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The Power
of Niche
In
the past year, the ecommerce shakeout has resulted in
the closure or serious scale-down of some of the largest
names on the web. Though sheer advertising power seemed
to indicate these internet giants to be impervious to
failure, they failed to heed the realities of online
business, trying desperately to attract both visitors
and buyers, at any cost. In the end, such extravagance
is not an allowable commodity - on the web, or in any
business that targets long term success.
Does
the fall of the ecommerce giants indicate an internet
that can no longer support additional opportunities?
Is there in fact money to be made online? Indeed there
is, but only through careful planning and execution
can any of us expect to succeed, and survive.
One
of the most talked about factors in online success today
is niche etailing. Although many sites have tried to
be all things to everyone, it has proven to be a logistical
nightmare, and an expensive one at that. For the small
business start-up, the expense associated with marketing
your line of "everything" to a market that
incorporates "everyone" is a virtual nail
in the coffin. Without the willing venture capitalists
of five years ago, such an approach is unquestionably
dated.
Who
are the survivors on the internet today? The small business
operators who have carved out a niche for themselves,
and have focused on that area with a sharp eye for their
marketplace. By maintaining a limited scope of product
or services, these internet connoiseurs assure themselves
a smaller, but consistently profitable piece of the
pie.
The
internet continues to have a worldwide scope. Everything
for everyone marketing requires that the newcomer go
head to head with the big boys, in exposure, and in
product pricing.
Niche
sites transcend this difficulty by effectively marketing
their knowledge and focused product base to the world,
a world full of people with inherently different needs
and wants. Their simplified product line allows the
operator to deliver a level of awareness and information
that can simply not be matched by the everything for
everyone site. This level of knowledge translates into
a potentially exceptional service experience for the
niche customer - the strongest form of internet marketing
available.
Consider
this - with the recent explosion of dot com adjustments,
the most common first step is the pare-down of employees,
and/or product lines. In essence, even the big boys
are showing sudden awareness that in today's marketplace,
niche equals survival.
So
what is your niche? Some of the most successful niche
marketers to date sell strictly watchbands, fridge magnets,
golf balls, or children's wagons. They do not sell accessories.
No watches, home appliances, golf clubs, or children's
toys. They know their market like the back of their
hand, and they advertise to them carefully, and efficiently.
Once an interested buyer is on site, their clear focus
and expertise carry them from there. Wrap that up with
a solid service experience, and you're on your way to
online success.
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