One of the greatest things to happen to businesses is the boom of e-commerce. Ever since the internet was utilized to market and sell products, it has been easier to look for specific products for specific needs.
Like in any other industry, the expression “jack of all trades, master of none” applies to e-commerce. The implication that a generalist can do a lot of things decently while a specialist is an expert at only one is a good parallel for general markets and niche markets.
What is Niche Marketing?
A niche market is simply a share of the market where the needs and preferences are unique and slightly (or entirely) different from the larger market. For example, within the men’s shoe market are several different segments — or niches — where the smaller market has different styles and preferences such as loafers, shoes for vegans, plus-size shoes, sneakers, and so on.
What sets it apart?
A niche market could be set apart and identified based on the following criteria:
- Price range
- Geographic location
- Profession and industry
- Lifestyle and activities
- Event or occasion
- Demography and culture
- Special needs
- Style and preference
How do you position yourself in a niche market?
Get the most out of your niche marketing campaign and position yourself to be one of the top go-to brands in your target market with these tips:
1. Get to know your target market inside-out.
As you are working with a relatively smaller market, you must do deeper research and segment your market. It is no longer enough to just know the basics of your target audience.
2. Address your market’s needs and concerns.
After knowing what your market looks like, the next step is asking yourself how you and your product can fill in their specific needs that aren’t being met by other companies within the same industry. Keep in mind that since the market is smaller, the competition is tighter. What will make you stand out in the minds of your target market?
3. Adapt to different ways of promoting your business within niche markets.
Do not depend on traditional promotion and marketing methods. As you are working with a niche market, getting the word out about your product should be target-specific. Consider avenues such as social media advertising, PPCs, paid searches, and content marketing where you can utilize the help of an SEO company in Brisbane.
4. Keep yourself in the loop with competitor products and movements.
Since competition is tighter in niche markets, it would be an advantage to you if you know your competitors and their products. Keep yourself in the loop with their movements and updates on their business. The more knowledge you have about your competitor, the better you can plan and strategize to match and exceed whatever it is they are up to.
5. Take time to really listen to your customers.
Never ever think that nobody knows your market better than you do. You don’t. Your customers do. No matter how good your products and services are, no matter how well-planned your marketing scheme is, if you fail to listen to your customers, all the hard work you put in will be for naught. Stay committed to your customers and clientele. They are, after all, the reason you got into the business in the first place.
If you, as an entrepreneur, have not yet looked into the prospect of niche markets, maybe you should take some time to do some research and consider your options. While it may be a smaller piece of the pie, the demands of niche markets continue to increase.