Niche Marketing Strategy: Specialise May 10, 2014 – Posted in: Sales and Marketing – Tags: niche marketing advantages, niche marketing advantages and disadvantages, niche marketing disadvantages
Becoming an expert for a specific niche is important because it allows you to assist clients to buy without looking needy to potential customers. For example, if you say you are a fitness expert, you might just appear like a pushy fitness meathead to the average person.
But now image you are a fitness expert for post partum moms looking to lose weight after giving birth. Just think how powerful all your marketing is to this group of people. You are no longer selling to anyone who will buy. No, now you are providing a valuable service to a specific group of people.
Niche Marketing Examples
Don’t market yourself as just, for example, a real estate agent, a personal trainer, or a auto dealership. You shouldn’t market yourself to everyone because not everyone is your ideal customer.
So who is your ideal customer? In successful business, its the ones most likely to buy and who offer the greatest profit margin for you. But not always, sometimes its the market that you want to operate from a business strategy point of view.
If you are a real estate agent, try being the Luxery Real Estate agent in a certain area. Likewise, if you are a personal trainer you might want to market your services to men over the age of forty who have the financial means to pay for your services. And finally, if you are a dentist try marketing yourself as the cosmetic dentist in Hollywood hills for example.
Don’t just be another dentist in the industry. Be the dentists who is known for something specific. This will give you the advantage over all other dentists in the area who don’t do this and also it will separate you from the crowd as being a specialist in a world of general practictioners.
All this is important because it adds value and gains interest from your target niche. Its important to remember that no matter how good you are at selling, you won’t make a single sale if you aren’t selling to people who are both interested and able to buy.
Niche marketing advantages
Niche marketing advantages include the fact that you can create ads, images, and higher priced products and services which target specific groups of clients.
By focusing on a specific part of the market share, you can speak powerfully and identify emotions, wants, and needs.
Results will become correspondingly more effective as we narrow our focus on our ideal clients. This is why becoming an Expert to a certain group of clients within an industry is a good idea.
Although there are many advantages to niche marketing, there are also a few disadvantages which we will look at in a second. But at the very least, you should know the age, income and gender patterns of your ideal client. With this basic information, you can market to them more effectively and tailor your messaging, pricing, offerings, and business to their needs.
Now lets talk about the disadvantages
The disadvantages of Niche Marketing Strategy
Even though there are many advantages, not everything about niche marketing is advantageous. As the old saying goes, every action has an equal and opposite reaction.
With niche marketing we specifically target a precise group’s wants and needs. By default we also neglect to talk to all other groups.
But it really depends on your product and how specific it really is. For example, coca cola is almost universally drunk by all age groups and demographics but huggies diapers will only be bought by new parents.
But let’s assume our product is somewhere in between these two extremes. For example, lets say your product is funiture. Your furniture can be bought by young and old alike and by either gender and almost all demographic possibilities.
When you have a product like this you need to find what demographics turn the greatest profit for you and market to these people specifically. We can imagine your target is middle class working adults in their thirties and your marketing will target this group of people.
The disadvantage is that you might lose some people in their twenties or sixties but you will only lose a certain percentage of these people. Yöu will gain much more in targeting the profitable group than you will lose and this is the key point.
But becoming a specialist isn’t as simple as picking the first niche that pops into mind. When you choose your niche consider the following to chose a winner:
- What are you qualified to specialize in?
- Which clients are the most profitable and reliable to build a business on?
- Are there enough of these types of clients to make a profit?
- Will you enjoy these clients enough to have the patience to be successful?
Once you have answered these questions, you can focus in on a segment of clients that you are qualified for and who will be maximally profitable for you to help. So change your website, change your logo, change your message, market to your niche.