Niche markets can be unpredictable in their discovery. But once you find yours, there’s a good chance your demand will grow and your loyal clientele will with it. So what is niche marketing for business about?
(Kinky Boots the musical or movie is a great story about niche marketing!!)
The thing about niche marketing is… it’s niche!
Here are some pointers that your business may be suited for a niche marketing strategy:
- The product/service you offer has a unique selling point
- There is a demand for your product in an already-existing market
- The potential niche market has a reasonable amount of competitors i.e. not saturated
- You have a knowledge base or transferable experience well-suited to a smaller section of the market
- Your already-existing clients tend to represent the same market segment
- You’re different and you know it!
So, you may be wondering, what’s the point of niche marketing for business? Isn’t it better to cast a wider net? Well the phrase, “the riches are in the niches” didn’t appear out of nowhere. Niche marketing has a number of undeniable benefits that could be the answer your business’s edge.
The advantages of niche marketing include:
1. Better Customers
We’re talking about loyal customers and great engagement. The thing about niche clientele as well is they often know people who are a part of their same niche i.e. word of mouth is inevitable. Also, it means you will be able to better address the needs of your clients as well as take a more personalised and consultative approach to your customer interactions.
2. More Expertise, Less Exertion
Naturally your skills and knowledge will become honed when focusing on a niche market. Being an expert at something or an (niche) industry leader is one of your best marketing strategies yet. It’s because people naturally want someone who specialises in what they need. As well as this—your resources will be less stretched when you direct your focus and efforts towards one part of the market. This includes professional development, software, conferences, events, PR etc.
3. More Recognition
Think of niche’s like angles. The newspaper isn’t going to publish a story about a regular hairdressing business, but it may publish a story about a hairdressing business that specialises in sculpting afros. This is the sort of publicity and advertising that money can’t buy. Make yourself interesting and you never know who may show an interest! This goes the same for shareable social media content.
4. Less Competition
Well this one’s easy, instead competing for the whole market, you are only competing for a certain part of the market. That said, keep on top of your niche competitors and this is easily done with the available software. Programs such as AdBeat, MixRank and What Runs Where are made for stalking your counterparts.
So, HOW to actually niche market?…
A professional service and marketing expert from Hunt & Hawk can help you find your niche and hone your message to best target it.
Social Media is your best friend when it comes to niche marketing. Make sure you are leveraging all the available information and stats (including the information available about your competitors) to both learn about and meaningful engage with your target niche audience.
There are many ways to go about niche marketing…like marketing only to your niche market; marketing to a wider market but via the point-of-view of your desired niche; marketing to both a niche market and a larger market simultaneously; alternating between niche markets and larger markets each quarter…and the list goes on.
Book a free assessment with an Inbound Marketing Specialist of Hunt & Hawk to explore where your niche lies.