Some industries and markets have become saturated with the same products that offer basically the same service. This is where niche businesses and marketing comes in. Standing out by offering something unique in a crowd of like-minded businesses will give you a competitive edge. Although it might seem hard, specializing in a niche market and differentiating your brand from others can be easily done if you develop the right strategies. We’ve gathered some of the best marketing strategies for different types of business niches.
What is Niche marketing?
It’s an advertising strategy and marketing plan that targets a specific and specialized audience. Instead of marketing your product to a whole group, you only focus exclusively on one section that has the potential to connect to your service or product. A niche market can stand out by focusing on geographic location, culture, lifestyle, demographics and behavior, profession, special occasions, or as simple as activity and habits.
Examples of Niche marketing
There are a ton of examples that may inspire you to start your own or even adjust the target audience for your existing business. Some niches are tailored to focus on specific customers; according to the folks at SCR888, they believe that by joining the gaming world with the gambling one, they have joined both worlds, thus reaching an untapped market. Other businesses focus on left-handed people, for example, by tailoring products for them, some aim at selling specialized food products like vodka bacon, while others cater to those following a specific diet like vegan or gluten-free. Some businesses, whether cosmetics or anything else, aim at selling eco-friendly products. These examples should inspire you or give you an idea of how niche businesses are specialized.
Benefits of Niche marketing
If it wasn’t clear already, when you define your niche, you’ll have a competitive edge over other businesses and truly stand out in a saturated market. Advertising will also be affordable since you’re targeting a specific audience, thus making a specified marketing campaign, not one appealing to many. You’re also building a small and homey community of like-minded individuals and creating long-lasting customer relationships. When you use niche marketing, you’ll become more valuable in the market, and you’ll reach better growth potential.
In order to truly tap into a market full of potential, a business must follow specific strategies for a successful outcome. Follow these strategies below:
Identify your audience
The first step in proper niche marketing is finding your target audience. You also need to identify your strengths as a business. Find a problem that you can cater to by offering a solution to said problem, thus appealing to a specific audience. Consider the ‘ignored’ market, if you will, and make sure you’re offering them a special service. Create market surveys to identify which is missing from the market, and make sure you’ll be able to provide that. You can also use SEO to your advantage by checking what keywords people are searching for the most. This way, you’ll be able to understand what they’re looking for.
Test it out
Like any marketing campaign, it’s never wise to release a fully developed marketing campaign without testing it out first. It’s essential to try your initial idea out on a sample of your target audience to see how they will receive it. It may work and it may not; if it doesn’t, then this will give you a chance to tweak a few things first. Listen to your audience if they offer suggestions and appeal to their needs.
Get a spokesman or Influencer
Social media marketing has proven successful for many businesses; however, it doesn’t always help small niche businesses – which is why you need to resort to other methods. The goal isn’t to reach everyone, it’s to reach a specific audience. Getting a spokesman or an influencer to endorse your product or service, especially if they relate to your industry, will create credibility and you’ll reach the audience you need.
Word of mouth
Niche marketing is a fairly new idea to digital marketing; which is why traditional marketing methods or ‘offline marketing’ have proven to be more successful for niche businesses. Don’t underestimate the power of word of mouth as a marketing technique, as it’s one way to spread the word about your business effectively. You can sponsor events, establish conversations among consumers, or create giveaways. This brand exposure might seem slow and subtle but the return will be greater than you think.
Niche businesses and marketing have the ability to fill in a gap in the consumer market. Instead of appealing to the masses, you market your businesses to one exclusive group of people. By giving them a solution to their problem or by offering a service they cannot find, you have created a unique position for your business in an untapped market.