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For many companies, the idea of jumping into a different marketing approach oftentimes is met with a bit of apprehension.
Most businesses have gotten by with employing multiple strategies—but trends change and so do people, and we’ve seen that this technique doesn’t work as well as it used to.
In the manufacturing industry where I spend most of my time in, we found that niche marketing is something worth looking into, and I’d like to share ideas on how you can kickstart your business with this strategy.
So, let’s talk about niche marketing—what it is, why it is good for your business, and how to get started.
Marketing, in simple terms are activities a business does to sell and promote its products or services. It’s pretty simple—do something to attract your customers to buy your product.
There are many strategies a business can use to get their customers to buy their products. Certain strategies may work better than another, and it all boils down to what challenges a business is facing when it comes to their marketing efforts.
Top Marketing Challenges
Here are some of the most common problems you may face in marketing:
- having unclear plans or strategies,
- lacking time and resources,
- being unable to align with buyer personas,
- hopping on too late to new trends,
- and demonstrating ROI of your efforts back to your company.
How is Niche Marketing Any Different?
You might be thinking, how is this different from any other marketing effort out there?
Well, for one, niche marketing involves targeting very specific people with a specialized product. It caters to the particular needs of this target group and is more focused than a one-size-fits all marketing approach.
A niche market can be defined based on:
- Geographic area
- Quality level
- Values, interests and hobbies
There are many ways in which a niche market can be defined. Knowing your target market should help you identify which tactics and methods could work for your business.
Niche Marketing: The Advantages
Yes, niche markets are small and this is one of the advantages you can leverage on to be able to sell and promote your product better.
Niche marketing can help you stand out and become an established authority in this industry, while building a loyal customer base that you can rely on as your business grows.
Being able to serve a more specific group of customers and doing it well is easier than having to make everyone happy.
Having a niche also means that you will have less competition, and it’s easier for your business to be seen, even with a smaller marketing budget.
Along with these advantages, having a niche market can bring you closer to your customers and allow you to listen to them better. You’ll be able to stay up-to-date with the current improvements in your industry, and it’s easier for you to level-up your product.
Successful Niche Marketing Strategies
You might be wondering, have I ever come across a niche market?
The answer: you most probably have.
Every consumer out there is part of a niche. More often than not, it is easier to attract them if a product answers their problem right away.
These are some strategies on niche marketing:
- What is your strength?
Knowing your unique selling proposition makes it easier for you to identify what you do best and how you’ll stand out. This can be a niche you may want to explore.
- What can your business offer?
Ask yourself this question—what are all the things your product can do? When your product can be used differently, and this particular market isn’t being served well, then this can be an open opportunity for your business.
- Do an industry research
It’s very important to consider the demand in the niche you want to focus on and whether your idea is profitable or not. You should also look at possible competitors and if this niche is worth exploring.
- Know your niche audience, inside and out
Go deeper than the basics of your chosen niche. Find out what they need, what they want, what they value the most. Focusing on your niche means that you have to pay more attention to your consumers to establish your place.
Find out what they want and listen to what they have to say.
- Find the right place to connect
In today’s advertising rich landscape, many businesses are tempted to spread themselves everywhere to market their product. With niche marketing, you will find that picking the right channels will give you better connections and it will reach the right people.
Adapting to Niche Marketing
By now, you’re probably thinking—hey, maybe niche marketing will work for me!
Maybe it will, so here are some questions you may want to ask yourself if this strategy will work for you.
- What’s going on? Take a look at what’s currently happening—how is your competition saturation? Is the economy and the political landscape affecting your business? Are there trends and challenges that relate to you?
- Who’s your audience and what do they want? Here’s a tip many marketers often forget: keep asking questions. Try getting third-party researchers who can help you look at your business from a different perspective. You may find better solutions from this vantage point, ensuring a better plan for your business.
- Is this working (or are you just trying to make it work?) Check what is currently working for you, and what might be bogging you down. When things are starting to become difficult for your employees or clients, don’t hesitate to let it go—there are better ways for you to make things work.
- Do you have time and resources in order to focus your efforts on these changes? Niche marketing is not built for quick turnarounds. Ensuring that all areas of your business have ample resources to wait out long-term plans like these should help you bring success with this strategy.
- Are you ready to make changes? Choosing to shift to niche marketing may include changes in your business development and technical teams. Moving forward with this tactic takes time, and your business should be ready to handle long-term play with changes here and there before success is achieved.
Wrapping Things Up
Niche marketing can help you carve your place in a very large industry, with a customer base that is loyal and will support your business from the ground up.