You’ve been hitting the gym for a while now and you’re please with your results. But, there’s one muscle group (or one muscle) that seems to be lagging behind all the others. It needs a special focus, so that’s what you do – you switch up your routine so you’re targeting that area specifically.
Marketers deal with this when they have to work with a highly specialize niche. I have personally dealt with this throughout my professional career in the luxury sector. Some might see this as a disadvantage, but it’s quite the opposite. Let me tell you why and how you can maximize your impact in these small markets.
First of all, you need to know your market inside and out. Just because your product attracts a narrow range of people, does not make it any less impactful. Don’t be lazy. Running a business with limited appeal can make it more difficult to figure out who your target audience is – or it can make it easier. Use segmentation techniques to define a smaller target market. Go beyond the basics of age, income, marital status, etc. Consider psychographics, aspirations and other more granular attributes that your target audience may have. The smaller the market, the more familiar with these people you can become.
Now that you have your narrow audience, how are you solving their problems? What are they seeking out and how do you fulfill it? You have to fulfill a need that is not currently being met by another company or industry. Tell them what makes you special and sets you apart. These small markets are just as competitive, if not more so, than their larger counterparts. You genuinely need to think of and put the customer first. Commit to a culture of excellence as the cornerstone of your niche marketing strategy.
How are you reaching your customers to communicate your unique value? You have this tiny market, so you don’t need to be wasting money for impressions that aren’t in your audience. Stay far away from TV and radio, but be wary of print. Some publications may be appropriate, but you need to do your research and be sure before you light any money on fire. Assess the strengths of any marketing channel in relation to your biz. Social media advertising is incredibly lucrative for these niche markets. You can target customers through countless parameters on Twitter and Facebook. And don’t forget about paid search and pay-per-click (PPC). PPC is perfect for nich marketing campaigns and you can include long-tail queries with high quality keywords. Optimize the campaigns for mobile because more people are searching and shopping on their phones. Whatever you choose to do, scrutinize the potential ROI and be sure to be cost-effective.
Nice markets are fun because you are able to blaze a trail of your own. You can think about expansion in ways you haven’t and you can improve what your offering through new opportunities. Remain open and do what you do well. Maybe you take a chance on a new product line, or dive into some test marketing on existing services. You get to be a marketer in a highly specialized field and flex your creativity more than ever.
Do you work in a niche market and have any tips? Leave me a comment below!