In a previous post, we discussed how elasticity of demand is ultimately what determines rates. When demand is high and supply is low, prices rise. When demand is low and supply is high, prices drop. We said that in a market economy, cheap translators cater to a specific market segment and expensive translators cater to different market niches. Therefore, to be able to increase your rates, you need to find the right niche.
Finding the right niche, in turn, means identifying any added value that you can offer that might have special appeal to particular clients with specific needs. To do this, you will need to understand yourself, your potential clients, your competitors and the niche itself, all of which requires time and thorough research. Bellow are three basic, free, and widely available tools to get you started.
SWOT Analysis: Understanding Yourself
The first step to niche marketing is understanding yourself, what you have to offer, and what you need to improve. A SWOT analysis is a simple business tool that you can easily learn about online and which will help you measure your strengths, weaknesses, opportunities and threats, allowing you to make more effective business decisions.
Internet Archives Way Back Machine: Understanding your Potential Clients and Competitors
When trying to capture a market niche, it is important to assess your direct potential competitors and how you position against them. You can gain a lot of understanding of both your niche as well as your competitors by studying them closely online, researching their sites and blogs to learn about their size, services, and even how they compare to you in terms of SWOT.
A simple tool for researching your competitors online is Internet Archive’s Free Way Back Machine which allows you to view how businesses have evolved through time by looking at older versions of their websites and blogs. Through this research, you will be able to identify trends and changes that can help you learn to push the right “hot buttons” when marketing your services in your potential niche.
Google Key Words: Understanding the Industry
Speaking the language of your potential clients is essential for niche marketing. The higher-paying the niche, the more demanding it will be. In addition, it will not appreciate outsiders. Clients in your niche need to see you as an insider, someone who “gets” them and their needs. People stick with what they know and understand. If you’re going after a self-made businessperson, then you must be able to speak the language of business; and if you’re going after a legal scholar, you need to be able to speak the language of academia. Marketing your service is no place for a philosophical discussion on what your client should want. It’s about showing them how what you have fits perfectly with what they need. And being able to do that involves thorough understanding of their world and their words.
The internet contains an entire universe of useful information, all you need to do is creatively tap into those resources and put them to good use!