Learning from the Best – Continued

Last week we explored some of Gary Vaynerchuk’s valuable marketing strategies. This Belarusian born entrepreneur, speaker, author and internet persona is well-known for his involvement in consulting with large firms, including Fortune 500 companies. His companies include VaynerX, VaynerMedia and Gallery Media Group.

Finding Your Niche Market

Last week we discussed how to market a personal event at a low budget to achieve success. This week the topic shifts to the market which you are targeting as your audience and possible clientele. Contradicting to what most B2B owners might think, you don’t need to have a million clients. If you have identified your niche market, it can be a much more profitable venture to serve them well than serving many others poorly.

To create this niche market, start with creating your niche podcast. This will allow you to get in touch with the clients you want in your client base. They will be the people asking the right questions and the ones you would want to spend most of your time on. You can also use this medium to ask them to be guests on your podcast to share their knowledge and advice. Making them feel that you value their opinion is playing right into the human ego and the need to feel important. Not only do they get recognition, but also in a format which can be shared by them. Their sharing, in turn, serves as marketing to you. This also turns your podcast from yet another source of information to the desired position to be in. You are creating hype around your business without much effort.

Determining What the Marketplace Desire

Many business owners follow a plan of developing their dream and then selling that to the market. A much more productive route is available, allowing you to alter visions according to the market.

Clients will come to you if you know what they need and how they need it and then supply just that. Vaynerchuk uses the example of Guinness Beer, which experienced a slump in sales and had to combat that through brilliant tactics. They did research and determined that the two most discussed topics in bars were trivia and soccer. This led to the birth of the Guinness Book of World Records. Now they were no longer just selling a drink on tap, but they were selling a culture. This created a reason for people to talk about them in the places where their product is mostly consumed. Not only that, they owned the media company creating the Book of Records and could filter in their advertisements, to increase beer sales.

One of the greatest mistakes business owners make when discussing the topic of marketing is believing that the reason why their efforts aren’t returning the desired results is that they aren’t doing enough. Sometimes it is crucial to change your entire perspective and approach to achieve desired results.