Is There Room for Me within the Market Niche?
Suppose your concept is to teach self-defense to young children.
And then suppose you talk to parents of young children
and learn that several would be interested in having their children
take self-defense lessons. So far, so good. Your next step is
to find out whether the niche is crowded with competition or
whether there is adequate room for a new competitor. This may
well come down to a judgment call of whether you can compete
effectively within the niche, but you need information about your
competition to make this decision rationally. Examining your
competition is discussed later in this chapter.
Can You Get Your Message to Your
Niche at Reasonable Cost?
Many entrepreneurs tell me that if they only had better marketing,
their business would take off. In many of those cases, this
may be true, but there is no way to wave a magic wand and
achieve better marketing. Marketing is one of the challenges in
making a business successful, and a key factor to be considered
is marketing cost. Sometimes, unfortunately, there are no costeffective
ways to reach a market niche. On the other hand, marketing
channels do exist in some situations at reasonable cost
and other situations exist in which creative modes of marketing
can effectively get the message to the marketplace with minimal
or no cost. Part of your up-front research requires an honest assessment
of your marketing options and the projected costs of
those options. (Marketing and promotion are discussed in more
detail in Chapter 5.)
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