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Looking for a way to increase profits? Find your niche!

October 11, 2011 - Tags: Customers, Market research, Marketing

Shutterstock 52799599Are you looking for a more efficient way to attract business? Segmenting your customers can help you discover new or under-served market segments and offer goods and services to fill market gaps. The idea is to establish your business as a large player in smaller, more specific markets.

Niche marketing is all about classifying customers into groups with similar needs. You can group your current and potential customers by factors such as industry, age, location, or buying patterns. It's essential to take the time to find out who your customers are and what they want. Our Market research and statistics section can help you uncover this information.

Before you implement a niche marketing strategy, ask yourself the following questions:

  • Is the customer segment large enough to be profitable?
  • Do you have the expertise to cater to your chosen segment?
  • Is there potential for growth in the market?

Tailoring your marketing strategy to each group is an important part of establishing your business in the eyes of your customers. Appealing to specific segments can make your promotional campaigns more effective and can also help your marketing budget go further.

If you are interested in pursuing a niche marketing strategy, you may want to start by:

  • Identifying the most and least profitable customer groups and allocating the time and money you spend on marketing accordingly
  • Tailoring your marketing strategy to each specific segment
  • Customizing your products and services to meet the unique needs of each group

To learn more about how market segmentation can help your business, check out this Info entrepreneurs guide. You can also visit our Marketing and sales section for more information on developing a marketing strategy and successfully promoting your business.

Comments

Hi I’m starting an online niche business selling custome parts. I have stock but I don’t know where to start with getting my business going, can you help?

Steve r.

By Steven on October 12, 2011

Hi Steven,

Our Planning for e-business section has lots of information to help you get started with setting up your online business.

When starting a business, keep in mind that one of the best courses of action you can take is to develop a great business plan. This helps set the foundation for all of your business decisions moving forward. The Business Planning section is a good place for you to start mapping out your plan.

If you have any further questions or would like more help regarding your e-business venture, contact the business service centre in your province or territory or call toll free 1-888-576-4444 (TTY 1-800-457-8466).

Good luck with your online business!

By Canada Business on October 12, 2011

Finding our “niche” helped us grow even though we live in a small community. We sell our products online and have been found by customers over the globe

By Chris on November 5, 2011

Hello, Canada’s friend, very happy to see you on the network of the article, very agree with the contents of the article, I am from China’s friends, I also are busy making business plan, to your articles, have helped me the most, here, and thank you, wish you happy day!!!

By Dai on November 7, 2011

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