For most Fortune 500 businesses, attracting clients and customers often seems effortless. With huge marketing and advertising budgets coupled with enormous financial resources, it's no wonder why they can stay ahead of the competition. These companies are always in the news, regularly sponsor and speak at conferences, and are always featured in the latest trade publications.
As a mom-owned business, we often struggle to define our company while managing our family and personal demands. But even with all these added factors, you can maximize your message and stand apart from your competitors in a saturated market by becoming a celebrity in your field of expertise.
Here are three simple ways to maximize your message and monetize your business, even in what ‘may seem' like a saturated market.
1.) Master your industry through market research.
Understanding who dominates your industry, their strengths, and their weaknesses, as well as defining your target audience, will only propel you further toward maximizing your brand and your bottom line.
2.) Market research doesn't have to cost big money.
Market research doesn't have to cost you anything other than seeking the advice or simply asking your repeat customers the right questions.
- How can you best serve them?
- What are some of the things that they would like to see happen with your business?
This should be one of the first things that you do when venturing out into the world of business. This may seem like an expensive and time-consuming task, but it's relatively simple and easy. Seek the help of close friends, a business coach, family or a mentor. When all else fails, simply ask yourself these simple questions:
- Do I have a target market and audience with similar needs that I can serve?
- Is the market lucrative enough to support my business (and my family)?
- Is this an underserved target or niche market?
- Can I reach my potential customers in a cost‐effective manner?
- Am I passionate about what I am offering this target/niche market?
Answering these simple questions will give you focus on your vision and a winning marketing message. The more you specialize your offering, the more your target market will see the value of your services because you are speaking to their unique situation.
3.) Make your offering unique and avoid the competition.
As a mother, it's in our nature to provide for all while sometimes overlooking the little things. But catering to the widest possible market is the path least likely to success. Avoid the “come one, come all” notion and pursue a market niche with a specific audience in mind.
The key to success is not how many people that you serve but rather the quality of your service to the people that your product/service provides. Remember that when you determine your niche market, your products and services must be customized to the specific needs and predispositions of a select group of people. This sets your apart and often allows you to charge more for your products/services because there isn't as much competition.
After you've researched your target market and defined product/service within that market by offering them something unique, it's time to develop your brand. The power of social media planning and community will demonstrate that no niche is ever too crowded for a savvy mom marketer. There are simple techniques that you can start implementing in your social media campaign right away that will help you on your way to making more money.
Whatever marketing option you choose (blog, social media, networking, e-newsletter), as long as you can uncover the hidden benefits of your audience's interest and can develop a more intimate relationship with them, you'll always have an edge on the competition thus creating a consistent, focused brand that demonstrates value and benefit to the consumer.
Rhea Brown is a writer, speaker, and professional blogger with a background in marketing, social media, and business development. She enjoys being a mother of 4 children, wife, and WAHM business coach. She teaches moms how to attract more business with less effort by becoming a mini-celebrity in their field. For more information on Rhea, please see ProMomBlogger.