“You cannot make everyone happy,” is a well-known proverb which goes with the Niche Marketing and its functioning. And most of the industries often follow the old rule of following the crowd, and if you are not one of them, then cut it through and enter niche marketing.
It is known to be a completely different type of marketing that follows the strategy of targeting a specific audience. And if you are new to the concept, then here are a few things about marketing niches.
What is Niche Marketing?
This type of marketing is an advertising strategy that targets a particular section or subset of an entire market. And rather than targeting anyone and everyone in the market, it targets only a specific group of potential & loyal customers who are most likely to get benefited from it. Here are some factors which affect the Niche Marketing, which is listed below:
- Demographics (gender, age, race, income, education and much more)
- A particular geographic location
- Specific Psychographic data (such as interest, personality, attitudes, lifestyle, opinions)
- Quality Level (basic through to luxury)
- Spending habits (wholesale, premium, mid-range, discount)
The Primary purpose of Niche Marketing
“The main purpose of Marketing is to create relationships with the consumers, but the main purpose of Niche Marketing is to create long-term relationships with consumers.”
It aims to build a concentrated, but it is not necessary that it would be a “small’ consumer base who is entirely loyal to a particular brand. They engage consumers by serving them unique things of their need and speaking their language and tone,’ which helps in establishing the brand identity, aesthetic, and tone. The higher engagement of consumers means higher conversion rates, as it was evidenced by the recent rise of “micro-influencer marketing.”
The benefits of Niche Marketing
Niche Marketing is not considered to be appropriate for every business, but when you find it is entirely suitable for your nature of the business, then you will have so much fun working on it. Some of the benefits are listed below:
1. Enhanced Customer Relationships:
Niche marketing is the type of marketing that can target only the specified group of people or audience, so depending on what you’re promoting, this particular market may seem to be very small. But a small customer base has its benefits. You can focus on the quality of work and resources and nurture your relationships with clients. Work on your emails and make them more personalized, make your follow-ups more diligent, and much more. As everything would be done on an individual level, it will help you to serve your customers better and further enhancing your relationship with them.
2. Reduced Competition:
It is an excellent benefit for Niche Marketers as they have a highly specific product or service, which no other company.
And the best part is the fewer competitors and competition you have, the least you worry about monitoring prices and making strategies. The reduced competition is only a benefit of niche marketing when there is a significant and required audience to compete. And if your competitors are not targeting a niche, then it is beneficial for you, but if the market is not lucrative, then you need to think again.
3. Increased Visibility:
It is the sort of benefit which not only leads your business to more customers but also improves online presence. It is unique marketing, and companies with a unique product or service tend to stand out of the crowd. And getting in front of the potential audience is more important than following the crowd. You can also use social media outlets that have their benefits. Also, the more people who know about your business will be the same people to recommend it to their family/friends who fit in your niche market.
4. Perfection and Expertise:
This market requires more concentrated practice in any particular area. And also it enables you to become an expert or a leader in your niche. And when it comes to legal, financial, or health services, then people prefer the business that has acquired the most knowledge & experience in their respective areas of concern.
This type of marketing strategy is for those who are an expert at something and obtain more consumer trust and gain reputed brand recognition. Also, providing perfect and expert services will not detract you from other services that you provide. But when you become known, then people will learn about your business and the specialty you provide.
A Few Examples of Niche Marketing
1. Lefty’s: The Left-Hand Store
Here, the most innovative example of niche marketing in which an underserved community was identified in a large market, which is a smart way of approach as well in niche marketing. Like Divvies, Lefty’s: The Left Hand Store also found a widely underserved community of people who prefer their left hand instead of the right one.
And because 90% of the population uses the right hand, left-handers were forced to adjust accordingly. But now, Lefty’s saw this as an opportunity to enhance marketing. They created a store which only sold products that were designed exclusively for the other 10% lefties and found success in it.
2. UNTUCKit
This company proves that there are still more creative ways to be implemented in a long-established market segment. Even by making a small change, you can build an entirely new sector in a traditional space. Such as UNTUCKit, who wasn’t looking to create a new type of shirt; instead, they focused on the specific community of people who didn’t like to tuck in their shirts. And to accomplish that, UNTUCKit created a new line of products or shirts that solved the problem of tucking in the shirt.
Conclusion:
Finally, we conclude that this marketing strategy is not about flinging your offering/service into the market, in the hope that it’ll catch the attention of consumers, but it fails & falls flat. The beauty of niche marketing is that it focuses on those who are unfocused and looks for a small audience and fulfills their needs and demands. So, what kind of marketing would you prefer?
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