Niche marketing is a powerful tool for businesses to leverage, particularly in an increasingly competitive consumer world.
This marketing tactic involves targeting a small, specific, and unique marketing segment – often an underserved audience – in the hope of building brand loyalty and positioning a business as a market leader.
However, discovering niche markets can be unpredictable – and the tactic isn’t necessarily for everyone.
Is niche marketing relevant to your business? What are its advantages? Let’s find out…
It’s crucial to find a way to stand out in an increasingly crowded market. Credit: Ryoji Iwata on Unsplash.
Is Niche Marketing Relevant to You?
Here are some signs that your business may be suited to a niche marketing strategy:
- The product/service you offer has a unique selling point (USP)
- There is a demand for your product in an existing market
- The potential niche market has a reasonable amount of competitors, i.e. isn’t saturated
- You have a knowledge base or transferable experience well-suited to a smaller section of the market
- Your existing clients tend to represent the same market segment
- You’re different, and you know it!
You may be wondering: what’s the point of niche marketing for business? Isn’t it better to cast a wider net – eggs in one basket and all that?
Well, the phrase, ‘the riches are in the niches’ quickly comes to mind.
Niche marketing has a number of undeniable benefits that could help your business gain an edge.
You’re different and you know it! Credit: Samuele Macauda on Unsplash.
Advantages of Niche Marketing
Here are four reasons why niche marketing could benefit your business…
1. Better Customers
We’re talking about a loyal audience and great engagement.
The thing about niche clientele is they often know people who are a part of their same niche – so word of mouth is inevitable. And word of mouth should never be underestimated.
Also, by adopting niche marketing, you should 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 industry leader, is one of your best marketing strategies. Why? Because people naturally gravitate to 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.
The better you know your audience, the easier it is to market to them. Credit: Melanie Deziel on Unsplash.
3. More Recognition
Think of niches like angles.
A 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.
4. Less Competition
This one’s simple: Instead of competing for the whole market, you are competing for just a slice of the market.
That said, keep on top of your niche competitors, which is easily achieved with available software.
Programs such as AdBeat, MixRank, and WhatRuns are made for ‘stalking’ your counterparts.
Hit the bullseye with niche marketing. Credit: Ricardo Arce on Unsplash.
How Do You Niche Market?
Let us help! The team at Hunt & Hawk is expert at helping businesses to find their niche and hone their message to best target it.
Reach out to us today.
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