Targeting and Positioning for our Niche
The First Step In Dominating Your Target Market
Having established the relative viability of the defined potential niches that have emerged from the market segmentation conducted in module 2, the business must now make an informed and formal decision about which niche(s) to target and by inference, which groups to not target, with a rationale underpinning the decision making undertaken included.
This seminar will take you through the steps required to confidently target and align your business to the right segments, and subsequently how to effectively position itself to attract customers from that niche.
To be able to effectively target any niche in any market there must be 3 key criteria that need to be met. They are:
- The niche is big enough to make it economically viable over time
- You must be able to effectively communicate with the all the members that make up that target market group.
- The individual members of the group must have a set of needs (both met and unmet) that are fairly consistent and can therefore be effectively met by a fairly uniform set of market offerings that the business will provide to the market.
Once the decision is made to target a specific segment(s), the business must then position itself in the mind of the target market as a provider of effective solutions for the issue and needs that this group has.
The degree to which the organisation is successful in positioning itself here will be a direct and meaningful predictor of how effectively it will be seen by its sought after target market customers.
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