You might know many mass marketing businesses from all over the world. They are well established with a large customer base. However, mass marketing can’t do well with all types of businesses. Some business organizations opt for niche marketing.
In general terms, this type of marketing focuses on selling products to a specific group of people. Instead of marketing their product to everyone, they do it for those audiences that need it. For example, everyone on the planet requires pens. However, no adult would want a glitter pen that has cartoon characters on its body. Only kids or teenagers would want to buy such a pen.
Finding a niche is difficult, there is a lot of research that goes into studying people’s habits, lifestyles, and interests. The business organization also has to think about their geographical location. They can’t sell sports equipment in a town where people aren’t even interested in playing a sport. But the same town may require musical instruments because many of the town folks like to play music.
As a business, you also have to figure out how you’re going to progress and grow your business. Niche marketing is different from mass marketing, you can’t have the same business plan as theirs. Therefore, you should use those marketing approaches that work well for you.
We have mentioned some of the best strategies that you can use for your business. The article also discusses some successful examples of niche businesses.
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What is Niche Marketing?
In a niche market, a business channels all its marketing efforts in producing products for a selected group of people. It’s not necessary that a niche exists, sometimes you have to make your own niche.
Niche marketing technique doesn’t target everyone. Rather, they provide solutions for a group of people with shared interests. A niche market may be different from a mass-market because of many aspects. The customer type in a niche market remains the same for a long period of time. In a mass-market, customers are of heterogeneous nature. Big business corporations need to put a lot of money into advertising their products. Whereas, a niche business doesn’t require a lot to effectively advertise their products. Niche markets have to find their customers. Mass markets don’t need to go anywhere to find their customers.
To create a niche market, you would have to know what customers want. These markets try to deliver to these needs. They do that by providing them with something that other companies don’t.
In this way, you can become a business expert or a leader. When people look at your business, they’ll surely come to you for advice and answers.
When a niche business does well in the market, there are chances for it to become bigger. As a niche businessperson, you should keep on searching for answers to people’s problems.
How To Find a Niche Market
To find a niche market for yourself, you have to think about your interests. You may say, “I’m interested in a hundred things.” But, ask yourself, of those hundred things, how many can you solve.
A business exists to solve people’s problems. If you can’t find a way to solve that problem, it’ll be difficult for you to have a niche market.
However, if you find the right interest for which you have a good solution, you may be on the right track to establish a niche business.
Here’s how to find a niche market for your business.
- List all your interests: There are some things that we like to know about, and some that we like to talk about. As you’ll start writing about your interests, you’ll find things that you’re really interested in. Specifically, those things that you can talk about.
- Identify the problems: As you narrow down the topics, you’ll find that there may be some problems. There are many jeans in the world for women, sadly, only a few have deep pockets. Find these problems, and look for solutions to these problems. You can also do keyword research to understand what people are looking for.
- Provide something unique: Whatever solution that you’re giving to people should be unique. That is how people will show interest in buying your product. Think about how your business will help women, men, or children.
- Do a try-out: Once you have a business plan ready, you should test it out. You may ask some of your close friends, relatives, or neighbours to use your product. That’ll help you know if there are any improvements that you need to make. You can set up a landing page and see how much traffic your website gets.
Benefits of Niche Markets
Mass markets produce products for everyone’s needs. Whereas, a niche business targets those audiences that have some specific needs. Mass markets hope to find the right customers. But niche markets design their products that are already aligned with people’s interests.
A mass-market may have a bigger pool of audience, but niche marketing has some advantages as well. Following are some of the benefits of having a niche business.
- Less competition: This may be the biggest benefit of the niche market. Since you are providing your services to a limited number of people, you wouldn’t find many competitors with your niche. But this also means that you’ll have to find the right buyers in the market.
- Loyal customers: When you find the right people, you’ll build more brand loyalty. Because there aren’t many consumers, you can put your focus towards improving the relations with these customers.
- Focused efforts: Let’s say, you’re making pens for people with motor problems. You can put all your efforts to make it easy for people to hold and write with that pen.
- More profits: Niche businesses make more profits. It is because these products are not available anywhere else. So, when people buy the products from you, they wouldn’t mind paying some extra amount to get that product.
- Skill and expertise: When you design a product for your niche, you do that with full knowledge about it. People think of you as the expert in the field. Moreover, marketing products to a small group of people isn’t an easy task. When you have the right skills, you can do it easily.
- Less spending: Niche markets don’t require you to spend a lot of money on advertising and other marketing campaigns. This type of marketing is highly targeted, so it becomes cost-effective too.
The Best Niche Marketing Strategy
Developing any kind of marketing strategy means that you’ll have to listen to your customers. Most marketers become too busy by putting all their focus on their brands, that they forget about a customer’s needs.
Here are the best niche marketing strategies to grow your business and grow your audience as well.
- Look out for your competitors: It’s not that you won’t find any competitions here. There might be another company with similar kinds of products and services. You can use niche marketing tools to know about the insights of another company.
- Know your target niche market: You’re only selling your product to a specific group of people. So, it’s essential to your business that you know about these people. Taking the earlier example of pens, you have to know what cartoon character is popular among kids. You can’t pick a character that was famous in the 90s.
- Solve problems for your customers: You have to give a solution to the customers that they can’t find anywhere else. When you know your niche and how you’ll market it, you should also think about what it’ll do for the people. Basically, think of your business’s USP or unique selling proposition.
- Invest in PPC advertising: PPC advertising or pay-per-click advertising may help niche markets. You should include common and uncommon keywords in your ad campaign. Through this strategy, you can get your message to the right people.
- Seek new opportunities: Just because your niche business is working well, doesn’t mean you can’t find other opportunities. Maybe these new opportunities would help you strengthen your present business. And, at the end of the day, you really want your business to grow. Thus, keep looking for new possibilities.
6 Best Niche Marketing Examples
If you have a niche business, you can’t look up to big businesses for inspiration. You’ve to find stories of other niche businesses. Reading about other such brands may help you be more creative.
Here’s a list of 6 niche marketing examples.
- Lefty’s San Francisco
There are many left-handed people in the world. Their needs aren’t met many times. The store sells a variety of products for people who are left-handed. You can find scissors, knives, stationery items, and gardening tools.
Powell’s is a book store that sells books from local authors. The bookstore also hosts events where people can interact with each other. You can find many books in Powell’s bookstore that aren’t in other stores.
- Fitbunch Fitness
Fitbunch is a gym studio that helps amputees in staying fit. After going through such tragic events, these amputees can come to this place to reclaim their independence.
- Spektrum Glasses
Many people in the business sector as well as in the IT sector suffer from vision problems. Spektrum is a business platform that sells glasses that limit light exposure on the eyes. People can wear these a few hours before they sleep to ensure their eyes don’t feel burdened.
- Nomatic Travel Gear
Travellers need bags that are easy to carry. Nomatic makes bags that are lightweight and can pack all your essentials. Plus, their gears look good too. So, you can travel light and in style.
- Under Armor
Under Armor is a business that was started by a footballer. The idea behind this business was to make shirts that would absorb sweat faster. Athletes would find this product beneficial. The fabric of this shirt dries off easily. So, the player won’t feel extra sweaty during their game.
Niche marketing is a marketing technique wherein a business organization produces those products that have a specific purpose. That specific purpose is to help out a small group of people with their problems.
Many times people use a product for a long time because they don’t have another option with them. A niche market gives them that option.
To set up a niche business, you have to know what interests you. You have to know what the customers are looking for, in what way would your product help them.
There are many benefits of having a niche business. You become an expert in that field, there isn’t that much competition. Plus, your customers are loyal to you and the business.
If you want to start a niche business, there are many examples like that of Lefty’s or Fitbunch that you can look at.
However, each business has to have a different type of strategy. Once you use these strategies, you may find what works well for you. When your business starts earning good profits, you can think of expanding it. The possibilities are endless, you just need to find solutions to problems.