All businesses have a target market, but not all businesses have a niche market.
What’s a niche market you ask?
A niche market is a subgroup of your target audience who have specific wants and needs. Therefore, niche marketing involves focusing all of your marketing efforts towards that subgroup of people.
For example, women’s shoes are a broad market, but within that market there are many niches. These niches may be things like eco-friendly and sustainable shoes, workout shoes, stilettos and dressed up shoes, shoes for plus sized women, supportive shoes for elderly women and so on and so forth.
Having a niche market puts your business at an advantage because it allows your branding and key messaging to be more consistent and focused. It can also make marketing easier and give your business a real sense of direction
Not convinced yet? Wait and see… Here are 3 true benefits of niche marketing.
#1. Better customer relationships
When you have a defined niche, it allows you to make a real and authentic connection with your customers. Having a thorough understanding of your customers wants and needs makes it much easier for you to meet those needs. If your customers know that you really understand and care about them, they’re far more likely to engage and connect with your business – meaning they’re far more likely to buy from you! This enhanced relationship will also achieve you a certain level of loyalty from your customers. If they know exactly what your brand is about and that resonates with their values and beliefs, why would they ever want to leave?
#2. Less Competition
While the competitive nature of business can be a great thing, we all know that sometimes competition sucks – especially when you’re not winning. Having a well defined niche market takes some of that competitive heat away, because instead of being just a women’s shoes business with tens of thousands of competitors and no real sense of direction – you could be an orthopedic women’s shoes business, with only a handful of competitors and a really strong sense of direction. Having your own niche also allows you to become some-what of a specialist in your field. If your customers see that you are the only or best at what you do, they will choose you time and time again.
#3. Less Work!
While this may sound lazy, another benefit of zeroing in on your niche market is that your marketing strategies take less effort. When you first decide which niche market you want to target – it can take a lot of research. You need to be able to truly understand your potential customers and how you can get on their level and gain their trust. But once the initial research is over – you’re done. You only need to be able to understand one specific type of person, as opposed to thousands of different types of people who are constantly changing their minds. You don’t have to worry about keeping up with broad market trends, there isn’t much chop and change in your market and you don’t need to spend time and resources catering for a broad and undecided audience.
So, find a niche and make it yours! You’ll thank us later, I promise!