Niche Marketing Benefit: Niche Marketing Strategy
March 28, 2011 Leave a comment
A niche marketing strategy is a focus to create, market and sell a product or service to a very targeted customer base who are not being satisfied in that way by other businesses. Ideally the product or service cannot be copied easily – or the customer base is small enough that large players will not think to compete until you have established market dominance.
Many still worry that focusing on a small market (a niche market), hurts their ability to work with… everyone. The base suggestion against that worry is that if you try to be all things to all people, it’s very likely you will quickly lose any distinguishable value to anyone.
Example 1: Consider the impossible challenge of trying to create a single vehicle that will satisfy all customers looking for a:
- Sports car
- Family van
- Luxury experience
- Fuel efficiency
- Cargo truck
- Compact solution
Not to say you can’t operate different divisions sharing the similar values. That’s one of the reasons businesses like Toyota have other brands including Lexus – a fleet of high-end models.
Example 2: Could a single store have a reputation that attracts high-net-worth people looking for unique and distinguishable eye glasses AND people attracted to three pair for the price of one? I suggest as soon as the store hangs the ‘three pair for the price of one‘ sign they would never again see their high net worth market. If the storefront looks ultra high-end, the ‘three pair for the price of one‘ market may not come in – regardless of the sign.
Are both markets profitable? Yes – of course they can be.
Niche marketing is becoming even more powerful.
Thanks to tools like Google the world population is becoming more and more niche focused as we can now easily search for exactly what we want. I won’t even get into the whole are of each of us trying to have our own ‘unique style’.
The added beauty of niche marketing is that by exploiting your niche you will have fewer prospects at the top of your inverted sales funnel. That scares many organizations – but fewer prospects means you can spend more time with each prospect building a relationship and effectively positing yourself as a business partner.
How to take advantage of niche marketing (Initial steps):
- Take a hard look at your core competencies, organizational values, and goals (mission & vision)
- Identify a product / service that will meet the needs and wants of a very specific target audience. You will have to invest in researching the important issues of this audience.
- Developed your marketing strategies and promotional messages to attract and engage this very targeted audience.
Once you have developed a niche marketing approach, now is the time to consider the traditional sales funnel – but do it strategically.
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www.brucemayhewconsulting.com I’d enjoy reading your comments on this post.
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