Know your market

I was recently struck by an awesome site.

Of the 15 restaurants located directly around and opposite a prominent theatre in Russell St, Melbourne, one stood out. It wasn’t particularly flashy, it didn’t have dancing girls or promise discount beer, it offered something which none of the others did: A Pre-theatre dinner special.

The price was under $20 for a three course meal and was all designed to be served and consumed with enough time for you to make your way to your theatre seat and be settled in by the time the curtain raised. How fantastic. Not one of the other restaurants were offering anything remotely targeted to the tens of thousands of annual theatre patrons.

The restaurant owners clearly know their market – or at least a key niche subset of it – and they’re standing out as a result. And not only do they know that some of their current market are consumers theatre goers, but they’re directly marketing to other theatre attendees who may want their products and services.

So what are you doing in your business and marketing activity to gain ground on your niche markets? Where and what are your opportunities? What are your current consumers already telling you about themselves that you could use to then go after more of those niche’s? Are a subset of your core database keen golfers? – Why not think about affiliating with a golf course? Or a golf retailer? Not only will you demonstrate you care about a core niche and make them happy – potentially reducing consumer churn – but other golfers might become new consumers of your products and services.

This is the perfect time to analyse your data and try to find what’s working, who’s buying, where your core strengths are and where they might be next.

For example are you sure you know:

  • Who your market is and the core niche subsets within it?
  • Are there lesser niche subsets which you could appeal to to make them ‘core’?
  • Have you assessed what your niche market(s) want?
  • Do you already know what they want?
  • Do you already provide it or a variation of it but just aren’t marketing it effectively?
  • If you’re not currently offering what they want is it something you can provide?

It’s times like that this that some companies fold and some flourish. Understanding where your current dollars are coming from and, based on the data your consumers are already telling you, where new dollars could come from is key to being in the latter group.

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