In this article, I am going to talk about niche selection and Marketing funnel. These are the two most important areas when talking about Marketing. So let’s first understand the concept of Marketing. When you start observing your surrounding you will see Marketing is everywhere. All you need to do is to start thinking and observing.
According to Philip Kotler “Marketing is science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures, and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.”
When we talk about “exploring” it means exploring the target market to understand needs and wants. Creating means developing the product or service as per the needs and wants and then delivering it to the target market.
Now you know about the basic concept of Marketing so lets move towards next section Niche selection.
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| What is Niche?
The market is a very broad term and selecting a broader Market will not be a good strategy if you are just starting. We know there is a Market for Furniture, confectionery, perfumes, food products and every Market has some of the well-established brands in it. So selecting a broader Marketing is not a good idea. This is where niche comes into the picture.
Niche Market focuses only on a particular section of the Market. Audiences in niche Market has a specialized interest. For example a pain point of the audience which is not yet targeted or may be targeted but not able to provide the right solution. That’s in the niche Market business target only one or a couple of Market with specialized interest.
Let’s say you want to start a business in the confectionery market and you know the well-established brands are there Cadbury, Kitkat, Amul, etc. So what to do? We know there are people who are diabetic and still want to eat chocolates. So you can focus on this section of the Market who wants to eat sugar-free chocolates or chocolates with the sweetness of Jaggery and this particular section will be your Niche.
| How to select your Niche?
When you are going to start a business, selecting the right niche plays a very important role because your Marketing plan will work effectively only if you are targeting the Right Niche.
When selecting a niche you need to keep three important elements in mind. These are Talent, Passion, and Market.
Talent is required for creativity. If there is a market and also you are passionate about but there is no talent then you won’t be having new ideas, creative thinking, etc. Talent can be developed through learning.
The second element is passion. Passion is required to make things work in long run. So if there are a Market and talent but no passion then you end up doing things without enjoying it. There are possibilities that you might get bored after some time.
The third element is the market and one of the most important elements because if there is no one to buy and no one who is interested in knowing more about your product or service then you can’t start a business. So all three elements are important in the process of niche selection.
When you have all three elements, then you can select your niche which is a combination of all the three elements. Refer to below Model.
If you are confused about your talent and passion then you can take the help of your loved ones your family friends and anyone who you think knows you well. You can ask them Hey what do you think I am good at? and when you ask the same question to multiple people. You will definitely come up with a few common answers and then you can start researching those answers to find the right fit. It will help you find your niche.
Your niche lies in the middle of your Talent, Passion and Market.
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| The marketing Funnel
If you have a Marketing plan then you should have a Marketing funnel. A Marketing funnel describes your strategy to convert leads into customers. The Marketing funnel is important to help you understand what step you should take at a particular stage.
In this article I am going to talk about CATT Marketing funnel.
The CATT Funnel stands for Content, Attention, Trust and Transaction.
According to this funnel your wealth is directly proportionate to your Niche. That’s why I said Niche selection plays a very important role in Marketing.
Let’s understand this Funnel.
First of all, you should have content, good content. Even if you think you don’t have any followers and nobody is there to read your blog or buy from you, don’t worry just start working on your content. Because nobody comes to you if you don’t have content.
Once you have content start sharing it with people in your niche and start driving attention towards your content. Have good content which makes people read it till the end. Good content catches attention and makes people curious to get more content from you.
When you have both Content and Attention, try building trust. You can build trust through the value you are offering to your audience through your content.
When you have both Content and Attention, try building trust. You can build trust through the value you are offering to your audience through your content. You can do free webinars to develop trust. You can do free webinars to develop trust.
Once you have Content, Attention, and Trust then you can offer a premium product/service to your audience. Since you have developed trust you need not make much effort to sell. That’s the power of trust. You can offer Newsletters, e-books, etc.
This is a continuous process, you keep on following the above steps because your audience needs nourishment and nourishment leads to Mass trust.
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In this article, you have learned how to select the right Niche. Niche selection is one of the key elements of Marketing. Your Marketing plan will work well only if you have the right selection of Niche. The CATT funnel describes the process of converting leads into customers. Your wealth is directly proportionate to your niche and marketing funnel