You don’t bump into stores selling hospital equipment. You don’t see advertisements for industrial ink in any of the publications you subscribe to. These are niche products which differ a lot from mainstream products targeted at the general public. These businesses have a clear definition of their client base. So, they know whom to market/advertise their ware to.
Niche marketing
When you know your potential customer base, it’s easy to determine where your marketing energy and dollars should be spent. When people want to launch a product, they typically tend to think that the target audience is everyone under the sun. That is seldom true. There is always a means of narrowing down the target audience. Once that is achieved, the organization knows where to spend time and money to market and the vision is clear
Internet marketing has to be segmented according to the niche you cater to. Advertise in a site that is associated with your product. Identifying the niche you serve helps you maximize your marketing budget by targeting your defined niche market. You will know which blogs and related sites cater to your market. This is a definite starting point. You can then optimize your website for search engines to direct niche searches to you.
A niche product business puts you in touch with a loyal market base. This helps you interact with them closely, get their opinions on your products and growth prospects. You can look to expand your business to include other products that cater to the same niche. Your website can have a blog alongside to help associate your brand more with the audience. You also gain an upper hand in establishing yourself as a trendsetter or business leader in your industry.
How to identify your niche market?
Ask yourself these questions-
1. What is it that my clients have in common?
If you sell shoes and a lot of your customers run for pleasure, then leisure runners are your niche market. Get some details from your customers when you make a sale. This helps with the demographics you want to reach out to.
2. How do I set myself apart from the competition?
Once you know the commonality of your customer base, think of how you can outdo your peers. Rethink your pricing, customizations and geographical reach.
3. What is different about the services or products that I offer?
Your USP (Unique Selling Proposition) is what makes you a niche business. One can charge a premium for that.
4. What are the “extras” that I offer?
If customers come to you for some specific need, ask yourself what is it that makes customers choose your product for this specific product. Something about your product line must be different. Once you understand that, build on that.
Holding onto the niche advantage
A niche audience is generally more brand loyal than others. So, make sure you listen to these people, cater to their specific needs and advance in the product range along with the advancements your customer base makes.
