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Show notes for Episode #40
Master Marketing Principles Mini Series: Part 1 of 7
Principle ONE: NICHE MARKET
Market=Buyers (Demand) and sellers (Supply)
They work in a Marketplace like Amazon
First thing is to find DEMAND
Understand the Buyers=Shoppers=Potential Customers
You need to define a PERSON and a PAIN (or PROBLEM)
PERSON implies Demographics eg age, gender, geography
PAIN implies Psychographics eg Personal Values, Motivation to Buy, Like Quality; Value low price etc.etc.
For example A 40-year old man who live in London
He wants to see clearly at night and not have to find batteries;
high Value: time, safety.
Competition (Sellers)
Look at competition through shoppers’ eyes –
They are looking for BENEFITS eg you can see clearly at night
Not FEATURES eg special lens on your light
So translate Features into Benefit
For example:
“Special NightVision (TM) Lens – so you can see really clearly at nigh!
Rechargeable Battery XYZ type – so it will last for longer.
No more hunting for AAA batteries!”
Be a member of your target market if possible.
But then Ask people (e.g., in person; survey; etc) to build up a picture of your ideal customer:
WHO are they? (PERSON) WHAT do they want? (PAIN)
Remember:
“Whoever understands your marketplace best, wins.”
(Andre Chaperon of Autoresponder Madness)
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Watch Amazon Marketing Mastery Mini-series: Niche Market Part 1 of 7
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