In an evolving business world where market factors are dynamic as never before, it calls for businesses to adapt and reinvent their marketing strategies in order to thrive. One of the ways a business can achieve this is by niche marketing.
What is niche marketing?
In simple terms, niche marketing means concentrating all marketing efforts on a small, specific and well-defined segment of the population you can reach. Everything is tailored specifically for this segment from the product features, the pricing, and the production quality to the packaging and the marketing channels. To successfully thrive in niche marketing you need to first establish and define your niche market. After this, you will be able to tailor your marketing efforts to match that particular niche.
Selecting a niche market
Selecting a niche to market to you need to define all the characteristics of the targeted consumer. You first need to make a list of who your clientele will be. Be specific on all demographic aspects from the location, the average incomes, the sex, age, and all other distinguishing factors. The more specific the better it is to tailor-make products and marketing strategies as well as identify how to best serve the needs.
Once you are through with the first step you need to create a checklist that you will use to evaluate the viability of your niche market. A good niche market should have the following attributes:
- Conform to your long term vision
- Be attractive to clients
- It is unique
- It can evolve while still retaining the core business
To achieve all you will need to have a great understanding of the market and see things from the customers’ perspective. You will also need to test the final niche and the respective product. You get to give people the chance to interact with your product and gauge from the reaction of its viability or places you need to change.
Tips for marketing to a niche
Once you have a product ready for the market you will need strategies to market it in that niche
- Work with customers’ feedback
- Choose advertising platforms wisely
- Monitor competitors
- Invest in PPC advertising
- Create conversations in the communities of your target market while building a community too around your products and services
Benefits of niche marketing
Niche marketing may seem to be quite far from your goals or dreams. You, however, need to understand in the present market you cannot be everything to everyone. There are several benefits of niche marketing too:
- You get enhanced customer relationships and it is easy to address their needs since the individual needs are not so varied. You also have a smaller group allowing for a chance quality engagements
- You have reduced competition and it is easy to become a market leader. You, however, have to take care not to be too specific to lack the people to buy your items.
- Increased visibility
- Lesser resources to thrive
- It allows for word of mouth growth
- Build up honed expertise