Niche marketing is the fine-tuning of your marketing to focus on a specific demographic of customers and/or products and services you offer. More simply put, it means a business is choosing to play to its strengths and highlight them for the people with whom it will resonate the most. Niche marketing affords many benefits, but finding your niche market isn’t always easy. In fact, you don’t always “find” your niche market. Sometimes it finds you. In this post we’ll go over some examples of niche markets to help you start thinking about what a niche strategy might look like for your business.
Finding and catering to your niche market can help your business growth in many ways. By specializing in a particular product, service, or market, you effectively distinguish your business from its competitors. Another nifty thing that niche marketing can do is help you to get the most bang for the buck for your sometimes limited marketing budget.
Knowing that you need to make every marketing dollar count, niche marketing can help you to abide by the Pareto Principle, better known as the 80/20 rule. This theory purports that roughly 80% of your results will come from just 20% of your efforts. When applied to marketing in general, that means 80% of your efforts are not directly tied to your results. In other words, less is more, and this is where niche marketing comes in.
Narrowing your focus and not trying to be all things to all people can help you establish a stronger business reputation. With this strategy, you can become THE expert and attract more profitable customers to your business. Here are some more specific examples of several small businesses and their niche markets:
• Single dads in Northern California.
• Car accident victims in Phoenix.
• Coal miners with mesothelioma.
• New and expecting mothers in the suburbs.
• Military/police programs candidates.
• Triathletes attempting to qualify for Ironman events.
• Runners recovering from panthers fasciitis.
• Stroke victims who have lost mobility and motor skills.
• First-responders with work-related back injuries.
• Retirees who need ADA-compliant renovations.
• House flippers in Central Ohio.
• People who live in neighborhoods over 30 years old.
• Parents of kids with an upcoming Bar/Bat Mitzvah.
• Retail employers with more than 10 employees at/around the mall.
• Working moms with school-age children.
• Victims of identity theft.
• Parents of teenagers getting their first cell phone.
• Baby boomers learning computer skills.
By embracing a niche marketing strategy you can get your business to stand out above competitors who are taking a more general approach to marketing. Niche marketing involves targeting a specific demographic, where you might have several products or services that are beneficial for that particular group. However it can also involve providing a specific product or service, from which a broader market might benefit. In this case, you might consider your business to be niche more so than your market. For example:
• CPAs who do taxes for the self-employed.
• Law firms that specialize in family law only.
• Hair salon that only does blowouts, no cuts.
• Dog training for older or formerly abused dogs.
To find your niche market, think about what you’re best at, what you enjoy doing most for your clients, and the clients you enjoy most. Your niche market can find your business, you could stumble upon your niche, or you could choose a specialty and make it work. Having a firm grasp on the primary goods and services that you provide, and the different segments of your audience will help you to hone your strategy. Don’t be afraid to experiment either. Experimentation is the key to learning, which is the key to growth.