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Write You - Establishing Your Product in a Niche or Vertical Market
Remember ezimerchant's five ingredients to online success? These were:
• Getting found on search engines
• Establishing your product in a niche or vertical market
• Creating a great Unique Selling Proposition
• Exceptional customer relationship management
• Patience
In this ezimail issue I want to cover the topic of establishing your product
• Getting found on search engines
• Establishing your product in a niche or vertical market
• Creating a great Unique Selling Proposition
• Exceptional customer relationship management
• Patience
In this ezimail issue I want to cover the topic of establishing your product
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
in a niche or vertical market. A niche market is a focused, targetable portion of a market frequently not addressed by mainstream providers.
Why should you bother to establish a niche market? Because of the great advantage of being alone there; other small businesses may not be aware of your particular niche market, and large businesses won’t want to bother with it. The
Why should you bother to establish a niche market? Because of the great advantage of being alone there; other small businesses may not be aware of your particular niche market, and large businesses won’t want to bother with it. The
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
trick to capitalising on a niche market is to find or develop a market niche that has customers who are accessible, that is growing fast enough, and that is not owned by one established vendor already.
The biggest mistake an online business can make is being everything to everyone. Look at the Pet category. Why bother competing with pets.com when you could focus on and a
The biggest mistake an online business can make is being everything to everyone. Look at the Pet category. Why bother competing with pets.com when you could focus on and a
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ttract every parakeet owner in the world with parakeets.com (Interestingly, this has been taken as a domain but not used!)
The truth is, running two or three web sites that each target a specific niche market is the EASIEST WAY TO MAKE MONEY on the Internet. Everyone is looking for the big money maker. So, all too often, niche markets are ignored. We have merchants that
The truth is, running two or three web sites that each target a specific niche market is the EASIEST WAY TO MAKE MONEY on the Internet. Everyone is looking for the big money maker. So, all too often, niche markets are ignored. We have merchants that
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
perate over 30 separate online stores each. And guess what? They are still adding new ones!
So the objective then is to:
1. Find a niche market.
2. Figure out what they want.
3. Develop the product.
4. Offer it to them.
5. Automate the business.
6. Then start another and diversify.
There is a lot of money to be made this way. Focusing
So the objective then is to:
1. Find a niche market.
2. Figure out what they want.
3. Develop the product.
4. Offer it to them.
5. Automate the business.
6. Then start another and diversify.
There is a lot of money to be made this way. Focusing
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
on a distinct, well-defined niche market is a powerful key to online success. A unique niche reduces competition and provides your online business with a clearly- defined market.
Bookstores on the internet are common – many, like Amazon.com, already dominate a major online consumer share. However, focusing on a niche means you can isolate and spotlight a single book cate
Bookstores on the internet are common – many, like Amazon.com, already dominate a major online consumer share. However, focusing on a niche means you can isolate and spotlight a single book cate
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
gory - a specialised discipline - and exploit the exclusivity and uniqueness of that vertical market.
What happens when you move into a niche market and specialise? First, you immediately turn a commodity into an oddity - a unique, differentiated product with a defined target demographic. Instead of just ‘books’, you now become the online authority for, say, ‘dieting boo
What happens when you move into a niche market and specialise? First, you immediately turn a commodity into an oddity - a unique, differentiated product with a defined target demographic. Instead of just ‘books’, you now become the online authority for, say, ‘dieting boo
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
ks’ - with a defined audience and clear picture on where that audience gravitates. (health news groups, body and fitness related sites and portals, weight loss e-zines, content sites, newsletters, and so forth). Also, you are now a manager and supplier of rare or specialty products that may be difficult to locate offline through traditional brick-and-mortar outlets.
With
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
a specialised product, your broad-spectrum competition is no longer directly competing for your target market - and having ‘the lowest price’ is less of an issue.
Understanding what makes your customers tick because you know exactly who they are and what they want, also enables you to communicate with them in a way they will respond to.
Regardless of whatever marketing
Understanding what makes your customers tick because you know exactly who they are and what they want, also enables you to communicate with them in a way they will respond to.
Regardless of whatever marketing
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
technique you employ, you’ve already leveraged your opportunities for generating meaningful traffic by narrowing in on a qualitatively distinct audience with predictable consumer needs. In a niche market, you can achieve higher search rankings by optimising URL’s, titles, tags and content with the niche keywords unique to your business. With your keyword competition great
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ly reduced, your customers will have no difficulty finding you at the top of search queries.
The bottom line question is this: can your business sell more by specialising, differentiating, and locking onto various niche markets? However, beware, concentrating too closely on an isolated niche can also be a liability if the market for your product is quite small or there i
The bottom line question is this: can your business sell more by specialising, differentiating, and locking onto various niche markets? However, beware, concentrating too closely on an isolated niche can also be a liability if the market for your product is quite small or there i
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
s little online demand for such a limited item. This is what a business plan and market analysis is for.
Once you have discovered a lucrative niche market, you can build around a core product vertically - and enhance overall value.
Does Your Website Target a Particular Market? Well, does it? Is it geographic or demographic? Male or female, young or old? Business or con
Once you have discovered a lucrative niche market, you can build around a core product vertically - and enhance overall value.
Does Your Website Target a Particular Market? Well, does it? Is it geographic or demographic? Male or female, young or old? Business or con
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
umer? With a little planning, you can determine exactly who visits your site and who doesn’t. you achieve this by using search terms throughout your site that are geared specifically towards your own niche markets.
If you are not sure follow us through this process. Write down the specific markets your products and services are aimed at and then drill down even further.
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Do you service only one state, country or city? Are you mainly targeting men in their thirties, parents of young children or teenage girls?
Lets use this example; a fictional florist located in Sydney who specialises in wedding bouquets. Their target markets would probably be:
• Women in their early to late twenties
• People living in Sydney and surrounding s
Lets use this example; a fictional florist located in Sydney who specialises in wedding bouquets. Their target markets would probably be:
• Women in their early to late twenties
• People living in Sydney and surrounding s
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
uburbs
• Brides-to-be living in Sydney and surrounding suburbs
• Dating males
• Couples (especially around Valentine’s Day)
There are probably more potential markets than this but this will do for the moment. Now we have narrowed down our target market, lets get inside their heads. Lets say you were a mum helping with your daughters wedding preparation,
• Brides-to-be living in Sydney and surrounding suburbs
• Dating males
• Couples (especially around Valentine’s Day)
There are probably more potential markets than this but this will do for the moment. Now we have narrowed down our target market, lets get inside their heads. Lets say you were a mum helping with your daughters wedding preparation,
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
what would YOU type in to the search engines to find the goods and services offered on your own site?
Write down these search terms as they come to mind. Using our florist example again, relevant search terms could include:
• Flowers
• Weddings
• Wedding flowers
• Roses
• Bouquets
• Florists
• Gifts
Having defined these add qual
Write down these search terms as they come to mind. Using our florist example again, relevant search terms could include:
• Flowers
• Weddings
• Wedding flowers
• Roses
• Bouquets
• Florists
• Gifts
Having defined these add qual
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
fying terms that will help define your market even more. Choose terms that are relevant to your geographic region, or specific product / service offering. Unless our fictional Sydney florist sends flowers outside of Sydney, they wouldn’t want to attract any web site visitors from outside the city right? Also, if somebody searches the web looking for flower fertilizer, our
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
Sydney florist wouldn’t want them visiting either.
Adding qualifying terms reduces the likelihood of these visitors. For example, let’s add the following terms to our original list:
• Send, deliver, flowers Sydney
• Send wedding flowers, NSW
• Wedding bouquets, Sydney
• Sydney, roses for weddings
• Rose bouquets, Sydney
• Florists, Syd
Adding qualifying terms reduces the likelihood of these visitors. For example, let’s add the following terms to our original list:
• Send, deliver, flowers Sydney
• Send wedding flowers, NSW
• Wedding bouquets, Sydney
• Sydney, roses for weddings
• Rose bouquets, Sydney
• Florists, Syd
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
ney
A few selective terms can narrow down the searches considerably. Your visitors will arrive at your site already highly qualified. Now you have narrowed down your search terms to reach your markets, scatter these search terms throughout your web pages. Replace keywords in your existing tags with your new target terms and use the most important ones within your URL is
A few selective terms can narrow down the searches considerably. Your visitors will arrive at your site already highly qualified. Now you have narrowed down your search terms to reach your markets, scatter these search terms throughout your web pages. Replace keywords in your existing tags with your new target terms and use the most important ones within your URL is
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
possible, title tag and description. If you’re not confident enough to do this yourself, give the terms to your web designer or a SEO and ask them to do it.
Once you’ve dominated one niche market with this strategy, you can start to expand your focus… or go after a completely different niche.
By Kerry Plowright Contact the author: kerry@waspz.com or go to www.awp.com.a
Once you’ve dominated one niche market with this strategy, you can start to expand your focus… or go after a completely different niche.
By Kerry Plowright Contact the author: kerry@waspz.com or go to www.awp.com.a
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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