13 October 2022
Hey Luv, Have you found your Niche Yet?
Have a look at the below ideas to help you in your search to discover and explore your niche market.
If you’re a marketer in a highly specialized niche, you may be wondering how to maximize your impact and make your mark. Some marketers believe that working in a niche industry is a disadvantage, but it all depends on how you look at it.
1. Start by becoming intimately acquainted with your target niche market
Just because your product or service appeals to a specific group of people does not excuse you from conducting market research. In fact, running a business that sells a product with limited or niche appeal can make determining who your ideal customer is even more difficult. For a niche business, segmentation is critical in defining a smaller target market. Knowing the basics – age range, income, marital status – isn’t enough without a deeper understanding of more granular attributes your target markets may have. The better you know your customers, the smaller your market.
2. Offer unique resolutions to Customers’ Problems
In addition to knowing everything there is to know about your niche market, you must also understand how your product or service will fill a need that no other company in your industry is currently meeting. What distinguishes your company? What is your distinct selling point? How do you look after your customers? Small, crowded markets are just as, if not more, competitive than their larger counterparts. As a result, it’s critical that you put the customer first and make this commitment to excellence a cornerstone of your niche marketing strategy.
3. Re-evaluate your marketing strategy
Niche marketing is not like “regular” marketing, only smaller – it necessitates a completely different approach to how you spread the word about what you’re offering. It is critical to evaluate the strengths of any marketing channel in relation to your company.
Social media advertising, for example, has become increasingly profitable for small businesses operating in niche markets. However, the granularity of the targeting options provided by Twitter, Facebook, and others may not be cost-effective for your business, as social media platforms are well aware of the value of these targeting options.
If this is the case, paid search may be a better option. Whatever your situation, you must evaluate the potential return on investment of any niche marketing strategy to ensure that you are reaching your target market at the lowest possible cost.
4. Be open to new growth opportunities
Just because you’re in a niche market doesn’t mean you can’t think about expanding or improving your product. It is critical that you excel at what you do, but don’t dismiss the possibility of expanding your product line or serving new target markets.
However, while considering expansion is a good idea, it is equally important to consider whether it is feasible. Can you afford to gamble on a new product line? What about testing a new demographic with an existing product or service? Experimentation can lead to valuable new opportunities, but only if you can afford to thoroughly evaluate your new ideas without jeopardizing their viability.
5. REALLY listen to your customers’ needs and wants
You may believe that no one knows your business better than you, but you are mistaken; your customers do. Even the best-laid niche marketing strategy will fail unless you commit to truly listening to your customers. You won’t have to ask them what they think because they’ll tell you.
If you’re not already using social media as a niche marketer, you should start right now. Social media is simply unrivalled for providing instant feedback on your product or service and how well you’re keeping your customers satisfied. If a customer has a problem, do everything possible to resolve it as soon as possible. It’s difficult to overstate how important this is – just because your operation is small or you’re marketing a niche product doesn’t mean you can ignore your customer base.
Monitoring online mentions of your company takes time. It is, however, a lot less work than repairing the damage of a negative review, fighting a tide of critical tweets, or trying to persuade new customers that you truly care when your previous actions suggest otherwise. When things are going well, word of mouth marketing is extremely effective. In niche marketing, you must pay close attention to what others are saying and act quickly to correct any errors.
Click here to order your “Help Her Discover Her Niche” T-shirt.
Talk soon,
Jeanetta Cardine
