free -- message boards, networking sites like Squidoo and MySpace, and of course, email. The main thing it will cost is time, but even that can be "bought" at budget prices on sites such as rentacoder.com and getafreelancer.com. So there's no reason for even the busiest small business owner not to get their business online, even if they're on a tight budget.