Beat Your Competition When They Have More Money Using STP Approach

 

Example: Plumber rather then being a generic plumber, becomes a specialist in Hot Water Tanks. Client example: http://www.hotwatertanks-edmonton.com/

or a Dentist is not your regular neighborhood Dental Clinic rather it’s an emergency clinic which you can goto anytime and specially when you cannot book your Dentist in emergency. Client example:

STP is the definition of online marketing broken down into three steps: 
Segmentation – Identifying customers and their needs and wantsTargeting – Focusing on a particular group or groups among those customers (this is the niching down).
 
Positioning – How you position your service in the potential customer’s mind. How you make yourself different to your competitors. Or even better, how you make your competitors irrelevant.
 

Using STP leads you to? Niching down and focusing on the right people.

When you have a highly specific service, there will be less companies and competitors out there with the exact same offering. For example, there are millions of companies out there that sell Kitchen and Floor Granite. There are fewer companies that sell granite with handmade wooden handles, and yet fewer that offer customized knives with your initials on them.

 
An example for a Psychologist:

1. Teenagers
2. Teenagers whose grades have suddenly dropped
3. Teenagers whose grades have suddenly dropped because they have developed test anxiety
4. Teenagers whose grades have suddenly dropped and who have developed test anxiety because they are worried about getting into a good college
5. Teenagers whose grades have suddenly dropped, who have developed test anxiety, and who are worried about getting into a good college because their older sibling graduated Suma Cum Laude from an Ivy League school

 

Your niche can be based on a variety of things that narrow down the interests of your potential customers. It could be:

The area you operate in or sell to (local, national, specific countries…)
The audience or customers you’re targeting (specific ages, interests…)
The price point of your services (designer, affordable, budget-friendly…)
The way you go about selling or offering your services (via subscription, with a membership option…)

 

Easier to become an expert and well known in your niche

It will be easier for others to understand ‘what you do’ and ‘for whom’, which will make you an expert in a certain field. As this group is more targeted and smaller you will be quicker well known within this group of people. Your visibility and profile will increase within this group, and it turns out we live in ‘a small world’!

 

More unique = Less competition

There will be less competition, as you provide specific services or create specific products for specific people, in a specific way. The BIG advantage of that is that it can’t be easily replicated!

 

Marketing become easier

Niche marketing will really help with your marketing, positioning and branding as you will attract the ‘right people’ easier. People with similar interests behave and are attracted to similar things. And also a lot of your clients will do the hard work for you as they will refer you, and your profile and credibility is easier known within your tribe.