There are so many benefits of trying to operate in a smaller market. More so, it creates more opportunities.
What is Niche Marketing? Niche marketing is the process positioning your whole business model towards a very small set of customers.
In this article, I will take you through benefits of focusing on a very small dynamic of people.
1. What Is Niche Marketing?
Niche marketing is focusing your business towards a small but specific and well-defined fragment of a market. To form niches you would segment the marketing just like any other form of marketing strategy. However, within these segments they are other segments. Niches are the segments within segments.
Niches do not exist in the entirety. They are concepts that firms create by identifying values of a person’s needs, wants, and requirements that are very specific to a small group of people. Then, marketers match these values to their firm’s products, by which a connection is made.
Whenever something is complicated, it always makes it easier to break things down into smaller and more manageable chunks. This is also true for niche marketing. However, instead of breaking a process down, we aim to breakdown the customer profiles of our audience into smaller and more specific segments.
2. Why Is Niche Marketing Important?
By focusing on smaller niches your business is able to deliver value more specific value to your customers. This is because by targeting people more specifically to their behaviours the response will be greater.
3. The Misconceptions Of Niche Marketing
The biggest misconception about going niche is that there are not enough customers in niche segments to remain sustainable. This consensus is assuming once you drilling down to a more individual level of the audience, and by aligning marketing activities to suite those individual attributes of that niche, we are neglecting the other audiences.
This could not be further from the truth. Just like the mass-marketing philosophy by trying to please everyone, you end up pleasing no one. By more microscopically targeting audiences, you be able to influence people more. This will result in a motivated group of people that are excited about your brand.
4. The Bandwagon Effect
This hype actually influences other groups of people, as they want to be part of the hype. Slowly but surely more and more people will be compelled by this brand. This is how trends are created. This is further known as the bandwagon effect.
People want to follow what everyone else is doing. If one group of people see another group of people excited about something, then it is infectious. This hype spreads. The band wagon effect always starts with a small group of people and develops a trend and builds influence over time.
5. How To Target Your Niche
The first thing we need to realise is that when targeting any audience less is more. If you’re being thrown a 100 reasons why you should buy a product, your discouraging emotional factors by rational ones.
Not only does this take emphasis off the main reason to purchase the product by doing so it makes the main point for the product seem less valuable.
This is why you must have a specific message to each niche that delivered rational factored but is positioned towards their emotional factors.
As a marketer, you need to understand the culturally homogeneous attributes that influence. Then think of creative ways align the message. We do this by a concept of niche marketing.