Niche Marketing: How to Stand Out in a Competitive Marketplace

A niche is a segment, and if you think of niche marketing as segmented marketing, you’re on the right track.

Niche marketing is really little more than marketing to particular segments or niches. For example, selling health supplements to the public at large is considered general marketing. Selling supplements to women over age 50 who are into muscle building is targeting a segment of the first group — and that’s niche marketing.

Can You Shrink Your Audience with Niche Branding?

The simple answer is yes — and no.

Chances are, you’ll lose some of the people from the first group when you begin niche marketing. But remember that general audience members typically have a shorter buyer lifecycle. You’ll pick up more from the second targeted group — a group more likely to hang around and buy what you’re selling.

Choosing Your Niche

Some businesses have several niches on which they can build. For example, your enterprise might be able to help both startups and established businesses. That’s great. And if you only focus on nonprofits? That’s great, too!

To find your niche, start by asking yourself these questions:

Who will benefit most from your service or product?

While you might instinctively say “everyone,” there’s a smaller segment of your audience who will benefit more.

Who is your competition?

McDonald’s and Burger King are great examples because they offer similar products and therefore target a similar audience. Each one can look at the other to get a better understanding of what their ideal audience likes.

Who are your buyers?

Creating buyer personas is a great way to help you define your target audience niche. Remember, just because you’re targeting a specific group doesn’t mean they will all be clones of one another. Look for the similarities. Millennials, for example, might be on a tighter budget and place a greater focus on businesses with underlying ethics that align with theirs.

Test the Waters

When launching new products or lines, consider starting small and evaluating the results. Similarly, marketing campaigns are a great way to test brand messaging. You might even discover services or products you hadn’t previously considered.

Niche Marketing: Closing Thoughts

Niche marketing might seem like you’re eliminating audience potential, but by creating segmented marketing, you’re speaking to targeted customers in a way that resonates. Everyone likes to feel special, and niche marketing is a way to let your ideal customer know you understand who they are and what exactly they need.

Similar Posts

Leave a Reply