Without a targeted niche marketing strategy, your business will be dead in the water. There is so much competition for people’s attention online, offline, everywhere. Everything starts looking the same, so people usually start looking at price as their deciding factor.
You don’t want to sell on price. It’s a race you can’t win. Someone will always be lower.
You need to provide value.
You need to stand out.
To do that, position yourself as an expert in a niche market. Look at a bigger market, divide it up into smaller pieces, then focus on one of those pieces.
Let’s say for example you make pet blankets. I don’t know if this is a huge market, but just humour me for a minute;).
I’ll bet most people making pet blankets are going after the smaller dog market, beagles, toy poodles , terriers, etc.
But what if you went after a unique dog market, like racing dogs. You know, greyhounds and whippets. Their owners would be spending a lot of time looking after these prized creatures because, they travel with them, they value them, and spend money on them.
You would now become their expert on keeping their special dogs comfortable.
Do you see what I’m getting at?
When you are trying to create a niche marketing strategy, look first at yourself. What are your experiences, your skills? What are you good at? Then, what do you like, or where do you think you can make an impact?
Research what markets are growing. Some profitable, yet highly competitive niche markets are:
- Dating – Golf
- Pets – Weight Loss
- Insurance – Stock Market Trading
You can imagine how many millions of people are trying to compete in these markets, but discover a particular growing niche in one of them, and you could be set.
Example 1 – Purses for carrying your chihuahua
Example 2 - Golf putters for left-handed ladies over 6 feet tall
Example 3 – Insurance for female seniors who drive North American hybrid cars
Do you see how very specific each example is?
Now you’ve found your target audience, your niche marketing strategy needs to unearth that customer’s pain, frustration or fears.
Using the example of pet blankets for racing dogs, think of the owner’s worries and concerns. You provide something that dispels their fear.
Maybe they want to look good in front of other dog owners. In the kennels, where the dogs are kept the night before the race, they would like a blanket that looks special, something that stands out. They want their dog to look like a winner, so maybe the design looks like royalty – something The Queen would use for her dogs. Or, maybe it has to be a special fabric that helps their hair or muscles, before or after a race.
In order to find out the pains and fears they have, you need to research the niche market. Find blogs, articles online or in industry publications. Learn about racing dogs and their care, how they travel, what happens before a race. What are their owners feeling. I mean really, you are selling to the owner, not the dog.
Adapt or create your product for someone, or something specific, and make a difference.
When you really zero in on someone to target (read my post about creating your avatar), you can become more focused on what to offer, what to say, how to say it. You can appeal to people because you’ll be positioned as the expert. You’ll understand their pain and how to provide them with relief.
There is some work involved here. I didn’t say it was easy. So, start digging deeper to build your successful niche marketing strategy.
Resource: Have a look at niche marketing expert, Susan Friedmann’s Riches in Niches.
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