What Is Niche Marketing Strategy?
Niche marketing strategy refers to a marketing plan that targets a specific market segment with a high potential to recognize the product or service. Unlike mass marketing that casts a wide net, niche marketing narrows down to selected demographic regions and media channels, which reach highest number of the targeted customers.
In niche marketing, you go for a differentiated market in terms of gender, occupation, age, hobbies, and ethnic background among other elements of market segmentation. Once you identify a niche, it becomes easier to find several niches within it and meet customer needs holistically.
Proponents of niche marketing argue that this strategy allow you to tailor everything like product features, advertising and distribution channels to the specific needs of the customers, making your products services more appealing to that particular segment. If well executed, niche marketing has low costs and offers you the benefit of being ahead of your competitors.
Ways of Executing Niche Marketing Strategy
Niche marketing thrives on the premise of offering products and services that address specific needs within a specific demographic region within the market. Here, you do not engage in blind marketing because you understand what potential customers are looking for in the market. In this section, you will learn different ways that will help you to carry out a niche marketing strategy successfully.
The first approach is the use of word-of-mouth campaigns. This approach allows conversations among consumers as compared to advertising and marketing strategies, which publicize products and services in the market. However, word of mouth results into low brand exposure as you interact with limited number of customers face-to-face and introduce the product or service. This means it would take you longer to realize the results of your efforts even though many customers approve of this method.
Another strategy in niche marketing is use of endorsement campaigns. Here, a company uses an influential person within the target market to endorse the product or service. It is a common approach in adverts where celebrities act like spokespersons of different companies. The success of this depends on the credibility of the personality and the manner in which the message is delivered to the target audience. The last niche marketing strategy is targeted collateral campaigns. This involves consistent exposure of target customers to the brand.
Important Rules in Niche Marketing
Niche marketing can be a sure way of cutting on costs and ensuring that you hit your targets without hustle. For example, if you choose to target an Asian or Hispanic market segment for your product, you would go for an ethnic radio or TV station with low and affordable rates. This would allow you to increase the frequency of your ads or adopt a more comprehensive marketing mix. Here are some rules that every company that wishes to venture in niche marketing ought to consider.
Firstly, you must meet the needs of your customers. Your benefits should appeal to the market niche through differentiation. Look for something new but compelling to your customers, depending on their needs and the solutions you are offering. Your solutions must however be unique to allow you stand out from the rest.
The second rule is to say something. As you enter the market, speak the language of your customers so that you present yourself as one of them and not as an outsider. Understand the hot buttons in the market. Alter and tailor your campaign and slogans to speak to the hearts and minds of the niche market. Lastly, test the market through research and analysis to prepare for new challenges.
Advantages of a niche marketing strategy in business
Niche marketing strategy has a wide range of benefits. For example, it allows you to reach your potential customers without spending a lot on advertising and marketing. This is because you are likely to use local communication channels that offer friendly rates but are highly recognized in the niche market.
Moreover, niche marketing allows you to go for a market size that you can handle comfortably. Depending on the resources, plan and targets, which you have set, this approach resonates within the limits of the company. However, the size of your niche must be sufficiently big to support your business.
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