The digital world is growing at a super-fast pace and so is the competition. To beat this competition and stand strong seems impossible for many but characterizing your brand and slaying your uniqueness can do a miracle to your business growth.
Characterizing or differentiating your brand or focussing on a specific target audience is termed as a Niche market. Niche marketing helps you grab the attention of your users in less effort.
What is a Niche Market?
A Niche Market is a targeted marketing plan that focuses exclusively on one group. Instead of advertising to a wide audience, it focuses on a unique target market. It is strategic advertising at selected venues of potential customers who would most benefit from the offerings.
Niche marketing lets your brand stand apart in the crowd of millions of online business with your distinct feature and let you appear more valuable and stronger brand. Niche marketing is one of the best affordable and convenient ways to stand out from competitors. It helps you in building a positive reputation and boosts your credibility as an expert in any particular field of business that results in attracting more customers towards your products or services.
How to find your Niche?
Niche marketing seems easy but practically it involves lots of mind work and smartness. We are here to help you with our step-to-step guide for planning of your niche marketing-
Identify your passions and interests:
Niche marketing is all about flaunting your specialties and strengths. Thus the foremost thing is to identify your brand’s unique strength and focus on the sector of people who you are most eager to serve.
Few questions must be considered to identify your area of interest:
- How do you prefer spending your free time?
- What topics do you enjoy the most?
- What problems can you solve better?
So, just answer these simple questions and you will identify your specialty or uniqueness.
Problems and needs of a specific area:
Now with the above step, you have recognized your area of interest. Then it’s time to identify the problems faced by your target market and how your interest can become a product or service that meets their needs.
Research the competition:
The third and most important step of niche marketing is to identify the level of competition in the market. Do a thorough analysis of your competition that includes-
- Problems faced by your competition
- Where is your competitor lacking
- How to differentiate your brand from them?
Research on the profitability of your niche:
Profit is the only motive of every business. No business can stand strong without a profitable margin. It’s very important to get an idea of how much money you have the potential to make in your niche. Make a note of the price of your competitor’s products and price your product accordingly. Here are a few factors that must be considered before finalizing the niche-
- Customer demographics details
- Customer values and area of interests
- Product quality
Test your product or service:
As now you are informed about all the pros and cons of the industry set up a landing page for pre-sales and test your idea.
Entering the online world is a trend nowadays so try niche marketing for your business and accelerate the growth by advertising your brand’s uniqueness.
General Market Vs. Niche Market
|General Market||Niche Market|
|In General Marketing there is wide market segment of products and services.||In Particular selected market there is selected products and services.|
|In General Marekt we have to focus more competitions.||In Niche Market we faces less competitions.|
|Product life cycle (PLC) is less effective in initial stage of Genral Market.||Product life cycle (PLC) is more effective in initial stage of Niche Market.|
|Chances of customers retention is less in General Market.||Chances of customers retention is less in Niche Market.|