Stronger SWOT Analysis and Marketing 4 P’s (Part 4) by Barry Welford
Selling to the Market Niche
With this approach whereby the members of the target market niche help define the Marketing strategy, the selling approach becomes a natural extension of the marketing approach to prospects.
In the “olden days”, companies would make good products and then hang a sign outside their store to encourage people to come in and buy. The marketing 4 P’s approach could be seen as a way of making that process more effective. By being more visible through the marketing strategy, potential customers are more likely to come into the store. The hope is that by word-of-mouth combined with the publicity program, purchasers will flock through the doors. This process obviously works and may be the only way if you are dealing with retail markets for low-priced items.
However in other cases, there may be a better way. The Market Niche approach has identified the target prospects, in some cases by name where a database can be set up. This links naturally with the High Probability Prospect Selling approach. Jacques Werth, the inventor of the approach, suggests that the key to selling is to contact as many potential leads as possible by telephone. Very rapidly, you determine that many of these leads are not potential purchasers on that occasion. So you terminate the call quickly, perhaps indicating that you will call in a few months if appropriate. You spend more time with those who may be potential purchasers, identifying if your product/service meets their needs and if they are willing to purchase from you. In a sense, this links with the notion that sellers do not sell but rather purchasers buy. The HPPS approach accelerates the process whereby live potential purchasers are contacted and buy from you.
The Market Niche approach has already developed a Product/service/Price package best suited to the target customers, has communicated with them effectively through the Publicity program, and arranged that they can easily be supplied with the product (“Place”). So this preferred niche of customers already is well positioned for the sales process described in the HPPS approach.
[Publisher’s Note: The author is applying the above approach B2B sales. Niche market size and the U.S. National Do Not Call Registry very often make the approach more difficult in B2C sales.]
Marketing is acknowledged to be the most challenging activity for any company. The increasing complexity of markets and the speed of change means that a shotgun approach will not be effective. The rifle approach involved in targeting a Market Niche ensures that the best possible impact will be achieved.
About the Author
Barry Welford of SMM Internet Marketing Consultants helps you find ways to improve your company’s marketing and selling effectiveness.
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