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A recent newspaper review of a new book, Selling Sickness, got me thinking about niche marketing (The Globe and Mail, Saturday, August 6, 2005, D8-D9). The book in question considers case studies that purport to show how ?Big Pharma? (the entire pharmaceutical industry, from manufacturers to drug salespeople) manipulates data to ?create? a disease that they have the ?cure? for.
Regardless of how one feels about the pharmaceutical industry, the book does demonstrate one thing?the ability of this industry to correctly identify small-but-profitable niches and exploit them for huge profits. The book, as indicated by the reviewer, identified a ?familiar pattern? for the ?selling of sickness?:
A pharmaceutical company identifies a wedge condition, set of symptoms, or ?risk factors?; hires a PR firm to come up with a ?disease? name, ideally something catchy with a pronounceable acronym (e.g., SAD); develops a drug, or adapts an existing one, to tout as a ?fix? for this new medical problem; and begins massive marketing to physicians and the public. The media pick up the story, suggesting that the ?new? disease is greatly undiagnosed/undertreated; the market expands; drugs sales rise. And voila! Another blockbuster is born. (Direct quote from the review)
Do you see the building blocks for a niche business in this description? Following Big Pharma?s lead can help you begin a small niche business and grow it into a financial success. Simply follow these steps:
1. Within your industry, identify a ?wedge? that you can target.
2. Create a fancy way of describing the number one problem your product or service solves; make it stand out from any other site that offers the same thing.
3. Demonstrate, by way of strong benefits, how your product or service will solve the problem.
4. Tailor your marketing efforts to your ?wedge? by these means.
5. As your marketing catches on, you will grow from marketing to just a ?wedge? to marketing on a larger scale.
6. Voila! You have your own niche blockbuster business!
Such a process certainly takes time, but these 6 steps provide a solid foundation for any niche business to gain a foothold and grow into a success.
