Whether you’re starting a new business or taking your current one in a new direction, you should have a variety of marketing strategies to help you succeed. One strategy that can make a big difference in your bottom line is niche marketing. Read on to learn more about this specialized marketing approach and how you can make it work for you.
What Is a Niche Market?
Niche marketing consists of advertising strategies that are tailored to a niche market, which is a specific part of a larger market that is defined by unique characteristics. Characteristics that could set a niche market apart include, but are not limited to:
- Geographic location
For example, the residents of a specific town could be a niche market, as could vegans, people who like to go hiking, parents with young children, or people who use wheelchairs. These segments of a potential market have different interests and requirements than a general market, and advertising targeted towards them takes those differences into account, creating more personalized ad campaigns.
People like advertising to feel personal. Marketing to a niche is a highly effective strategy because it prioritizes strong messages, is memorable to the target audience, and creates a loyal customer base. If you’re looking for a way to build or promote your business’s brand, niche marketing is a good tactic.
How Can Your Business Use Niche Marketing?
To get started with niche marketing, your business has to offer something that appeals to a niche market. There are two ways to ensure this: by offering niche products or services or by finding ways that your business’s general products and services can appeal to a niche audience.
There is a wealth of products and services that specific people need, some of which haven’t been created yet! If your company is on the inventive side, you might find yourself filling a need for a niche audience with a new product or service.
One example of a successful niche product is Under Armour, which evolved into a brand of activewear after it was invented by a former football player who wanted a shirt that wouldn’t get sweat-soaked during games and practices. A very specific product that filled a very specific need enjoyed huge success because its niche market spread the word.
Another example of successful niche product marketing is Lefty’s San Francisco, a store that enjoys a significant online presence selling products like scissors and cooking utensils for left-handed people. You can also look at Whole Foods, which focused on providing organic foods to a specific customer base — the affluent health-and-wellness-conscious — before any other grocery store.
If your business offers any specific products or services that appeal to a niche group, you might be able to rely on word-of-mouth to spread the news about your product.
If your business offers more generalized products and services that everyone needs, niche marketing can help you stand out from the competition.
First, you must identify what your business offers that could appeal to a specific target audience. You likely already serve members of this group, but targeting your marketing efforts in their direction will make your company more memorable and appealing.
For instance, if you run a plumbing business, you could focus some of your advertising on first-time homebuyers who are experiencing their first plumbing crisis. If you have your own hair salon, you might promote your styling services to brides-to-be or high school seniors about to attend prom. If you’re a personal trainer, you might want to appeal to people who are preparing to participate in a triathlon.
Another example of a successful niche service is the Purple mattress brand. Purple utilizes creative content and high-quality products alongside a unique business model that cuts the middleman out of its mattress sales. While they advertise to a large consumer base (people who need sleep), their unique brand and advertising have created a niche for people who want quality mattresses without the hassle.
Rather than advertising to markets across the board, niche marketing is about focusing your efforts on specific groups for greater returns.
How Do You Get Started With Niche Marketing?
Once you’ve identified how your business can appeal to a niche market, you need to learn more about your chosen niche. Conduct some market research with polls, surveys, and questionnaires to learn more about your clients and what they enjoy about your products or services.
In the process, you may find that you’ve tapped into a market you didn’t realize existed, or that your clients are using your products in a new way. This information will help you refine your marketing strategies to take advantage of undiscovered niches or better adapt to ones you’re already targeting.
If you’re dealing with a niche that you’re familiar with, you may also find it helpful to place yourself in your customer’s shoes. What would you look for if you had to use your own service? What would appeal to you the most as a consumer? As you identify and address your own personal concerns, you may find that you’re able to better relate and appeal to your audience.
If you’re ready to take advantage of niche marketing strategies, contact Grow Team for assistance. We can help you identify niche markets and promote your business to them effectively.