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Many entrepreneurs think that selling to the widest possible market is the likeliest path to success. They are afraid to pursue a market niche because they fear they’ll lose business by turning away customers. But this ‘take all comers’ approach is not very effective. It’s hard to stand out when you market your business without a distinctive set of prospects in mind.

Occupying a niche means you won’t be competing with a lot of similar businesses solely on price. And because you will be selling products and services that are customized to the specific needs and predispositions of a select group of people, you can often charge more. Your products and services serve a market that can’t easily find alternatives.

The process starts with market research: analyze your best potential customers, your competitors, your market’s predisposition toward your products and services, and your ability to serve these people so well as to make you their vendor of choice.

Market research is like sticking your toe into a lake before jumping in. If you figure out exactly which group of people you want to reach, and what their needs are, you avoid wasting time and money. Once you know, you can alter your product or services to fit the needs of your target market more closely, and you can craft a message that reflects your business and your customer.

Market research does not require expensive consultants, surveys or focus groups– it can be as simple as asking your best customers the right questions. To determine if a particular niche is right for you, ask yourself these questions:

• Do I have an identifiable target population with similar interests and needs?
• Is the market large enough to support my business?
• Can I tailor my products, services, and business identity to address that market’s particular needs?
• Is my target market currently underserved?
• Can I reach my potential customers in a cost-effective manner?

Your niche will give your marketing efforts a natural, sharp focus. The more you specialize, the more your market will see the value of your services because you speak directly to their unique situation. Assuming your niche is large enough, you can do quite well by becoming a provider of products and services that can’t be found anywhere else.

Larry Klein discovered his target market from the inside. A successful financial advisor, he retired from his primary job and became a marketing guru to other financial professionals. He knew they needed marketing help, but as he talked to them and worked with them, he discovered that what they wanted most were ways to reach seniors.

Klein explains, “I’m not 60. So, you don’t have to be a member of your ideal marketplace. But if you talk to enough people in that market group, you’re going to get it. You have to be awake and aware and be listening for what it is.”

All the information you need to target and succeed in an ideal marketplace is out there waiting to be found,” says Klein. “You can take the guesswork out of building a business.”

Having talked to enough seniors to understand their needs, Klein refined a series of methods for approaching them with investment opportunities. Now he offers seminars and writes articles about these strategies and has defined himself as a specialist in this area. You and I may not have heard of him, but within his targeted sector of the financial planning community, Klein is slightly famous.

The Promotion Trends Report by Promo Magazine, revealed that promotional marketing was part of an overall marketing strategy for over two-thirds of all firms. The line is blurring between advertising and promotions budgets. This signals a strong trend of businesses adding promotional marketing to their overall advertising budget.

What is Promotional Marketing?

Promotional marketing is a business marketing strategy designed to stimulate a customer to take action towards a buying decision. Promotional marketing is a technique that includes various incentives to buy such as:

• Contests: We all enjoy winning something for free. Contests offer an attractive marketing vehicle for small business to acquire new clients and create awareness. You don’t need to run a billion dollar giveaway like Pepsi, just a valuable prize to your target market.
• Coupons: According to CMS, a leading coupon processing agent, marketers issued 302 billion coupons in 2007, a 6% increase over the previous year. Over 76% of the population use coupons, according to the Promotion Marketing Association (PMA) Coupon Council. Coupons still work and provide an affordable marketing strategy for small business.
• Sampling: Do free samples work? Giving your product away for free may seem profit limiting but consider the case of Seth Godin. Godin released a book called “The Idea Virus” in 2000. Unlike other authors, he did not charge for the book instead gave it away for free as an e-book. In less than 30 days over 400,000 copies were downloaded. This created a buzz about the book and even through free, people bought the hard cover; making the book #5 on the Amazon best seller list.

Creating Powerful Promotional Marketing

Before starting a promotional marketing campaign for your small business take the time to carefully plan the incentives and objectives. Ask yourself the following questions:

• Are you planning to collect names as leads or discount an item as a loss leader to gain a larger customer base? Determine the reason for the promotion.
• Who is the target of your promotional campaign? Is it your competitor’s customers or existing clients who have not made a purchase in the last 12 months?
• What incentive works best for your customer group? Coupons, sweepstakes or sampling?
• What is your available budget? Choose an advertising vehicle like direct mail, email, or in-store that will not exceed your promotional budget.
• Will you run the promotion in-house or hire an outside promotional agency? Choose in-house if you have a limited budget and time to learn more about promotional marketing.
• How will your business decide if promotional marketing is a success? Select a clear goal and do not forget to measure the results.
• Is your promotion in compliance with State and Federal laws. Promotional marketing incentives must comply with the law. For instance, the Federal Trade Commission states “when a “free” offer is tied to the purchase of another product, the price of the purchased product should not be increased from its regular price.”

Any contests or sweepstakes offered by a company that require a purchase to enter are illegal in the United States. Check your country or state government agency to make sure you comply with regulations and laws.

The continued spending by small and large companies on promotional marketing is a clear indication that promos work. Apply promotional marketing to your small business and experience a sales boost.

What is content marketing? Content marketing is using relevant and valuable information to attract potential customers to you. This information will not only attract but, if done correctly, will engage your target audience and drive profitable action to your business.

I’m always amazed at the looks and responses I get when I’m speaking to a client and I explain to them they need more content. I’m then almost always questioned “why?”

Think of content as a way of interacting and communicating with your customers without selling.

Need proof it works? Think of an article you read that captured your attention and really engaged you. Did you look to see who the writer was? Were you interested in the company that they worked for and the products or services that they offered? If they were using the skills of content marketing, I can almost guarantee you did.

A great article can market your product or service in a way that the consumer is not interrupted. You are using that article to educate your consumer and create awareness on information that is important to them. This makes your potential buyer more intelligent.

A successful content marketing strategy will deliver consistent valuable information to your target market, when this strategy works you turn the consumers you have targeted into buyers.

Look, it’s no secret that consumers are tired of traditional marketing. This is why you see a rush to social media and permission based marketing rather than intrusive marketing that doesn’t allow consumers to make the choice of when they want to be marketed to. Why do you think consumers skip commercials, tear out magazine advertisements, and turn on online ad blockers? Because they are taking back control and they will decide when they want to be marketed to.

As a business, you have to be smarter in your marketing efforts and this includes writing content that is not only interesting but relevant and valuable to the market you are targeting.

How do you know if your content is marketing for you? It’s easy really. Answer the following questions when reviewing your content or use them as a guideline when creating new content.

• Is it targeting a specific market? If not the content will be too broad to attract a targeted audience.
• Is your content informative, relevant and valuable to those you are targeting? Or is it just a sales pitch?
• Does it educate your target audience about your industry without being too sales oriented and pushing just your products or services?
• Does your message include a subtle marketing message that grabs the reader’s attention and gets them interested in what you offer? The key is the marketing message must create an interest and a desire for what you have to offer without trying to close a sale. Think of it as leaving a faint fingerprint on the mind of the consumer who is reading.
• Does it leave the reader wanting more?
• Does it stir emotion within the reader and inspire action?

If you answered “yes” to the above questions, you have a good piece of content that you can use to market the products or services that you offer. If you were unable to answer “yes” to all of the questions you will want to tweak your content until you can.

You can use content marketing in all areas of your marketing including print, media, events and online. You want to make sure that your website has content that markets to your audience. You also want to make sure that if you have a blog, you are also using it for content marketing. Content marketing is valuable and often leaves a longer impression than any other method of marketing.